Cohen & Steers’ (CNS - Free Report) fourth-quarter 2020 adjusted earnings of 76 cents per share surpassed the Zacks Consensus Estimate of 67 cents. Moreover, the bottom line was 2.7% higher than the year-ago reported figure.
Results primarily benefited from an improvement in revenues, partially offset by higher expenses. Further, driven by net inflows and market appreciation, the company recorded a rise in assets under management (AUM) balance.
Net loss available to common stockholders (on a GAAP basis) was $4.4 million or 9 cents per share against net income $36.7 million or 75 cents per share in the prior-year quarter.
In 2020, adjusted earnings of $2.57 per share beat the consensus estimate of $2.49 and were on par year over year. Net income available to common stockholders (on a GAAP basis) was $76.6 million or $1.57 per share, down from $134.6 million or $2.79 per share in 2019.
GAAP Revenues Improve & Expenses Rise
Revenues in the reported quarter were $116.5 million, up 6% from the year-ago quarter. The rise was mainly driven by an increase in investment advisory and administration fee.
In 2020, revenues increased 4.1% to $427.5 million.
Total expenses amounted to $128.4 million, up substantially year over year. This included expenses of $60.2 million related to the initial public offering of PTA in the reported quarter.
Operating loss was $11.9 million against operating income $46.5 million in the prior year quarter.
Total non-operating income was $7 million, up significantly.
AUM Balance Improves
As of Dec 31, 2020, AUM was $79.9 billion, up 10.7% from the year-earlier quarter. The company’s net inflows were $3.9 billion in the reported quarter.
Average AUM totaled $75.4 billion, up 6.2%.
Our Take
The company’s diverse product offerings and investment strategies will likely support top-line growth. Moreover, driven by a solid liquidity position, its capital deployments look sustainable.
Currently, Cohen & Steers carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance & Earnings Release Dates of Other Asset Managers
BlackRock’s (BLK - Free Report) fourth-quarter 2020 adjusted earnings of $10.18 per share surpassed the Zacks Consensus Estimate of $8.84. The figure reflects a rise of 22.1% from the year-ago quarter’s number.
Invesco (IVZ - Free Report) reported fourth-quarter 2020 adjusted earnings of 72 cents per share, surpassing the Zacks Consensus Estimate of 57 cents. Also, the bottom line grew 12.5% from the prior-year quarter.
Lazard Ltd (LAZ - Free Report) is scheduled to announce quarterly numbers on Feb 5.
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Zacks Names "Single Best Pick to Double"
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It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
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Cohen & Steers’ (CNS - Free Report) fourth-quarter 2020 adjusted earnings of 76 cents per share surpassed the Zacks Consensus Estimate of 67 cents. Moreover, the bottom line was 2.7% higher than the year-ago reported figure.
Results primarily benefited from an improvement in revenues, partially offset by higher expenses. Further, driven by net inflows and market appreciation, the company recorded a rise in assets under management (AUM) balance.
Net loss available to common stockholders (on a GAAP basis) was $4.4 million or 9 cents per share against net income $36.7 million or 75 cents per share in the prior-year quarter.
In 2020, adjusted earnings of $2.57 per share beat the consensus estimate of $2.49 and were on par year over year. Net income available to common stockholders (on a GAAP basis) was $76.6 million or $1.57 per share, down from $134.6 million or $2.79 per share in 2019.
GAAP Revenues Improve & Expenses Rise
Revenues in the reported quarter were $116.5 million, up 6% from the year-ago quarter. The rise was mainly driven by an increase in investment advisory and administration fee.
In 2020, revenues increased 4.1% to $427.5 million.
Total expenses amounted to $128.4 million, up substantially year over year. This included expenses of $60.2 million related to the initial public offering of PTA in the reported quarter.
Operating loss was $11.9 million against operating income $46.5 million in the prior year quarter.
Total non-operating income was $7 million, up significantly.
AUM Balance Improves
As of Dec 31, 2020, AUM was $79.9 billion, up 10.7% from the year-earlier quarter. The company’s net inflows were $3.9 billion in the reported quarter.
Average AUM totaled $75.4 billion, up 6.2%.
Our Take
The company’s diverse product offerings and investment strategies will likely support top-line growth. Moreover, driven by a solid liquidity position, its capital deployments look sustainable.
Currently, Cohen & Steers carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance & Earnings Release Dates of Other Asset Managers
BlackRock’s (BLK - Free Report) fourth-quarter 2020 adjusted earnings of $10.18 per share surpassed the Zacks Consensus Estimate of $8.84. The figure reflects a rise of 22.1% from the year-ago quarter’s number.
Invesco (IVZ - Free Report) reported fourth-quarter 2020 adjusted earnings of 72 cents per share, surpassing the Zacks Consensus Estimate of 57 cents. Also, the bottom line grew 12.5% from the prior-year quarter.
Lazard Ltd (LAZ - Free Report) is scheduled to announce quarterly numbers on Feb 5.
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by referendums and legislation, this industry is expected to blast from an already robust $17.7 billion in 2019 to a staggering $73.6 billion by 2027. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
See the pot stocks we're targeting >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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