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Franklin Resources, Inc. (BEN) - $25 value - yours FREE >>
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Cohen & Steers' June AUM Rises on Solid Markets & Inflows
Cohen & Steers (CNS - Free Report) reported preliminary assets under management (AUM) of $66.3 billion as of June 30, 2020, which increased 3.9% from the prior-month level. Market appreciation of $910 million and net inflows of $2.2 billion were partially offset by distributions of $642 million.
The company recorded total institutional accounts of $28.9 billion at the end of June, up 3.2% on a sequential basis. Of the total institutional accounts, advisory accounts were $15.3 billion, while the rest were sub-advisory.
Cohen & Steers recorded $28.9 billion in open-end funds, up 6.1% from a month ago. Also, close-end funds were $8.5 billion, which grew marginally from May 2020.
Cohen & Steers’ widespread product offerings, global reach and investment strategies continue to attract investors, in turn, supporting revenue growth. However, mounting expenses will likely impede bottom-line growth to some extent.
Shares of the company have rallied 1.3% so far this year against a 4.1% decline recorded by the industry it belongs to.
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.
Among other asset managers, Franklin Resources, Inc. (BEN - Free Report) , Invesco Ltd. (IVZ - Free Report) and Legg Mason Inc. are expected to release preliminary AUM results for June in the coming days.
These Stocks Are Poised to Soar Past the Pandemic
The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.
Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.
See the 5 high-tech stocks now>>