Back to top

Image: Bigstock

Cohen & Steers (CNS) Q4 Earnings Beat, Revenues & AUM Up Y/Y

Read MoreHide Full Article

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.

Cohen & Steers Inc Price, Consensus and EPS Surprise

Cohen & Steers Inc Price, Consensus and EPS Surprise

Cohen & Steers Inc price-consensus-eps-surprise-chart | Cohen & Steers Inc Quote

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 >>

Published in