NEW YORK - Cohen & Steers, Inc. (NYSE: CNS), a global investment management firm, reported a preliminary increase in assets under management (AUM) to $81.2 billion as of March 31, 2024. This figure represents a rise from the $79.6 billion recorded at the end of February 2024.
The company's AUM growth was attributed to a combination of net inflows amounting to $183 million and market appreciation of $1.7 billion, despite facing distributions totaling $298 million within the same period.
Breaking down the AUM by investment vehicle, institutional accounts saw an increase with advisory accounts growing to $18.196 billion from $17.372 billion. Japan Subadvisory accounts experienced a slight decline, ending the month at $8.535 billion. Subadvisory accounts excluding Japan showed a marginal rise, concluding at $5.693 billion. Overall, total institutional accounts rose to $32.424 billion.
Open-end funds also witnessed growth, with their AUM moving up to $37.685 billion from $37.146 billion. Closed-end funds saw a slight increase, ending the month at $11.126 billion.
Cohen & Steers has established itself as a leading investment manager, focusing on real assets and alternative income. The firm's expertise includes investments in listed and private real estate, preferred securities, infrastructure, resource equities, commodities, and multi-strategy solutions.
Founded in 1986, Cohen & Steers is based in New York City and operates additional offices globally in London, Dublin, Hong Kong, Tokyo, and Singapore.
The reported figures are based on a press release statement and showcase the firm's financial position as it navigates the investment landscape. This growth in AUM reflects the company's performance and investor sentiment during the month of March.
InvestingPro Insights
As Cohen & Steers, Inc. (NYSE: CNS) showcases its resilience with a notable increase in assets under management (AUM), the company's financial metrics provide additional insights into its performance.
The firm's market capitalization stands at a robust $3.69 billion, indicating a strong market presence. With a Price/Earnings (P/E) Ratio of 28.35, investors may find the stock to be valued on the higher side, reflecting expectations of future growth or a premium for its market position.
The company's commitment to shareholder returns is evident through its impressive track record of maintaining dividend payments for 21 consecutive years, an InvestingPro Tip that underscores its financial stability and reliability.
Moreover, Cohen & Steers' liquid assets surpassing short-term obligations is another InvestingPro Tip that highlights the firm's solid liquidity position, ensuring it can meet its immediate financial commitments.
For investors seeking a deeper analysis, there are additional InvestingPro Tips available, which can be accessed through the InvestingPro platform. By using the coupon code PRONEWS24, readers can receive an extra 10% off a yearly or biyearly Pro and Pro+ subscription, gaining access to comprehensive investment insights. Currently, there are five more InvestingPro Tips listed for Cohen & Steers, offering a more nuanced understanding of the company's financial health and market potential.
Lastly, the Price/Book (P/B) multiple for the last twelve months as of Q4 2023 stands at 9.67, which might suggest the company's stock is trading at a high valuation compared to its book value. This metric, paired with the company's solid fundamentals, could be of particular interest to investors focusing on long-term value and growth prospects.
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