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1. Company Snapshot

1.a. Company Description

Cohen & Steers, Inc.is a publicly owned asset management holding company.Through its subsidiaries, the firm provides its services to institutional investors, including pension funds, endowments, and foundations.


It manages separate client-focused equity, fixed income, multi-asset, and commodity portfolios through its subsidiaries.The firm launches and manages equity, fixed income, balanced, and multi-asset mutual funds through its subsidiaries.Through its subsidiaries, it also launches and manages hedge funds.


The firm invests in public equity, fixed income, and commodity markets across the globe through its subsidiaries.Through its subsidiaries, it invests in companies operating in the real estate sector, including real estate investment trusts, infrastructure sector, and natural energy resources sector for its equity and fixed income investments.The firm also invests in preferred securities for its fixed income investments through its subsidiaries.


Cohen & Steers, Inc.was founded in 1986 and is based in New York, with additional offices in London, United Kingdom; Central, Hong Kong; Tokyo, Japan; and Seattle, Washington.

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1.b. Last Insights on CNS

Cohen & Steers, Inc. faced negative drivers over the past three months, primarily due to reduced stakes by major investors. Envestnet Asset Management Inc. and Citigroup Inc. decreased their holdings by 6.8% and 21.4%, respectively. Conversely, Alps Advisors Inc. increased its stake by 37.8%. The asset manager's performance was also impacted by market conditions, with AUM declining $5.3 billion to $93.1 billion as of March 31, 2026. Despite this, the company reported resilient Q1 results, with EPS of $0.79 on $144M revenue.

1.c. Company Highlights

2. Cohen & Steers Q1 2026: Solid Earnings Amid AUM Growth

Q1 2026 saw Cohen & Steers report $0.79 EPS—slightly below the $0.82 estimate—while revenue rose 0.3% to $144.3 million. Operating income climbed to $50.7 million, yielding a 35.1% margin. With a P/E of 22.01 and a P/S of 5.96, the stock trades at modest valuation multiples, reflecting confidence in its fee‑sensitive business model.

Publication Date: Apr -18

📋 Highlights
  • Earnings Decline: EPS dropped slightly to $0.79 from $0.81 sequentially in Q1 2026.
  • Revenue Growth: Revenue rose 0.3% to $144.3 million, driven by higher average AUM ($93.1B) despite 2 fewer days in the quarter.
  • Strong Operating Margins: Operating income reached $50.7 million, with a 35.1% operating margin, reflecting efficient cost management.
  • Active ETF Momentum: Active ETFs attracted $224 million in third-party net flows, contributing to the seventh consecutive quarter of open-end fund inflows.
  • Performance Leadership: 86% of AUM outperformed benchmarks on a 1-year basis, with 3- and 5-year outperformance rates exceeding 97%.

Revenue & EPS

Revenue ticked up 0.3% to $144.3 million, largely driven by higher average AUM despite a two‑day shorter quarter. EPS of $0.79 came in slightly below the $0.81 sequential, falling short of the $0.82 consensus. The modest miss underscores the firm’s sensitivity to market volatility and fee compression.

Operating Margin & Tax

Operating income of $50.7 million produced a robust 35.1% margin. Effective tax rate stood at 25.5% on an as‑adjusted basis, aligning with industry norms. The strong margin reflects disciplined cost management and efficient fee collection across product lines.

AUM Momentum

Ending AUM reached $93.1 billion, up from $90.5 billion at Q4’s close, buoyed by $497 million net inflows and market appreciation. The firm’s net inflows, coupled with a 1‑year outperformance rate of 86%, reinforce its asset‑growth trajectory.

Performance Scorecard

With 86% of AUM outperforming its benchmark over 1‑year and >97% over 3‑ and 5‑year horizons, the firm demonstrates strong relative performance. Additionally, 95% of open‑end fund AUM carries 4‑ or 5‑star Morningstar ratings, signaling high client confidence.

Fee Structure & Compensation

The company projects a 40% compensation ratio and anticipates mid‑single‑digit growth in G&A. Fee rates remain stable, and the firm’s fee‑to‑inflation ratio suggests resilience against macro‑economic headwinds.

Growth Initiatives & ETFs

Active ETFs gained $224 million in third‑party net flows, marking continued momentum. The firm also advanced offshore SICAV open‑end funds and a non‑traded REIT, while maintaining a $1.7 billion unfunded pipeline and seven consecutive quarters of net inflows into open‑end funds.

Macro Outlook & Geopolitics

Despite the Middle East conflict, the 2026 outlook remains intact, with expectations of broadening economic growth. The firm’s strategic focus on deglobalization, AI disruption, inflation uncertainty, and the end of low rates frames its long‑term asset‑allocation thesis.

Real Estate & Private Credit Strategy

Real‑estate fundamentals are improving, with a 97% occupancy rate in open‑air shopping centers and a new LP vehicle targeting core private property funds and listed REITs. The short‑duration preferred strategy offers ~6% yields and BBB‑ credit quality, positioning the firm to capture real‑asset upside while managing risk.

3. NewsRoom

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Cohen & Steers, Inc. Declares Quarterly Dividend

Apr -30

Source: prnewswire.com

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Cohen & Steers rebaptise ses stratégies « UCITS Preferred Securities » en « Hybrid Credit Strategies »

Apr -30

Source: prnewswire.com

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Cohen & Steers Renames UCITS Preferred Securities Strategies as Hybrid Credit Strategies

Apr -30

Source: prnewswire.com

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Cohen & Steers Quality Income Realty Fund, Inc. (RQI) Notification of Sources of Distribution Under Section 19(a)

Apr -29

Source: prnewswire.com

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Cohen & Steers Infrastructure Fund, Inc. (UTF) Notification of Sources of Distribution Under Section 19(a)

Apr -29

Source: prnewswire.com

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Cohen & Steers REIT and Preferred and Income Fund, Inc. (RNP) Notification of Sources of Distribution Under Section 19(a)

Apr -29

Source: prnewswire.com

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Cohen & Steers Total Return Realty Fund, Inc. (RFI) Notification of Sources of Distribution Under Section 19(a)

Apr -29

Source: prnewswire.com

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Cohen & Steers Closed-End Opportunity Fund, Inc. (FOF) Notification of Sources of Distribution Under Section 19(a)

Apr -29

Source: prnewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (6.75%)

6. Segments

Open-end Funds

Expected Growth: 7.5%

Growing demand for diversified investment portfolios, increasing popularity of real assets and alternative investments, and Cohen & Steers' expertise in actively managing income-generating portfolios drive growth.

Institutional Accounts

Expected Growth: 8.5%

Increasing demand for institutional investment management services, driven by growing pension funds, endowments, and foundations seeking diversified investment portfolios and risk management strategies.

Close-end Funds

Expected Growth: 4.5%

Growing demand for diversified income and growth investments, increasing allocation to real assets, and rising popularity of closed-end funds drive growth in Cohen & Steers' portfolio.

Distribution and Service Fees

Expected Growth: 0.4%

The growth of Cohen & Steers, Inc. is driven by its diversified investment portfolio, strong brand reputation, and increasing demand for asset management services. The company's ability to charge a distribution fee of up to 0.25% and a service fee of up to 0.15% of the net asset value of the fund contributes to its revenue growth.

Other

Expected Growth: 4.5%

The 'Other' segment, comprising REITs and other income, is expected to grow driven by increasing demand for real estate investment and diversification of income streams, supported by Cohen & Steers' expertise in real assets and income-focused strategies.

7. Detailed Products

Real Estate Securities

Cohen & Steers offers a range of real estate securities strategies, including US and global real estate securities, real estate investment trusts (REITs), and real estate debt.

Real Assets

The company's real assets strategies focus on infrastructure, commodities, and natural resources, providing investors with exposure to essential services and tangible assets.

Preferred Securities

Cohen & Steers offers a range of preferred securities strategies, including US and global preferreds, and convertible preferreds.

MLPs and Energy

The company's MLP and energy strategies focus on master limited partnerships and energy-related investments, providing investors with exposure to the energy sector.

Global Listed Infrastructure

Cohen & Steers' global listed infrastructure strategies focus on investing in listed infrastructure companies, providing investors with exposure to essential services and infrastructure assets.

8. Cohen & Steers, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Cohen & Steers, Inc. is medium due to the presence of alternative investment products and services offered by competitors.

Bargaining Power Of Customers

The bargaining power of customers for Cohen & Steers, Inc. is low due to the company's strong brand reputation and diversified product offerings.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Cohen & Steers, Inc. is medium due to the company's dependence on a few key suppliers for certain investment products.

Threat Of New Entrants

The threat of new entrants for Cohen & Steers, Inc. is high due to the relatively low barriers to entry in the investment management industry.

Intensity Of Rivalry

The intensity of rivalry for Cohen & Steers, Inc. is high due to the highly competitive nature of the investment management industry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 28.18%
Debt Cost 3.95%
Equity Weight 71.82%
Equity Cost 11.07%
WACC 9.06%
Leverage 39.25%

11. Quality Control: Cohen & Steers, Inc. passed 8 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Invesco

A-Score: 6.4/10

Value: 7.6

Growth: 2.9

Quality: 6.7

Yield: 7.0

Momentum: 8.5

Volatility: 6.0

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SEI Investments

A-Score: 6.0/10

Value: 3.9

Growth: 5.7

Quality: 9.2

Yield: 2.0

Momentum: 5.5

Volatility: 9.7

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Affiliated Managers Group

A-Score: 5.7/10

Value: 4.2

Growth: 5.4

Quality: 7.7

Yield: 0.0

Momentum: 9.0

Volatility: 8.0

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Franklin Resources

A-Score: 5.6/10

Value: 5.0

Growth: 2.8

Quality: 4.3

Yield: 8.0

Momentum: 5.5

Volatility: 8.0

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Prospect Capital

A-Score: 5.5/10

Value: 6.5

Growth: 3.9

Quality: 4.7

Yield: 10.0

Momentum: 0.5

Volatility: 7.7

1-Year Total Return ->

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Cohen & Steers

A-Score: 5.4/10

Value: 4.2

Growth: 3.3

Quality: 8.8

Yield: 7.0

Momentum: 1.5

Volatility: 7.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

69.29$

Current Price

69.29$

Potential

-0.00%

Expected Cash-Flows