Cohen & Steers (CNS) Q1 Earnings Lag Estimates, AUM Rises Y/Y

Cohen & SteersCNS first-quarter 2021 adjusted earnings of 79 cents per share lagged the Zacks Consensus Estimate of 81 cents. Nevertheless, the bottom line was 29.5% higher than the year-ago figure.

In the reported quarter, the company recorded a rise in revenues. Also, a decline in expenses was witnessed. Further, the company’s assets under management (AUM) balance witnessed improvement, driven by net inflows.

Net income available to common stockholders (on a GAAP basis) was $48.9 million or $1.00 per share, up from $20.6 million or 42 cents per share in the prior-year quarter.

GAAP Revenues Improve, Expenses Decline

Revenues in the reported quarter were $125.7 million, up 18.8% from the year-ago quarter. The rise was mainly driven by an increase in investment advisory and administration fee, and distribution and service fee.

Total expenses amounted to $73.8 million, down 4.7% year over year. The fall was due to a decline in general and administrative costs.

Operating income was $51.9 million, up from $28.4 million in the prior-year quarter.

Total non-operating income was $5 million against non-operating loss of $19.8 million recorded in the year-earlier quarter.

AUM Balance Improves

As of Mar 31, 2021, AUM was $87 billion, up 51.7% from the year-earlier quarter. The company’s net inflows were $3.8 billion in the reported quarter.

Average AUM totaled $82.8 billion, up 20.1% year over year.

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 first-quarter 2021 adjusted earnings of $7.77 per share outpaced the Zacks Consensus Estimate of $7.64. The figure reflects a rise of 17.7% from the year-ago quarter’s number.

Invesco IVZ is slated to announce quarterly numbers on Apr 27, while Lazard Ltd LAZ is scheduled to announce results on Apr 30.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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