NEW YORK - Cohen & Steers, Inc. (NYSE: CNS), a global investment management firm, announced the appointment of Raja Dakkuri as its new Executive Vice President and Chief Financial Officer today. Dakkuri takes over the role from Matthew Stadler, who had previously expressed his intention to retire in 2024.
Dakkuri, who brings over 30 years of experience in financial management and strategy, will lead the company's financial operations, strategy, and investor relations. His appointment also places him on the firm's Executive Committee, where he will report directly to Joseph Harvey, CEO and President of Cohen & Steers.
Prior to joining Cohen & Steers, Dakkuri served as Chief Risk Officer at Valley National Bancorp (NASDAQ:VLY) and Bank. His extensive background in finance includes executive roles at Bank Leumi USA, where he was the Chief Financial Officer and Chief Operating Officer before its merger with Valley National Bancorp in 2022. Dakkuri's career also encompasses positions at Point72, Citigroup, and KPMG.
Harvey praised Dakkuri's extensive background, stating that his "30 years of financial management and strategy experience will be instrumental in advancing our financial goals, enhancing operational efficiency and continuing to deliver value to our clients and shareholders."
Stadler, who announced his retirement plans on October 17, 2023, will continue to serve as Executive Vice President to assist with the transition. He is concluding a 19-year tenure with Cohen & Steers and a 44-year career in the asset management industry. Harvey acknowledged Stadler's significant contribution to the company, noting his role in the company's growth and his service on the Executive Committee and Corporate Board.
Cohen & Steers specializes in real assets and alternative income, with a focus on listed and private real estate, preferred securities, infrastructure, resource equities, commodities, and multi-strategy solutions. Founded in 1986, the firm operates globally with offices in key financial cities around the world.
This executive transition is based on a press release statement from Cohen & Steers, Inc.
In other recent news, Cohen & Steers, a global investment manager, has reported significant developments. The company, in collaboration with DLC Management, has acquired a two-property open-air shopping center complex in Fayetteville, Arkansas. The investment is in a region experiencing robust growth, with the centers boasting a 95% occupancy rate and a strategic location near major highways.
Cohen & Steers also announced a quarterly cash dividend of $0.59 per share, a clear display of its commitment to shareholder value. However, Evercore ISI has lowered its price target for the firm to $73.00, though it maintained an Outperform rating on the stock.
In its Q1 earnings report, Cohen & Steers revealed a decrease in earnings per share to $0.70 and a decline in revenue to $122.9 million. Despite this, the company's operating margin increased to 35.5%, and it highlighted strong performance with 96% of total assets under management outperforming benchmarks. The company also announced plans for expansion, including the launch of a new energy investment strategy and potential plans for active ETFs. These are the recent developments for Cohen & Steers.
InvestingPro Insights
As Cohen & Steers, Inc. (NYSE: CNS) welcomes Raja Dakkuri to its leadership team, the financial metrics of the company sketch a comprehensive picture of its current market position. With a market capitalization of approximately $3.64 billion, Cohen & Steers stands as a notable entity in the investment management sector. The firm's dedication to maintaining shareholder value is evidenced by its track record of dividend payments, having consistently distributed dividends for 21 consecutive years—an InvestingPro Tip that highlights the company's stability and commitment to its shareholders.
The company's financial health is further reinforced by its ability to cover short-term obligations, as its liquid assets surpass these liabilities. This liquidity is a key indicator of the firm's operational efficiency, which is critical for the new CFO, Dakkuri, to leverage as he seeks to enhance the company's financial strategy.
InvestingPro Data also reveals a robust Price / Book multiple of 9.62 as of the last twelve months leading up to Q1 2024, suggesting a strong market valuation compared to the company's book value. Additionally, with a Gross Profit Margin of 47.21% during the same period, Cohen & Steers demonstrates a solid capability to convert revenue into profit, a positive sign for investors considering the firm's profitability prospects.
For readers looking to delve deeper into the financial nuances of Cohen & Steers, there are additional InvestingPro Tips available, which can be accessed through the dedicated InvestingPro page for the company. These insights can provide a more granular view of the company's financial performance and future outlook. To explore these further, readers can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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