Director Simon Richard P of Cohen & Steers, Inc. (NYSE:CNS), a leading investment management firm, has sold a total of 7,000 shares of the company's common stock, according to the latest SEC filings. The transactions, which took place on July 22, 2024, amounted to over $564,000 in value.
The shares were sold at prices ranging from $80.59 to $81.30, with the weighted average price being $80.59. The sale was executed in multiple transactions at varying prices, with the bulk of the shares, 6,800 in total, sold at the average price of $80.59. An additional 200 shares were sold at a slightly higher price of $81.30.
Following the sale, Simon Richard P's ownership in Cohen & Steers has decreased, yet he still retains 15,660 shares of the company's common stock. The precise distribution of the sale prices for the shares has not been disclosed; however, the reporting person has agreed to provide full information regarding the number of shares sold at each separate price upon request.
This move by a high-ranking insider of Cohen & Steers, Inc. is significant to investors who closely monitor insider trading activities as an indicator of the company's financial health and future performance. The company, known for its investment advisory services, has its shares publicly traded on the New York Stock Exchange under the ticker symbol CNS.
Investors and stakeholders of Cohen & Steers, Inc. can request detailed information about this transaction from the reporting person if needed. The sale was officially filed with the SEC on July 23, 2024.
In other recent news, Cohen & Steers reported a slight decrease in earnings per share and revenue in Q2 2024 due to underperformance in equity-oriented asset classes and a modest decrease in assets under management. The firm's earnings per share for the quarter were $0.68, a slight dip from the previous year, and revenue reached $122 million. The company's assets under management also saw a 1% decline to $80.7 billion.
Despite these challenges, Cohen & Steers announced several growth initiatives, including the launch of the Future of Energy Fund and plans to introduce active ETFs. The firm also announced leadership changes, appointing Raja Dakkuri as CFO and Dan Noonan as Head of Wealth Distribution.
The company anticipates a market rotation favoring real estate and infrastructure investments and sees potential in listed infrastructure, natural resource equities, and their CNS REIT. Despite a challenging closed-end fund market due to high interest rates, Cohen & Steers is optimistic about shifting from net outflows to organic growth as interest rates potentially decrease. These developments reflect the firm's strategic focus on resilience and adaptability in the face of a challenging market.
InvestingPro Insights
In light of the recent insider sale at Cohen & Steers, Inc. (NYSE:CNS), investors might be seeking additional context to understand the company's financial standing and market performance. According to InvestingPro data, Cohen & Steers currently has a market capitalization of approximately $4.22 billion, with an earnings multiple (P/E Ratio) of 32.33. This suggests that the company is trading at a higher valuation relative to its earnings, a sentiment echoed by one of the InvestingPro Tips which indicates that CNS is trading at a high earnings multiple.
Moreover, the company's Price / Book ratio, as of the last twelve months leading up to Q2 2024, stands at 11.11. This high ratio can be indicative of the market assigning a higher value to the company, possibly due to the firm's assets or the market's expectations for its future growth. Additionally, Cohen & Steers has demonstrated a strong return over the last month, with a 1 Month Price Total Return of 13.62%, which could be a sign of positive momentum for the stock.
Investors considering the implications of insider transactions may also find it reassuring that Cohen & Steers has a history of maintaining dividend payments, with a current dividend yield of 2.9% and a dividend growth of 3.51% over the last twelve months as of Q2 2024. This consistency, highlighted by an InvestingPro Tip, is often looked upon favorably by those seeking stable income-generating investments.
For more in-depth analysis and additional InvestingPro Tips related to Cohen & Steers, investors can visit https://www.investing.com/pro/CNS. There are currently 8 more tips available, which can provide further insights into the company's stock performance and valuation metrics. To access these valuable tips, use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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