Cohen & Steers, Inc. (NYSE:CNS) reported that its Chief Investment Officer and EVP, Jon Cheigh, sold 7,159 shares of company stock at an average price of $72.57, totaling approximately $519,528. This transaction was executed on May 22, 2024, as disclosed in a recent filing with the Securities and Exchange Commission.
The sales took place in multiple transactions at prices ranging from $72.53 to $73.27, providing a weighted average sale price of $72.57 per share. Following the sale, Cheigh still owns 167,018 shares of Cohen & Steers stock, indicating continued investment in the company.
In a separate transaction on May 23, Cheigh acquired 640 dividend equivalent restricted stock units related to the company's second quarter 2024 dividend. These units were accrued on unvested restricted stock units granted in previous years and were acquired at no cost to the executive.
Cohen & Steers, Inc., based in New York, specializes in investment advice and is known for its expertise in real estate and alternative investments. The transactions by Cheigh are part of the routine disclosures required by company executives and provide transparency into their trading activities with respect to the ownership of company stock.
InvestingPro Insights
Amid the recent trading activities of Cohen & Steers, Inc. (NYSE:CNS) executive Jon Cheigh, investors may find it valuable to consider the company's financial health and market performance. Cohen & Steers has demonstrated a commitment to shareholder returns, maintaining dividend payments for an impressive 21 consecutive years. This is a testament to the company's stable financial position, which is further underscored by its liquid assets exceeding short-term obligations.
From a valuation standpoint, CNS is trading at a high Price / Book multiple of 9.47 as of the last twelve months ending Q1 2024, indicating a premium market valuation relative to its book value. Despite this, the company's profitability remains robust, with the last twelve months showcasing a notable gross profit margin of 47.21% and an operating income margin of 32.87%. Investors are also looking at a solid return on assets, which stood at 20.66% during the same period.
Moreover, the stock has experienced a significant price uptick, with a six-month total return of 28.07%, reflecting positive market sentiment. Analysts predict that Cohen & Steers will continue to be profitable this year, which could further bolster investor confidence.
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