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Cohen & Steers’ (CNS - Free Report) 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
Performance & Earnings Release Dates of Other Asset Managers
BlackRock’s (BLK - Free Report) 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 - Free Report) is slated to announce quarterly numbers on Apr 27, while Lazard Ltd (LAZ - Free Report) is scheduled to announce results on Apr 30.
These Stocks Are Poised to Soar Past the Pandemic
The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.
Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.
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Cohen & Steers (CNS) Q1 Earnings Lag Estimates, AUM Rises Y/Y
Cohen & Steers’ (CNS - Free Report) 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-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 - Free Report) 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 - Free Report) is slated to announce quarterly numbers on Apr 27, while Lazard Ltd (LAZ - Free Report) is scheduled to announce results on Apr 30.
These Stocks Are Poised to Soar Past the Pandemic
The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.
Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.
See the 5 high-tech stocks now>>