Cohen & Steers (CNS)
Market Price (10/29/2026): $70.5 | Market Cap: $3.6 BilSector: Financials | Industry: Asset Management & Custody Banks
Cohen & Steers (CNS)
Market Price (10/29/2026): $70.5Market Cap: $3.6 BilSector: FinancialsIndustry: Asset Management & Custody Banks
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.3%, Dividend Yield is 4.6%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.7% Low stock price volatilityVol 12M is 27% Megatrend and thematic driversMegatrends include Sustainable & Green Buildings, and E-commerce Logistics & Data Centers. Themes include ESG REITs, E-commerce Logistics REITs, Show more. | Weak multi-year price returns2Y Excs Rtn is -59%, 3Y Excs Rtn is -34% | Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 174x Key risksCNS key risks include [1] its high concentration in real estate and preferred securities, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.3%, Dividend Yield is 4.6%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.7% |
| Low stock price volatilityVol 12M is 27% |
| Megatrend and thematic driversMegatrends include Sustainable & Green Buildings, and E-commerce Logistics & Data Centers. Themes include ESG REITs, E-commerce Logistics REITs, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -59%, 3Y Excs Rtn is -34% |
| Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 174x |
| Key risksCNS key risks include [1] its high concentration in real estate and preferred securities, Show more. |
Qualitative Assessment
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Updated on 10/15/2026
Cohen & Steers (CNS) stock has lost about 5% since 6/30/2026 because of the following key factors:
1. Decline in Assets Under Management (AUM) due to market depreciation.
Cohen & Steers reported total Assets Under Management (AUM) of $95.9 billion as of September 30, 2026, marking a 4.2% decrease from $100.1 billion at the end of fiscal Q2 2026 (June 30, 2026). This decline was primarily driven by $5.1 billion in market depreciation and $632 million in distributions, which offset strong net inflows of $1.6 billion during fiscal Q3 2026.
2. Adjusted Earnings Per Share (EPS) missed analyst expectations for fiscal Q3 2026.
For fiscal Q3 2026, Cohen & Steers reported adjusted diluted earnings per share (EPS) of $0.89. This figure fell short of the analyst consensus estimate, which ranged from $0.91 to $0.92 per share. Despite an 11% year-over-year increase in revenue to $157.4 million, the EPS miss may have contributed to negative sentiment.
Show more
Cohen & Steers (CNS) stock has lost about 5% since 6/30/2026 because of the following key factors:
1. Decline in Assets Under Management (AUM) due to market depreciation.
Cohen & Steers reported total Assets Under Management (AUM) of $95.9 billion as of September 30, 2026, marking a 4.2% decrease from $100.1 billion at the end of fiscal Q2 2026 (June 30, 2026). This decline was primarily driven by $5.1 billion in market depreciation and $632 million in distributions, which offset strong net inflows of $1.6 billion during fiscal Q3 2026.
2. Adjusted Earnings Per Share (EPS) missed analyst expectations for fiscal Q3 2026.
For fiscal Q3 2026, Cohen & Steers reported adjusted diluted earnings per share (EPS) of $0.89. This figure fell short of the analyst consensus estimate, which ranged from $0.91 to $0.92 per share. Despite an 11% year-over-year increase in revenue to $157.4 million, the EPS miss may have contributed to negative sentiment.
Show more
Updated on 10/15/2026
Cohen & Steers (CNS) stock has lost about 5% since 6/30/2026 because of the following key factors:
1. Decline in Assets Under Management (AUM) due to market depreciation.
Cohen & Steers reported total Assets Under Management (AUM) of $95.9 billion as of September 30, 2026, marking a 4.2% decrease from $100.1 billion at the end of fiscal Q2 2026 (June 30, 2026). This decline was primarily driven by $5.1 billion in market depreciation and $632 million in distributions, which offset strong net inflows of $1.6 billion during fiscal Q3 2026.
2. Adjusted Earnings Per Share (EPS) missed analyst expectations for fiscal Q3 2026.
For fiscal Q3 2026, Cohen & Steers reported adjusted diluted earnings per share (EPS) of $0.89. This figure fell short of the analyst consensus estimate, which ranged from $0.91 to $0.92 per share. Despite an 11% year-over-year increase in revenue to $157.4 million, the EPS miss may have contributed to negative sentiment.
3. Negative macroeconomic sentiment impacting the real estate sector.
The period was characterized by broader market volatility, with the Real Estate sector, a specialty for Cohen & Steers, experiencing a decline of 5.57% over fiscal Q3 2026. Rising interest rates, implemented by the U.S. Federal Reserve in response to persistent inflation, were a significant headwind for bond markets and specifically impacted real estate-related investments. The Russell 2000 Index also saw a decline of 7.29% during the quarter.
Show less
Cohen & Steers (CNS) stock has lost about 5% since 6/30/2026 because of the following key factors:
1. Decline in Assets Under Management (AUM) due to market depreciation.
Cohen & Steers reported total Assets Under Management (AUM) of $95.9 billion as of September 30, 2026, marking a 4.2% decrease from $100.1 billion at the end of fiscal Q2 2026 (June 30, 2026). This decline was primarily driven by $5.1 billion in market depreciation and $632 million in distributions, which offset strong net inflows of $1.6 billion during fiscal Q3 2026.
2. Adjusted Earnings Per Share (EPS) missed analyst expectations for fiscal Q3 2026.
For fiscal Q3 2026, Cohen & Steers reported adjusted diluted earnings per share (EPS) of $0.89. This figure fell short of the analyst consensus estimate, which ranged from $0.91 to $0.92 per share. Despite an 11% year-over-year increase in revenue to $157.4 million, the EPS miss may have contributed to negative sentiment.
3. Negative macroeconomic sentiment impacting the real estate sector.
The period was characterized by broader market volatility, with the Real Estate sector, a specialty for Cohen & Steers, experiencing a decline of 5.57% over fiscal Q3 2026. Rising interest rates, implemented by the U.S. Federal Reserve in response to persistent inflation, were a significant headwind for bond markets and specifically impacted real estate-related investments. The Russell 2000 Index also saw a decline of 7.29% during the quarter.
Show less
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Stock Movement Drivers
Fundamental Drivers
The -7.3% change in CNS stock from 6/30/2026 to 10/28/2026 was primarily driven by a -14.0% change in the company's P/E Multiple.| (LTM values as of) | 6302026 | 10282026 | Change |
|---|---|---|---|
| Stock Price ($) | 75.53 | 70.05 | -7.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 589 | 605 | 2.6% |
| Net Income Margin (%) | 26.4% | 27.8% | 5.2% |
| P/E Multiple | 24.9 | 21.5 | -14.0% |
| Shares Outstanding (Mil) | 51 | 52 | -0.2% |
| Cumulative Contribution | -7.3% |
Market Drivers
6/30/2026 to 10/28/2026| Return | Correlation | |
|---|---|---|
| CNS | -7.3% | |
| Market (SPY) | 3.4% | 12.8% |
| Sector (XLF) | 4.7% | 47.6% |
Fundamental Drivers
The 13.9% change in CNS stock from 3/31/2026 to 10/28/2026 was primarily driven by a 5.0% change in the company's Net Income Margin (%).| (LTM values as of) | 3312026 | 10282026 | Change |
|---|---|---|---|
| Stock Price ($) | 61.48 | 70.05 | 13.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 578 | 605 | 4.6% |
| Net Income Margin (%) | 26.5% | 27.8% | 5.0% |
| P/E Multiple | 20.6 | 21.5 | 4.3% |
| Shares Outstanding (Mil) | 51 | 52 | -0.6% |
| Cumulative Contribution | 13.9% |
Market Drivers
3/31/2026 to 10/28/2026| Return | Correlation | |
|---|---|---|
| CNS | 13.9% | |
| Market (SPY) | 19.1% | 16.8% |
| Sector (XLF) | 14.1% | 47.0% |
Fundamental Drivers
The 10.8% change in CNS stock from 9/30/2025 to 10/28/2026 was primarily driven by a 7.5% change in the company's P/E Multiple.| (LTM values as of) | 9302025 | 10282026 | Change |
|---|---|---|---|
| Stock Price ($) | 63.24 | 70.05 | 10.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 566 | 605 | 6.9% |
| Net Income Margin (%) | 28.7% | 27.8% | -2.9% |
| P/E Multiple | 20.0 | 21.5 | 7.5% |
| Shares Outstanding (Mil) | 51 | 52 | -0.7% |
| Cumulative Contribution | 10.8% |
Market Drivers
9/30/2025 to 10/28/2026| Return | Correlation | |
|---|---|---|
| CNS | 10.8% | |
| Market (SPY) | 16.9% | 27.7% |
| Sector (XLF) | 5.5% | 47.9% |
Fundamental Drivers
The 23.5% change in CNS stock from 9/30/2023 to 10/28/2026 was primarily driven by a 15.7% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 9302023 | 10282026 | Change |
|---|---|---|---|
| Stock Price ($) | 56.73 | 70.05 | 23.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 523 | 605 | 15.7% |
| Net Income Margin (%) | 27.6% | 27.8% | 0.9% |
| P/E Multiple | 19.4 | 21.5 | 10.6% |
| Shares Outstanding (Mil) | 49 | 52 | -4.3% |
| Cumulative Contribution | 23.5% |
Market Drivers
9/30/2023 to 10/28/2026| Return | Correlation | |
|---|---|---|
| CNS | 23.5% | |
| Market (SPY) | 86.9% | 46.1% |
| Sector (XLF) | 76.6% | 55.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CNS Return | 29% | -27% | 22% | 26% | -30% | 16% | 17% |
| Peers Return | 9% | -18% | 16% | 2% | 8% | -19% | -7% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| CNS Win Rate | 67% | 25% | 50% | 75% | 25% | 60% | |
| Peers Win Rate | 47% | 31% | 61% | 47% | 50% | 28% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| CNS Max Drawdown | -14% | -39% | -33% | -15% | -34% | -22% | |
| Peers Max Drawdown | -27% | -38% | -24% | -17% | -26% | -29% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: VRTS, SLRC, GEG, FGC, RVII.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/28/2026 (YTD)
How Low Can It Go
| Event | CNS | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -18.1% | -18.8% |
| % Gain to Breakeven | 22.1% | 23.1% |
| Time to Breakeven | 465 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -22.8% | -9.5% |
| % Gain to Breakeven | 29.5% | 10.5% |
| Time to Breakeven | 49 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -27.5% | -6.7% |
| % Gain to Breakeven | 37.9% | 7.1% |
| Time to Breakeven | 219 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -37.8% | -24.5% |
| % Gain to Breakeven | 60.9% | 32.4% |
| Time to Breakeven | 648 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -55.1% | -33.7% |
| % Gain to Breakeven | 122.5% | 50.9% |
| Time to Breakeven | 256 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -12.8% | -19.2% |
| % Gain to Breakeven | 14.7% | 23.8% |
| Time to Breakeven | 49 days | 105 days |
In The Past
Cohen & Steers's stock fell -18.1% during the 2025 US Tariff Shock. Such a loss loss requires a 22.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | CNS | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -22.8% | -9.5% |
| % Gain to Breakeven | 29.5% | 10.5% |
| Time to Breakeven | 49 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -27.5% | -6.7% |
| % Gain to Breakeven | 37.9% | 7.1% |
| Time to Breakeven | 219 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -37.8% | -24.5% |
| % Gain to Breakeven | 60.9% | 32.4% |
| Time to Breakeven | 648 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -55.1% | -33.7% |
| % Gain to Breakeven | 122.5% | 50.9% |
| Time to Breakeven | 256 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -21.8% | -3.7% |
| % Gain to Breakeven | 27.9% | 3.9% |
| Time to Breakeven | 210 days | 6 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -36.0% | -6.8% |
| % Gain to Breakeven | 56.2% | 7.3% |
| Time to Breakeven | 193 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -38.6% | -17.9% |
| % Gain to Breakeven | 62.9% | 21.8% |
| Time to Breakeven | 525 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -27.5% | -15.4% |
| % Gain to Breakeven | 38.0% | 18.2% |
| Time to Breakeven | 82 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -74.0% | -53.4% |
| % Gain to Breakeven | 285.0% | 114.4% |
| Time to Breakeven | 713 days | 1085 days |
In The Past
Cohen & Steers's stock fell -18.1% during the 2025 US Tariff Shock. Such a loss loss requires a 22.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Cohen & Steers (CNS)
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Cohen & Steers, Inc. (CNS) is a publicly traded asset management holding company that specializes in managing investments globally through its various subsidiaries. Its primary business involves providing sophisticated investment management services across a diverse range of asset classes for its clients.
The company offers a comprehensive suite of investment products and services, including the management of separate client-focused portfolios spanning equity, fixed income, multi-asset, and commodity strategies. Additionally, Cohen & Steers launches and manages various investment vehicles such as mutual funds and hedge funds. A key differentiator for the firm is its expertise in specific sectors, including real estate (especially Real Estate Investment Trusts or REITs), infrastructure, natural energy resources, and preferred securities.
Cohen & Steers primarily serves institutional investors, such as pension funds, endowments, and foundations. Through its mutual funds and hedge funds, it also caters to a broader investor base. The company operates internationally, maintaining a global presence with offices in major financial centers including New York, London, Hong Kong, Tokyo, and Seattle.
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Think of it as a T. Rowe Price, but with a strong specialization in real estate, infrastructure, and natural resource investments.
It's like a BlackRock that primarily focuses on managing specialized funds and portfolios in real estate, infrastructure, and preferred securities for institutional and individual investors.
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- Separate Account Management: Managing customized equity, fixed income, multi-asset, and commodity portfolios tailored for institutional investors like pension funds, endowments, and foundations.
- Mutual Fund Management: Launching and overseeing a variety of mutual funds, including equity, fixed income, balanced, and multi-asset strategies.
- Hedge Fund Management: Launching and managing specialized hedge funds.
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Cohen & Steers (CNS) primarily serves institutional investors. Its major customer categories include:
- Pension funds
- Endowments
- Foundations
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Joseph Harvey, Chief Executive Officer
Joseph Harvey joined Cohen & Steers in 1992 as a REIT analyst and has held various leadership positions, including portfolio manager, Chief Investment Officer from 2003 to 2019, and President from 2003 to 2024, before becoming Chief Executive Officer in March 2022. Prior to joining Cohen & Steers, he was a vice president with Robert A. Stanger & Co., specializing in real estate and oil & gas research and consulting. Mr. Harvey is not a founder of the company but was selected as the successor to co-founder Robert Steers.
Michael Donohue, Interim Chief Financial Officer
Michael Donohue was appointed Interim Chief Financial Officer of Cohen & Steers, effective October 17, 2025, succeeding Raja Dakkuri. He has served as Senior Vice President and Controller at Cohen & Steers since May 2023. Previously, Mr. Donohue was a Managing Director and Corporate Controller at Hamilton Lane, where he played a key role in the company's IPO in 2017. His prior experience also includes roles at PQ Corporation and KPMG.
Jon Cheigh, President and Chief Investment Officer
Jon Cheigh serves as President and Chief Investment Officer. He has been involved with the firm's funds as a Vice President and portfolio manager since 2007.
Adam Derechin, Chief Operating Officer
Adam Derechin is the Chief Operating Officer of Cohen & Steers.
Francis Poli, General Counsel and Secretary
Francis Poli holds the position of General Counsel and Secretary at Cohen & Steers.
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The key risks to Cohen & Steers's business are primarily driven by its specialized focus, the competitive nature of the asset management industry, and regulatory changes.
- Concentration Risk in Specialized Asset Classes: Cohen & Steers's business is highly concentrated in real assets and alternative income, particularly real estate securities, infrastructure, and preferred securities. As of December 31, 2025, real estate strategies represented 63.8% of its assets under management (AUM) and preferred securities 20.0%. This strong focus means that a downturn in these specific market segments or a shift in investor sentiment away from these asset classes can have a significant and immediate adverse effect on the company's AUM, revenue, and stock price. Higher interest rates have also negatively impacted fund flows in their core asset classes.
- Intense Industry Competition and Fee Pressure: The asset management industry is highly competitive, with Cohen & Steers facing competition from firms that often have larger financial resources and more diverse product offerings. Maintaining and growing its market share depends heavily on its investment performance, competitive fee structures, and successful product innovation. The industry also experiences general fee pressure, and the rise of passive investing further intensifies competition for actively managed funds like those offered by Cohen & Steers.
- Regulatory Changes: As a global investment manager, Cohen & Steers operates within a stringent and evolving regulatory landscape. Changes in laws and regulations related to financial services, privacy, and cybersecurity can lead to increased compliance costs, operational challenges, and potential impacts on the company's profitability and strategic initiatives. New ESG-specific regulations also present a growing concern for asset managers, adding to the regulatory burden.
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Cohen & Steers, Inc. specializes in real assets and alternative income, including listed and private real estate, preferred securities, infrastructure, and multi-strategy solutions. The addressable markets for these main products and services are substantial globally and in key regions:
- Overall Asset Management: The global assets under management (AuM) for the broader asset management industry were approximately US$139 trillion in 2024, with projections to reach US$200 trillion by 2030. North America is expected to remain the dominant market, growing at a CAGR of 6.2%, while Asia-Pacific is projected to grow fastest at a CAGR of 6.8%.
- Hedge Funds: The global hedge fund market's assets under management (AUM) stood at $4.9 trillion by the third quarter of 2024. This market is projected to grow from USD 5.3 trillion in 2024 to USD 7.5 trillion by 2034. North America-based hedge funds accounted for an estimated $3.95 trillion, representing approximately 81% of the global AUM by Q3 2024.
- Real Estate Investment: The professionally managed global real estate investment market was valued at USD 12.5 trillion in 2024. The U.S. market alone accounted for USD 4.9 trillion in 2024, comprising 39.1% of the global market size. Separately, the global non-listed real estate AUM was approximately US$3.8 trillion at the end of 2024.
- Infrastructure Investment: The global value of infrastructure funds reached a record $1.35 trillion. This figure is projected to increase to $2.3 trillion by 2030. North America accounts for just under half (47%) of the underlying assets in infrastructure funds, with Europe representing two-fifths. Furthermore, analysts estimate a global need for nearly $97 trillion in infrastructure capital investment between now and 2040.
- Preferred Securities: The global preferred and capital securities market exceeded $1.3 trillion as of June 30, 2024. Institutionally traded over-the-counter (OTC) securities constitute a significant portion, making up 85% of the $1.2 trillion global preferred market.
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Cohen & Steers (CNS) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:
- Consistent Net Inflows and Growth in Assets Under Management (AUM): The company has demonstrated a strong trend of positive net inflows, contributing to higher average AUM, which directly translates to increased revenue due to its fee-based model. Cohen & Steers experienced net inflows in five out of six trailing quarters as of Q4 2025, with preliminary AUM reaching $98.4 billion by February 28, 2026, driven by market appreciation and further net inflows.
- Expansion into Active ETFs and Broader Product Diversification: Cohen & Steers is strategically expanding into active Exchange Traded Funds (ETFs), recognizing them as a future growth vehicle. The company has launched new active ETFs and plans for broader product diversification, including integrated listed/private real estate strategies, to attract new investor segments and enhance client retention.
- Strengthening Institutional Pipeline and Expanded Global Distribution: The firm's institutional pipeline is at near multi-year highs, indicating significant potential for future mandates. Cohen & Steers is also actively pursuing global distribution initiatives, focusing on increasing coverage in channels such as registered investment advisors (RIAs), sub-advisory, and expanding its institutional presence in key international markets like Japan, the Middle East, and Asia.
- Growth in Real Estate (REITs) and Global Listed Infrastructure Strategies: Cohen & Steers anticipates accelerated earnings growth in its real estate investment trusts (REITs) and global listed infrastructure strategies. REIT earnings, in particular, are projected to accelerate by approximately 8% in 2026 and 2027, supported by favorable market conditions including lower supply and higher economic growth and demand.
- Development of Integrated Listed/Private Real Estate Strategies: The company is focused on the development and launch of integrated listed and private real estate strategies. This diversification within its core real asset focus is expected to attract new clients and further support AUM growth and revenue stability.
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Share Repurchases
- Cohen & Steers does not materially repurchase stock, instead prioritizing periodic special dividends, with its last special dividend occurring in 2021.
Share Issuance
- The number of shares outstanding for Cohen & Steers increased from 47.86 million in 2020 to 51.24 million at the end of 2025.
- Officers of the company received dividend-equivalent restricted stock units (RSUs) in August 2025, which were credited at $0.
Outbound Investments
- Cohen & Steers provided $25 million in seed capital for its active ETFs.
Capital Expenditures
- Capital expenditures for Cohen & Steers totaled approximately $5.98 million in cash outflow over the last 12 months.
- In the most recent quarter (Q4 2025), capital expenditures were $282,000.
Peer Outperformance in Asset Management & Custody Banks
CNS has trailed 61% of its 84 Asset Management & Custody Banks peers over 5Y. Among the peers that beat it are BNY, AMG and FHI. Asset Management & Custody Banks ranks 11th of 18 industries in Financials by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Asset Management & Custody Banks constituents that CNS has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
69%
of 101 industry peers · 2.0% return
3Y
63%
of 92 industry peers · 52.4% return
5Y
39%
of 84 industry peers · -10.0% return
Asset Management & Custody Banks peers with revenue growth within 4pp of CNS's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| CNS | Cohen & Steers | 5.2% | 21.5x | 2.0% | 52.4% | -10.0% | — |
| BNY | Bank of New York Mellon | 7.7% | 16.2x | 38.7% | 280.1% | 186.3% | +196pp |
| AMG | Affiliated Managers | 2.1% | 12.1x | 63.5% | 221.0% | 135.0% | +145pp |
| FHI | Federated Hermes | 7.3% | 9.9x | 20.4% | 103.6% | 113.8% | +124pp |
| STT | State Street | 7.2% | 13.9x | 49.7% | 201.7% | 105.5% | +115pp |
| IVZ | Invesco | 6.4% | -200.7x | 23.5% | 156.3% | 40.6% | +51pp |
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Financials sector, ranked by 5Y. Asset Management & Custody Banks is CNS's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Reinsurance | 6 | 34.8% | 72.3% | 116.9% | SPNT 169% · RGA 140% · RNR 137% |
| Investment Banking & Brokerage | 13 | -10.3% | 107.9% | 99.8% | IBKR 386% · SNEX 175% · HOOD 158% |
| Diversified Banks | 12 | 29.9% | 162.0% | 88.9% | CM 144% · RY 129% · JPM 125% |
| Life & Health Insurance | 20 | 16.3% | 54.8% | 80.0% | JXN 510% · UNM 287% · MFC 184% |
| Property & Casualty Insurance | 41 | 16.7% | 74.7% | 63.3% | TRV 168% · PGR 163% · ACGL 156% |
| Multi-line Insurance | 9 | 6.9% | 67.4% | 58.9% | GNW 106% · L 99% · AIZ 89% |
| Regional Banks | 265 | 30.6% | 101.4% | 54.9% | CBC 247% · FCNCA 187% · NIC 148% |
| Multi-Sector Holdings | 3 | 3.6% | 62.9% | 53.2% | BRK-B 87% · VOYA 53% · JEF 35% |
| Financial Exchanges & Data | 15 | 3.3% | 41.5% | 22.8% | CBOE 161% · VIRT 156% · CME 66% |
| Insurance Brokers | 15 | -1.5% | 9.6% | 17.7% | LIFE 384% · ARX 89% · AJG 67% |
| Asset Management & Custody Banks ← | 85 | -12.0% | 23.3% | 8.4% | WT 274% · VCTR 251% · AAMI 220% |
| Consumer Finance | 30 | 2.5% | 82.6% | 5.4% | ENVA 455% · FCFS 122% · AXP 94% |
| Diversified Financial Services | 4 | -6.0% | 20.6% | 4.8% | FRHC 166% · EQH 84% |
| Commercial & Residential Mortgage Finance | 14 | -53.6% | 28.1% | -1.6% | FNMA 372% · FMCC 318% · ACT 160% |
| Specialized Finance | 3 | 10.3% | 42.3% | -9.6% | CACC -10% · HASI -23% |
| Mortgage REITs | 34 | -19.4% | -2.7% | -33.7% | RITM 35% · DX 21% · AGNC 12% |
| Transaction & Payment Processing Services | 17 | 2.8% | 15.9% | -38.5% | V 98% · MA 89% · CPAY 57% |
| Diversified Capital Markets | 20 | -49.5% | 20.9% | -60.1% | LPLA 58% · TW 40% · RIOT -48% |
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 15.08 |
| Mkt Cap | 0.6 |
| Rev LTM | 85 |
| Op Inc LTM | 58 |
| FCF LTM | 16 |
| FCF 3Y Avg | -3 |
| CFO LTM | 16 |
| CFO 3Y Avg | -3 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 6.9% |
| Rev Chg 3Y Avg | 12.2% |
| Rev Chg Q | 10.9% |
| QoQ Delta Rev Chg LTM | 1.5% |
| Op Inc Chg LTM | -51.7% |
| Op Inc Chg 3Y Avg | -1.4% |
| Op Mgn LTM | -17.2% |
| Op Mgn 3Y Avg | 18.3% |
| QoQ Delta Op Mgn LTM | -0.8% |
| CFO/Rev LTM | 3.4% |
| CFO/Rev 3Y Avg | -0.9% |
| FCF/Rev LTM | 2.8% |
| FCF/Rev 3Y Avg | -4.6% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Investment management and related services to various investment vehicles and client accounts | 556 | 517 | 490 | 567 | |
| Distribution and service fees | 38 | ||||
| Investment advisory and administration fees | 544 | ||||
| Other | 3 | ||||
| Total | 556 | 517 | 490 | 567 | 584 |
| $ Mil | 2004 | 2003 | 2002 |
|---|---|---|---|
| Asset Management | -0 | 9 | 5 |
| Investment Banking | -2 | 3 | 4 |
| Total | -2 | 12 | 9 |
| $ Mil | 2003 | 2002 |
|---|---|---|
| Asset Management | 30 | 21 |
| Investment Banking | 5 | 3 |
| Total | 35 | 24 |
Price Behavior
Price Behavior
| Market Price | $70.05 | |
| Market Cap ($ Bil) | 3.6 | |
| First Trading Date | 08/16/2004 | |
| Distance from 52W High | -18.2% | |
| 50 Days | 200 Days | |
| DMA Price | $74.58 | $71.20 |
| DMA Trend | down | up |
| Distance from DMA | -6.1% | -1.6% |
| 3M | 1YR | |
| Volatility | 26.9% | 27.1% |
| Downside Capture | 124.07 | 76.26 |
| Upside Capture | 20.29 | 67.19 |
| Correlation (S&P 500) | 20.2% | 28.3% |
CNS Betas & Captures as of 9/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.94 | 0.69 | 0.41 | 0.41 | 0.61 | 0.94 |
| Up Beta | 2.29 | 0.94 | 0.19 | 0.19 | 0.47 | 0.96 |
| Down Beta | 1.97 | 1.70 | 0.10 | 0.17 | 0.54 | 0.76 |
| Up Capture | 10% | 12% | 43% | 61% | 62% | 85% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 8 | 18 | 30 | 66 | 127 | 379 |
| Down Capture | 195% | 125% | 73% | 48% | 75% | 102% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 14 | 24 | 34 | 60 | 124 | 372 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CNS | |
|---|---|---|---|---|
| CNS | 1.6% | 27.1% | 0.03 | - |
| Sector ETF (XLF) | 6.6% | 14.5% | 0.20 | 47.7% |
| Equity (SPY) | 13.7% | 12.7% | 0.72 | 27.0% |
| Gold (GLD) | 1.8% | 28.3% | 0.05 | 7.1% |
| Commodities (DBC) | 48.4% | 20.6% | 1.80 | -19.1% |
| Real Estate (VNQ) | 2.8% | 13.9% | -0.05 | 51.0% |
| Bitcoin (BTCUSD) | -29.4% | 43.4% | -0.68 | 16.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CNS | |
|---|---|---|---|---|
| CNS | -1.8% | 30.5% | -0.03 | - |
| Sector ETF (XLF) | 8.7% | 18.3% | 0.34 | 61.8% |
| Equity (SPY) | 12.7% | 17.1% | 0.56 | 57.1% |
| Gold (GLD) | 17.5% | 18.9% | 0.74 | 7.9% |
| Commodities (DBC) | 9.1% | 19.5% | 0.35 | 6.2% |
| Real Estate (VNQ) | 0.6% | 18.9% | -0.08 | 65.0% |
| Bitcoin (BTCUSD) | 4.1% | 51.6% | 0.26 | 25.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CNS | |
|---|---|---|---|---|
| CNS | 11.3% | 33.2% | 0.40 | - |
| Sector ETF (XLF) | 13.2% | 22.1% | 0.54 | 66.9% |
| Equity (SPY) | 15.5% | 17.9% | 0.73 | 64.2% |
| Gold (GLD) | 12.0% | 16.4% | 0.60 | 7.0% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | 17.2% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 66.8% |
| Bitcoin (BTCUSD) | 62.3% | 66.2% | 1.02 | 16.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 10/26/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/15/2026 | 0.9% | 4.5% | |
| 7/16/2026 | 4.4% | -1.3% | 5.4% |
| 4/16/2026 | 3.1% | 4.0% | 11.6% |
| 1/22/2026 | -0.8% | -7.8% | -3.2% |
| 10/16/2025 | 5.8% | 7.5% | -0.7% |
| 7/17/2025 | -3.8% | 1.0% | 0.0% |
| 4/16/2025 | 0.5% | 4.0% | 13.0% |
| 1/22/2025 | -2.9% | 1.0% | -3.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 9 | 15 | 14 |
| # Negative | 16 | 10 | 10 |
| Median Positive | 2.3% | 1.9% | 9.5% |
| Median Negative | -1.3% | -3.5% | -3.1% |
| Max Positive | 5.8% | 7.5% | 20.5% |
| Max Negative | -5.3% | -8.7% | -16.3% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/15/2026 | 0.9% | 4.5% | |
| 7/16/2026 | 4.4% | -1.3% | 5.4% |
| 4/16/2026 | 3.1% | 4.0% | 11.6% |
| 1/22/2026 | -0.8% | -7.8% | -3.2% |
| 10/16/2025 | 5.8% | 7.5% | -0.7% |
| 7/17/2025 | -3.8% | 1.0% | 0.0% |
| 4/16/2025 | 0.5% | 4.0% | 13.0% |
| 1/22/2025 | -2.9% | 1.0% | -3.0% |
| 10/16/2024 | 4.1% | -0.3% | -0.4% |
| 7/17/2024 | 0.9% | -0.4% | 4.2% |
| 4/17/2024 | -1.1% | 5.9% | 11.2% |
| 1/24/2024 | -0.2% | 5.4% | 4.4% |
| 10/18/2023 | -2.6% | -7.0% | 8.9% |
| 7/19/2023 | -0.9% | 1.5% | -3.0% |
| 4/19/2023 | -1.0% | -4.6% | -7.1% |
| 1/25/2023 | -2.3% | 0.2% | -1.0% |
| 10/19/2022 | -1.4% | 3.1% | 15.5% |
| 7/20/2022 | -0.9% | 1.4% | 10.1% |
| 4/20/2022 | -3.2% | -8.7% | -16.3% |
| 1/26/2022 | -1.5% | 1.3% | -5.7% |
| 10/20/2021 | -0.7% | -0.8% | 10.1% |
| 7/21/2021 | -0.6% | 1.6% | 4.8% |
| 4/21/2021 | 2.3% | 1.9% | 6.8% |
| 1/27/2021 | -5.3% | -6.5% | -11.6% |
| 10/21/2020 | 0.7% | -2.5% | 20.5% |
| SUMMARY STATS | |||
| # Positive | 9 | 15 | 14 |
| # Negative | 16 | 10 | 10 |
| Median Positive | 2.3% | 1.9% | 9.5% |
| Median Negative | -1.3% | -3.5% | -3.1% |
| Max Positive | 5.8% | 7.5% | 20.5% |
| Max Negative | -5.3% | -8.7% | -16.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/31/2026 | 10-Q |
| 03/31/2026 | 05/01/2026 | 10-Q |
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 10/31/2025 | 10-Q |
| 06/30/2025 | 08/01/2025 | 10-Q |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 02/21/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/23/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/31/2026 | 10-Q |
| 03/31/2026 | 05/01/2026 | 10-Q |
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 10/31/2025 | 10-Q |
| 06/30/2025 | 08/01/2025 | 10-Q |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 02/21/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/23/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 05/06/2022 | 10-Q |
| 12/31/2021 | 02/25/2022 | 10-K |
| 09/30/2021 | 11/05/2021 | 10-Q |
| 06/30/2021 | 08/06/2021 | 10-Q |
| 03/31/2021 | 05/07/2021 | 10-Q |
| 12/31/2020 | 02/26/2021 | 10-K |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 08/07/2020 | 10-Q |
| 03/31/2020 | 05/08/2020 | 10-Q |
| 12/31/2019 | 02/28/2020 | 10-K |
| 09/30/2019 | 11/12/2019 | 10-Q |
Insider Activity
Updated 8/21/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Dulik, Elena | Chief Accounting Officer, SVP | Direct | Sell | 7212026 | 83.16 | 1,100 | 91,476 | 1,841,661 | Form |
| 2 | Noonan, Daniel | Executive Vice President | the Daniel A. Noonan Revocable Trust | Sell | 6162026 | 77.33 | 4,360 | Form | ||
| 3 | Cheigh, Jon | President and CIO | the Jon Young Cheigh 2024 Revocable Trust | Sell | 5272026 | 71.75 | 10,500 | 753,375 | 4,783,572 | Form |
| 4 | Poli, Francis C | GC, Secretary, EVP | Direct | Sell | 2122026 | 65.73 | 10,000 | 657,300 | 3,659,518 | Form |
| 5 | Poli, Francis C | GC, Secretary, EVP | Direct | Sell | 2122026 | 65.63 | 9,696 | 636,367 | 4,310,376 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Dulik, Elena | Chief Accounting Officer, SVP | Direct | Sell | 7212026 | 83.16 | 1,100 | 91,476 | 1,841,661 | Form |
| 2 | Noonan, Daniel | Executive Vice President | the Daniel A. Noonan Revocable Trust | Sell | 6162026 | 77.33 | 4,360 | Form | ||
| 3 | Cheigh, Jon | President and CIO | the Jon Young Cheigh 2024 Revocable Trust | Sell | 5272026 | 71.75 | 10,500 | 753,375 | 4,783,572 | Form |
| 4 | Poli, Francis C | GC, Secretary, EVP | Direct | Sell | 2122026 | 65.73 | 10,000 | 657,300 | 3,659,518 | Form |
| 5 | Poli, Francis C | GC, Secretary, EVP | Direct | Sell | 2122026 | 65.63 | 9,696 | 636,367 | 4,310,376 | Form |
| 6 | Cohen, Martin | Direct | Buy | 11202025 | 60.83 | 12,708 | 773,028 | 57,740,140 | Form | |
| 7 | Steers, Robert Hamilton | Executive Chairman | the Robert H. Steers 2018 Revocable Trust | Buy | 11202025 | 59.88 | 19,000 | 1,137,720 | 427,992,120 | Form |
| 8 | Steers, Robert Hamilton | Executive Chairman | The Hilltop GST Non-Exempt Descendants' Trust | Buy | 11202025 | 59.86 | 6,000 | 359,160 | 233,285,434 | Form |
| 9 | Cohen, Martin | Direct | Buy | 11202025 | 59.66 | 37,292 | 2,224,884 | 55,872,503 | Form | |
| 10 | Cohen, Martin | Direct | Buy | 11202025 | 59.69 | 50,000 | 2,984,500 | 53,673,546 | Form | |
| 11 | Steers, Robert Hamilton | Executive Chairman | the Robert H. Steers 2018 Revocable Trust | Buy | 11052025 | 67.61 | 19,329 | 1,306,834 | 481,957,682 | Form |
| 12 | Steers, Robert Hamilton | Executive Chairman | the Robert H. Steers 2018 Revocable Trust | Buy | 11052025 | 67.96 | 27,934 | 1,898,398 | 483,139,856 | Form |
| 13 | Steers, Robert Hamilton | Executive Chairman | The Hilltop GST Non-Exempt Descendants' Trust | Buy | 11052025 | 67.96 | 14,975 | 1,017,701 | 264,444,865 | Form |
| 14 | Steers, Robert Hamilton | Executive Chairman | the Robert H. Steers 2018 Revocable Trust | Buy | 11052025 | 68.18 | 21,150 | 1,442,032 | 482,807,052 | Form |
| 15 | Steers, Robert Hamilton | Executive Chairman | The Hilltop GST Non-Exempt Descendants' Trust | Buy | 11052025 | 68.22 | 17,500 | 1,193,807 | 264,425,454 | Form |
| 16 | Steers, Robert Hamilton | Executive Chairman | the Robert H. Steers 2018 Revocable Trust | Buy | 10222025 | 70.02 | 8,614 | 603,164 | 494,356,687 | Form |
| 17 | Steers, Robert Hamilton | Executive Chairman | The Hilltop GST Non-Exempt Descendants' Trust | Buy | 10222025 | 70.02 | 8,655 | 606,053 | 270,200,032 | Form |
| 18 | Steers, Robert Hamilton | Executive Chairman | the Robert H. Steers 2018 Revocable Trust | Buy | 10222025 | 71.30 | 5,557 | 396,214 | 502,769,811 | Form |
| 19 | Steers, Robert Hamilton | Executive Chairman | The Hilltop GST Non-Exempt Descendants' Trust | Buy | 10222025 | 71.31 | 5,434 | 387,499 | 274,547,351 | Form |
| 20 | Steers, Robert Hamilton | Executive Chairman | the Robert H. Steers 2018 Revocable Trust | Buy | 10222025 | 69.51 | 6,556 | 455,722 | 489,776,975 | Form |
| 21 | Steers, Robert Hamilton | Executive Chairman | The Hilltop GST Non-Exempt Descendants' Trust | Buy | 10222025 | 69.49 | 5,723 | 397,665 | 267,144,741 | Form |
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