Cohen & Steers Inc (NYSE:CNS)
$ 85.78 -3.71 (-4.15%) Market Cap: 4.34 Bil Enterprise Value: 4.21 Bil PE Ratio: 32.01 PB Ratio: 8.83 GF Score: 89/100
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Q2 2024 Cohen & Steers Inc Earnings Call Transcript

Jul 18, 2024 / 02:00PM GMT
Release Date Price: $82.06 (+0.95%)

Key Points

Positve
  • Cohen & Steers Inc (CNS) reported strong investment performance with 96% of total AUM outperforming its benchmark in the second quarter.
  • The company maintained a stable effective fee rate of 58 basis points, consistent with the previous quarter.
  • Cohen & Steers Inc (CNS) has a strong liquidity position with firm liquidity totaling $325.1 million at quarter end.
  • The company successfully raised $68.5 million from a registered stock offering, strengthening its balance sheet.
  • Cohen & Steers Inc (CNS) is optimistic about future growth opportunities, particularly in the areas of listed real estate and infrastructure, as well as the Future of Energy Fund.
Negative
  • Cohen & Steers Inc (CNS) experienced a decrease in revenue to $122 million, down from $122.9 million sequentially.
  • The company reported net outflows of $345 million in the second quarter, contributing to a decrease in assets under management.
  • Operating income decreased to $42.5 million from $43.7 million sequentially, with a slight decline in operating margin to 34.9%.
  • The macroeconomic environment, particularly interest rate expectations, has been challenging, impacting client flows and portfolio allocations.
  • The company faces headwinds in the private real estate market, with price corrections still underway and adjustments needed in seller expectations.
Operator

Ladies and gentlemen, thank you for standing by. Welcome to the Cohen & Steers second-quarter 2024 earnings conference Call. During the presentation, all participants will be in a listen-only mode. Afterwards, we will conduct a question-and-answer session. (Operator Instructions) As a reminder, this conference call is being recorded Thursday, July 18, 2024.

I would now like to turn the conference over to Brian Heller, Senior Vice President and Corporate Counsel of Cohen & Steers. Please go ahead.

Brian Heller
Cohen & Steers Capital Management Inc - Company Secretary

Thank you, and welcome to the Cohen & Steers Second Quarter 2024 Earnings Conference Call. Joining me are Joe Harvey, our Chief Executive Officer; Matt Stadler, our Executive Vice President; and until late June, Chief Financial Officer; Raja Dakkuri, our new Chief Financial Officer; and Jon Cheigh, our Chief Investment Officer.

I want to remind you that some of our comments and answers to your questions may include forward-looking statements. We believe these

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