NEW YORK - Cohen & Steers, Inc. (NYSE: CNS), a leading investment management firm, announced today the appointment of Lisa Dolly to its Board of Directors. Dolly, who brings over three decades of experience in the financial services industry, will also serve on the Audit Committee, Compensation Committee, and Nominating and Corporate Governance Committee of the Board.
Lisa Dolly's professional background includes a tenure as Chief Executive Officer of Pershing LLC, a subsidiary of The Bank of New York Mellon (NYSE:BK) Corporation, from 2016 to 2019. She also held the position of Chairman at Pershing from 2019 to 2020 and was its Chief Operating Officer from 2013 to 2016. Her long-standing career at Pershing is marked by over twenty years in various senior leadership roles.
Martin Cohen, Chairman of the Board at Cohen & Steers, expressed enthusiasm for Dolly's addition to the team, highlighting her "diverse and extensive leadership" as a valuable asset to the firm and its shareholders. Joseph Harvey, CEO and President, also praised Dolly's wealth of experience, particularly noting her background as the former CEO of a major clearing platform and her extensive board service within the fund and advisor industry.
Cohen & Steers specializes in real assets and alternative income, with a focus on investment strategies that include listed and private real estate, preferred securities, infrastructure, resource equities, commodities, and multi-strategy solutions. Since its founding in 1986, the New York-headquartered firm has expanded its presence globally, with additional offices in London, Dublin, Hong Kong, Tokyo, and Singapore.
The appointment of Dolly is expected to enhance the Board's depth of knowledge and expertise, contributing to the firm's governance and strategic direction. The information regarding this appointment is based on a press release statement from Cohen & Steers, Inc.
In other recent news, several Wall Street firms, including TD (TSX:TD) Securities, BNY Mellon, and Truist, have agreed to pay a collective sum exceeding $470 million in settlements with U.S. regulators. The settlements are part of a broader enforcement initiative by the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to address violations of recordkeeping rules.
In investment management news, Cohen & Steers, Inc. has announced a quarterly cash dividend of $0.59 per share. The firm also disclosed a minor dip in earnings per share and revenue for Q2 2024, attributed to underperformance in equity-oriented asset classes and a slight decrease in assets under management. The firm posted earnings per share of $0.68 and revenue of $122 million for the quarter.
Additionally, Cohen & Steers announced leadership changes, with Raja Dakkuri taking over as CFO and Dan Noonan appointed as Head of Wealth Distribution. The company has also unveiled growth initiatives such as the Future of Energy Fund and plans to launch active ETFs. These recent developments are part of the company's ongoing efforts to navigate market shifts and deliver value to its shareholders.
InvestingPro Insights
As Cohen & Steers, Inc. (NYSE: CNS) welcomes Lisa Dolly to its Board of Directors, investors and stakeholders may be interested in the company's current financial health and market performance. According to real-time data from InvestingPro, Cohen & Steers is a company that commands attention in the market with a robust market capitalization of $4.28 billion. The firm's commitment to maintaining dividend payments, having done so for 21 consecutive years, reflects a strong track record of delivering shareholder value.
InvestingPro data also reveals that the company is trading at a high earnings multiple, with a P/E ratio of 32.85 and an adjusted P/E ratio for the last twelve months as of Q2 2024 standing at 34.16. This valuation indicates that investors are willing to pay a premium for the company's earnings, which may be justified by its consistent profitability over the last twelve months and analysts' predictions of profitability for this year. Furthermore, the firm's stock price has shown strong performance, with a 16.33% return over the last three months, and is trading near its 52-week high, at 96.48% of the peak value.
InvestingPro Tips highlight the company's financial stability, noting that its liquid assets exceed short-term obligations, which may provide reassurance to investors about the firm's ability to meet its immediate financial commitments. For those seeking further insights, there are an additional 9 InvestingPro Tips available for Cohen & Steers, which can be found at https://www.investing.com/pro/CNS.
Overall, these metrics and insights from InvestingPro paint a picture of a well-established firm with a strong financial foundation and a promising outlook, which may be further bolstered by the strategic expertise brought in by Lisa Dolly's appointment to the Board of Directors.
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