NEW YORK—Peter L. Rhein, a director at Cohen & Steers Inc. (NYSE:CNS), recently reported selling a significant portion of his common stock holdings in the company. According to a recent SEC filing, Rhein sold a total of 2,500 shares on October 18, with transaction prices ranging from $104.91 to $105.91, amounting to a total value of $263,785.
The transactions were conducted through the Rhein family trust, a revocable trust for which Rhein and a family member serve as trustees. Following these sales, Rhein holds 12,202 shares indirectly through the trust, while his direct holdings stand at 19,641 shares.
The sales were executed in two separate transactions: one batch of 990 shares at a weighted average price of $104.91 and another of 1,510 shares at a weighted average price of $105.91. The details of these transactions, including the specific number of shares sold at each price point, are available upon request from the issuer or the SEC.
Cohen & Steers, Inc., headquartered in New York, specializes in investment advice and management. The company is incorporated in Delaware and operates within the finance sector.
In other recent news, Cohen & Steers reported significant growth in their third-quarter earnings, with earnings per share rising to $0.77 from $0.68 and revenues increasing to $133 million from $122 million. This is the first time the company has seen positive net inflows since the first quarter of 2022, primarily due to strong performance in U.S. REIT strategies. The company's global infrastructure fund also reported a 33.3% return in the past 12 months.
In terms of future expectations, Cohen & Steers anticipates stable compensation ratios and foresees a 6-7% increase in G&A expenses for the year. The company also expects $1 billion in redemptions, split between the fourth quarter of 2023 and the first quarter of 2025.
Despite facing outflows in its Japan sub-advisory, Cohen & Steers is adapting by focusing on launching active ETF strategies. These recent developments highlight the company's efforts to navigate the increasing investor preference for ETFs and leverage its expertise in real estate and preferred securities.
InvestingPro Insights
Recent data from InvestingPro sheds additional light on Cohen & Steers' financial position and market performance, providing context to Peter L. Rhein's stock sale. The company's market capitalization stands at $5.24 billion, reflecting its significant presence in the investment management industry.
Cohen & Steers has demonstrated strong financial performance, with a robust operating income margin of 32.49% for the last twelve months as of Q3 2024. This indicates efficient management and healthy profitability, which may have contributed to the company's attractive valuation in the market.
InvestingPro Tips highlight that Cohen & Steers has maintained dividend payments for 21 consecutive years, showcasing its commitment to shareholder returns. This consistent dividend history aligns with the company's stable financial position and may be a factor in long-term investor confidence.
The stock has shown remarkable performance, with a one-year price total return of 108.92% as of the latest data. This significant appreciation could explain why a director like Rhein might choose to realize some gains through a stock sale.
It's worth noting that Cohen & Steers is trading at a high P/E ratio of 45.75 (adjusted for the last twelve months as of Q3 2024), which suggests investors are placing a premium on the company's future growth prospects. This valuation metric, combined with the stock's recent strong performance, may have influenced the timing of Rhein's decision to sell a portion of his holdings.
For investors seeking a more comprehensive analysis, InvestingPro offers 12 additional tips for Cohen & Steers, providing deeper insights into the company's financial health and market position.
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