NEW YORK - Cohen & Steers, Inc. (NYSE:CNS), a recognized investment management firm, announced an increase in its quarterly cash dividend. The company's Board of Directors declared a dividend of $0.59 per share for the first quarter of 2024, marking a 3.5% rise from the previous quarter's dividend of $0.57 per share.
The dividend is scheduled to be paid on March 14, 2024, to shareholders who are on record by the close of business on March 4, 2024. This decision reflects the company's commitment to delivering shareholder value and its confidence in ongoing financial performance.
Cohen & Steers has carved out a niche for itself as a leading global investment manager with a focus on real assets and alternative income streams. Since its inception in 1986, the firm has expanded its reach beyond its New York City headquarters, establishing a presence in major financial hubs across the globe, including London, Dublin, Hong Kong, Tokyo, and Singapore.
The firm's expertise spans a variety of investment categories, such as real estate, preferred securities, infrastructure, resource equities, commodities, and multi-strategy solutions. This diversified approach has positioned Cohen & Steers as a significant player in the investment management industry.
The announcement made today is based on a press release statement from Cohen & Steers, Inc. It serves as the latest indicator of the company's operational and financial strategies as it seeks to navigate the dynamic investment landscape and maximize returns for its investors.
InvestingPro Insights
Cohen & Steers, Inc. (NYSE:CNS) has demonstrated a steadfast commitment to shareholder returns, as evidenced by the recent increase in its quarterly cash dividend. This decision is underpinned by a solid track record of maintaining dividend payments for two decades, showcasing the firm's financial stability and reliability as an income-generating investment.
InvestingPro Tips highlight that Cohen & Steers is trading at a high Price / Book multiple of 9.61 as of the last twelve months ending Q4 2023, reflecting a premium valuation in the market. This could be attributed to the company's strong performance, with a notable 25.53% price total return over the last three months, indicating robust investor confidence and market momentum.
Key InvestingPro Data metrics reveal a P/E Ratio of 27.36, which adjusts slightly higher to 28.0 for the same period, suggesting that investors are willing to pay a higher price for the company's earnings. The firm's Gross Profit Margin stands at an impressive 48.05%, indicating efficient operations and strong profitability. Moreover, the Return on Assets for the last twelve months as of Q4 2023 is 20.28%, highlighting the company's effective use of its assets to generate earnings.
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