Cohen & Steers trades at $72.18 and has moved in lockstep with the market. Its shares have returned 9% over the last six months while the S&P 500 has gained 7.9%.
Is now the time to buy CNS? Find out in our full research report, it’s free.
Why Does CNS Stock Spark Debate?
Founded in 1986 as a pioneer in real estate investment trusts (REITs), Cohen & Steers (NYSE: CNS) is an investment manager specializing in real estate securities, infrastructure, real assets, and preferred securities for institutional and individual investors.
Two Positive Attributes:
1. Growing TBVPS Reflects Strong Asset Base
We consider tangible book value per share (TBVPS) an important metric for financial firms. TBVPS represents the real, liquid net worth per share of a company, excluding intangible assets that have debatable value upon liquidation.
Cohen & Steers’s TBVPS increased by 24.7% annually over the last five years, and although its annualized growth has recently decelerated to 20.7% over the last two years (from $7.26 to $10.57 per share), we still think its performance was incredible.
2. Stellar ROE Showcases Lucrative Growth Opportunities
Return on equity (ROE) reveals the profit generated per dollar of shareholder equity, which represents a key source of bank funding. Banks maintaining elevated ROE levels tend to accelerate wealth creation for shareholders via earnings retention, buybacks, and distributions.
Over the last five years, Cohen & Steers has averaged an ROE of 37.3%, exceptional for a company operating in a sector where the average shakes out around 10% and those putting up 25%+ are greatly admired. This shows Cohen & Steers has a strong competitive moat.
One Reason to be Careful:
Long-Term Revenue Growth Disappoints
A company’s long-term sales performance is one signal of its overall quality. Even a bad business can shine for one or two quarters, but a top-tier one grows for years.
Regrettably, Cohen & Steers’s revenue grew at a tepid 4.9% compounded annual growth rate over the last five years. This wasn’t a great result compared to the rest of the financials sector, but there are still things to like about Cohen & Steers.
Final Judgment
Cohen & Steers’s merits more than compensate for its flaws, but at $72.18 per share (or 20.6× forward P/E), is now the time to initiate a position? See for yourself in our comprehensive research report, it’s free.
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