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Cohen & Steers Reports 11% Revenue Growth in Q3 as Net Inflows Reach $1.55 Billion

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CNS$68.98 3.90%

Cohen & Steers, Inc. (NYSE:CNS) posted mixed third-quarter financial results as revenue expanded 11% year-over-year to $157.43 million, topping market expectations. Adjusted earnings per share reached $0.89, missing estimates slightly by $0.02. The asset manager experienced $1.55 billion in net inflows during the period, marking its fifth straight quarter of organic growth.

Despite the strong influx of new capital, total assets under management fell 4.2% from the prior quarter to $95.94 billion. The decline was primarily driven by market depreciation and client distributions. Profitability remained solid, with adjusted net income rising 11.4% year-over-year and adjusted operating margins widening to 37.2%. The firm saw broad demand across its wealth management channel, supported by inflows into mutual funds and exchange-traded funds.

Investors will be watching how the firm capitalizes on interest in real asset strategies following the August launch of its seventh active ETF, the Cohen & Steers Real Assets Active ETF. The company continues to focus on broadening its product lineup as clients seek portfolio diversification in a higher interest rate environment.

Key points

  • Third-quarter revenue increased 11% year-over-year to $157.43 million, surpassing forecasts by $1.87 million.
  • Net inflows totaled $1.55 billion, marking the company's fifth consecutive quarter of organic growth.
  • Assets under management fell 4.2% sequentially to $95.94 billion due to market depreciation and distributions.
  • Adjusted EPS came in at $0.89, falling two cents short of analyst expectations.
  • Adjusted operating margin expanded to 37.2%, with adjusted net income rising 11.4% year-over-year.

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Questions and answers

What were Cohen & Steers' Q3 revenue and earnings results?

Cohen & Steers reported Q3 revenue of $157.43 million, up 11% year-over-year and beating estimates by $1.87 million. Adjusted EPS was $0.89, missing expectations by $0.02.

How did Cohen & Steers' assets under management perform in Q3?

Assets under management fell 4.2% sequentially to $95.94 billion. Although the firm generated $1.55 billion in net inflows, market depreciation and distributions reduced total assets.

What new products did Cohen & Steers introduce recently?

In August, the firm launched its seventh active ETF, named the Cohen & Steers Real Assets Active ETF, to meet growing investor demand for real assets.