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Cohen & Steers Inc. (NYSE: CNS) is a premier global investment manager specializing in liquid real assets such as real estate securities, listed infrastructure, commodities, and natural resource equities. Founded in 1986, this New York City-headquartered firm also focuses on preferred securities and other income solutions. With additional offices in London, Hong Kong, Tokyo, and Seattle, Cohen & Steers operates a diversified, international portfolio.
The company's core business revolves around the management of equity shares of real estate investment trusts (REITs), both domestically and internationally. As of January 2024, real estate and related securities constitute nearly two-thirds of its total $79.3 billion in managed assets. The firm also offers dedicated portfolios for preferred securities, utilities stocks, and other high-yield investments.
Cohen & Steers maintains a balanced distribution of its managed assets across closed-end funds, open-end funds, and institutional accounts. In the past year, they have seen that 42% of their managed assets and 27% of base management fees come from institutional clients. Open-end funds account for 45% of managed assets and 52% of base management fees. Closed-end funds contribute 13% of managed assets and 21% of base management fees.
Recent Achievements and Current Projects
Recent quarterly earnings reports reflect positive growth and robust financial performance. The company consistently updates its stakeholders through earnings releases, conference calls, and detailed presentations available on their official website. Significant events include:
- Quarterly earnings reports with comprehensive financial analyses.
- Regular conference calls hosted by top executives including CEO Joseph Harvey, CFO Matthew Stadler, and CIO Jon Cheigh.
- Strategic initiatives such as 'at-the-market' equity offerings, recently adding over a million shares at an average price of $69.60, raising approximately $68.4 million for corporate purposes.
Partnerships and Market Position
The firm's collaborations with major financial institutions and investment platforms underscore its market leadership. For instance, Cohen & Steers recently ranked among the top companies in the S&P SmallCap 600 index, highlighting its growing influence and solid market reputation.
Investors can expect ongoing updates and opportunities through the firm’s comprehensive communication channels, including a wealth of resources and archival financial data available on their website.
The Cohen & Steers Select Preferred and Income Fund (PSF) announced the distribution payment scheduled for January 29, 2021. The Fund, which follows a managed distribution policy since December 2016, aims to provide long-term total returns through regular monthly distributions. For January 2021, the total distribution is estimated at $0.1570 per share, comprising $0.0970 from net investment income and $0.0600 as return of capital. Year-to-date cumulative total return is recorded at 6.03% with a current annualized distribution rate of 7.03%.
Cohen & Steers reported its financial results for Q4 and the full year of 2020, highlighting net income and earnings per share figures. The details can be found in their earnings release and presentation. A conference call will occur on January 28, 2021, at 10:00 a.m. ET, featuring key executives discussing these results. The firm, established in 1986, focuses on liquid real assets including real estate securities and natural resource equities.
Cohen & Steers MLP Income and Energy Opportunity Fund (MIE) has announced a proposal for liquidation and dissolution, subject to stockholder approval. This decision stems from the challenging market environment and the Fund's current asset levels and expenses. A special meeting for stockholder approval is set for May 27, 2021. Investors are recommended to review the Fund's investment objectives and risks. The firm specializes in liquid real assets and is headquartered in New York City.
Cohen & Steers MLP Income and Energy Opportunity Fund (NYSE: MIE) announced a proposal for liquidation and dissolution based on a thorough review of market challenges and the Fund's financial status. The Board of Directors believes this decision is in the best interest of stockholders. A special meeting for stockholder approval is scheduled for May 27, 2021, at 10:00 AM ET. This move comes as a response to ongoing difficulties faced by closed-end MLP funds over the past few years, aiming to address asset levels and expenses.
Cohen & Steers (NYSE: CNS) will release its fourth quarter and full year 2020 financial results on January 27, 2021, after market close. Details for the earnings release and accompanying presentation will be available on www.cohenandsteers.com. A conference call will follow on January 28, 2021, at 10:00 a.m. ET, featuring CEO Robert Steers and CFO Matthew Stadler to discuss the results and future outlook. Investors can access the call via telephone or webcast. A replay will be available for two weeks post-call.
Cohen & Steers reported preliminary assets under management (AUM) of $79.9 billion as of December 31, 2020, reflecting an increase of $3.2 billion from November 30, 2020. This growth was attributed to net inflows of $1.4 billion and market appreciation of $2.2 billion, offset by distributions of $419 million. The company specializes in liquid real assets including real estate securities and infrastructure.
Cohen & Steers (NYSE: CNS) has appointed Koichiro Teramoto as the new Head of Sales for Japan. With over 26 years of experience in financial services, Teramoto previously held roles at Nikko Asset Management and Natixis Investment Managers. His expertise in managing multi-asset client relationships is expected to enhance the firm's global distribution strategy. This addition follows other key appointments in 2020, including David Conway and Jeffrey D. Sharon, to strengthen the company's operational reach in global markets.
The Cohen & Steers Select Preferred and Income Fund (NYSE: PSF) announced its distribution sources for the upcoming payment on December 31, 2020. Implementing a managed distribution policy since December 2016, the Fund aims for long-term total return through regular monthly distributions. The December distribution totals $0.1570 per share, comprising net investment income and long-term capital gains. YTD returns show a cumulative rate of 7.45%, while the five-year average annual total return stands at 8.23%. Shareholders should be aware that returns of capital may occur, which affect their tax basis.
The press release from Cohen & Steers Limited Duration Preferred and Income Fund (NYSE: LDP) outlines the sources of its December 31, 2020, distribution, including net investment income and return of capital. The Fund follows a managed distribution policy aimed at delivering long-term total returns through regular monthly distributions. For December 2020, the total current distribution is $0.1430 per share, primarily from net investment income at $0.1293 (90.42%). The year-to-date cumulative total return is 3.86%, with a cumulative distribution rate of 7.00%. Shareholders will receive a Form 1099-DIV for tax purposes.
The Cohen & Steers Infrastructure Fund (NYSE: UTF) announced its upcoming monthly distribution of $0.1550 per share, to be paid on December 31, 2020. This distribution is entirely sourced from net investment income, which accounts for 100% of the current payment. For the fiscal year-to-date, the fund has distributed a total of $1.8600 per share, with 25.82% derived from net investment income. The fund emphasizes that part of the distribution may be considered a return of capital. The year-to-date cumulative total return as of November 30, 2020, is -5.47%, contrasting with a cumulative distribution rate of 7.65%.
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