Cohen & Steers, Inc. reported significant financial performance improvements for the three and nine months ended September 30, 2024, compared to the same periods in 2023. Total revenue for the third quarter reached $133.2 million, a 7.7% increase from $123.7 million in 2023. For the nine months, revenue rose to $377.6 million, up from $370.4 million. The growth in revenue was primarily driven by higher investment advisory and administration fees, which amounted to $125.4 million for the third quarter, compared to $116.2 million in the prior year.
Net income for the third quarter surged to $55.3 million, significantly higher than $25.2 million in 2023. Net income attributable to common stockholders also increased to $39.7 million from $32.1 million, reflecting a 23.5% rise. Earnings per share for the third quarter were $0.78 (basic) and $0.77 (diluted), compared to $0.65 for both measures in the previous year. For the nine months, net income attributable to common stockholders was $105.4 million, up from $99.2 million in 2023.
Cohen & Steers' assets under management (AUM) reached $91.8 billion as of September 30, 2024, a 22.1% increase from $75.2 billion a year earlier. The company experienced net inflows of $1.2 billion in the third quarter, reversing a net outflow of $360 million in the same period of 2023. Market appreciation contributed significantly, adding $10.4 billion to AUM in the third quarter, compared to a depreciation of $4.6 billion in the prior year.
The company’s total liabilities decreased to $215.2 million from $243.9 million at the end of 2023, while total stockholders' equity rose to $498.1 million from $386.2 million. Cash and cash equivalents declined to $106.5 million from $187.4 million at the end of 2023, reflecting increased investments and operational expenditures.
Cohen & Steers declared a quarterly dividend of $0.59 per share on November 7, 2024, payable on December 2, 2024. The company remains committed to its investment strategies, including a $50 million commitment to the Cohen & Steers Real Estate Opportunities Fund and a $125 million commitment to the Cohen & Steers Income Opportunities REIT, with substantial amounts already funded.
Overall, the company’s financial results indicate a robust recovery and growth trajectory, supported by strategic investments and favorable market conditions.
About COHEN & STEERS, INC.
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