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Cohen & Steers Inc (CNS-0.34%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in assets under management to $91.8 billion from $75.2 billion in the previous year. This increase is attributed to market appreciation.
Net inflows for open-end funds were $1.1 billion, with significant contributions from U.S. real estate, while institutional accounts experienced net outflows of $2.0 billion.
Total revenue for the quarter was $133.2 million, up from $123.7 million in the previous year, driven by higher investment advisory and administration fees.
Employee compensation and benefits expenses rose to $56.4 million due to increased amortization of restricted stock units and higher salaries.
Operating income for the quarter was $44.9 million, compared to $40.9 million in the previous year, with an operating margin of 33.7%.
The company reported net income attributable to common stockholders of $39.7 million, up from $32.1 million in the previous year.
Cash and cash equivalents at the end of the period were $115.7 million, a decrease from $135.6 million at the beginning of the period.
The company declared a quarterly dividend of $0.59 per share, payable on December 2, 2024.
Cohen & Steers continues to focus on expanding its assets under management and enhancing its investment strategies across various asset classes.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Cohen & Steers Inc quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.