(CNS) - Results represented a 33.3% year-over-year improvement

Cohen & Steers, Inc. (CNS) surprised to the upside by 12.0% when it posted second-quarter earnings per share of 28 cents. Furthermore, this represented a 33.3% year-over-year improvement. Both the quarterly revenue and assets under management figures were records for the company. CNS recently launched two new open-end mutual funds. Consensus estimates for this quarter and for the full year of 2006 have been on the rise for this Zacks #1 Rank stock. The Board of Directors boosted its quarterly dividend by 18% in early August. Full Analysis Cohen & Steers, Inc., together with its subsidiaries, operates as a manager of equity portfolios primarily in the United States. The company serves individual and institutional investors through a range of open-end mutual funds, closed-end mutual funds and institutional separate accounts. CNS also has a small investment bank that advises real estate businesses and REITs. On Jul 26, CNS reported second-quarter earnings per share of 28 cents. With analysts forecasting 25 cents, the company surprised to the upside by 12.0%. Furthermore, the results represented a 33.3% year-over-year improvement. Total revenues for the quarter jumped 9.9% to $42.1 million, compared to $38.3 million in the second quarter of 2005. Assets under management rose 16.6% and hit $23.2 billion. Both the quarterly revenue and assets under management figures were records for the company. CNS recently opened two new U.S. registered open-end mutual funds. One is called Cohen & Steers Asia Pacific Realty Shares, which is the first U.S. open-end mutual fund with investments in Asia Pacific real estate securities. It was launched on Aug 3. Co-Chairman and Co-Chief Executive Officer Martin Cohen stated, “We believe that the market for real estate securities in the Asia Pacific region is positioned for attractive long-term returns.” The other, launched on Aug 21, is Cohen & Steers Institutional Global Realty Shares. At least 80% of the fund will be invested in a portfolio of equity securities of U.S. and non-U.S. real estate companies. The consensus estimate for this quarter currently sits at 34 cents per share. Compared to the consensus of 60 days earlier, it has risen 25.9%. For the full year of 2006, profit forecasts climbed 8.8% to $1.11. Three analysts submitted upward revisions for both this quarter and for the full year. The Board of Directors declared a quarterly dividend of 13 cents per share on Aug 3—an 18% increase when compared to the company's prior quarterly dividend of 11 cents per share. CNS has a current dividend yield of 1.5%. The dividend will be paid on Oct 23 to stockholders of record as of Oct 2. Management at CNS has been extremely effective in building shareholder value, made very clear by the company's return on equity of 23%. This dwarfs the industry average of 9%. Note: The Zacks Rank is a very sensitive indicator that can change frequently for an individual stock. This important indicator is updated daily on Zacks.com and is available to Zacks Premium subscribers. As such, it is prudent to check the site for the latest Zacks Rank on the stocks highlighted in this section. Simply click the link for the stock or enter the symbol in the ticker entry box in the upper left hand corner of the web site. Content Courtesy: Zacks Investment Research #1 Ranked Stocks Highlight Archive To truly take advantage of the Zacks Rank, you need to first understand how it works. That is why we created the free special report: Zacks Rank Guide: Harnessing the Power of Earnings Estimate Revisions. | Blog Home| VitalStocks Home