Going From Plowing the Field to Starting to Harvest: On the Road With Cohen & St

Research evidence excerpt

Going From Plowing the Field to Starting to Harvest: On the Road With Cohen & St

Financials | Brokers, Banks & Asset Managers

June 17, 2026

Cohen & Steers Inc. John Dunn Glenn Schorr, CFA 212-446-9455 212-653-9045

CNS | $76.55 John.Dunn@EvercoreISI.com glenn.schorr@evercoreisi.com

Outperform | Target Price/Base Case: $82.00 Benjamin Rubin, CFA, CPA Matthew Lyons, CFA

Company Update 646-551-8502 212-336-1709

Benjamin.Rubin@evercoreisi.com matthew.lyons@evercoreISI.com

Going From Plowing the Field to Starting to

Company Statistics

Harvest: On the Road With Cohen & Steers Market Capitalization (M) $3,740

52-Week Range $58.39 - $83.99 We recently met with CNS’ CEO Joseph Harvey and Head of Price/Earnings 24.1

Forward P/E 21.3 IR and FP&A Brian Meta. Increasingly positioned as one of

Shares Outstanding (M) 51.4 the better organic growth stories in traditional asset mgmt-

Dividend/Share 2.48 land, CNS is transitioning from a multi-year buildout phase Dividend Yield 3.4%

Fiscal Year End Dec into an asset gathering period. The message was clear that

the firm has already done the heavy lifting on distribution,

product development & international expansion and now is

Earnings Summary looking to convert that investment into stronger organic

2025 2026E 2027E growth & visible ROI. The tone was constructive but

EPS Q1 $0.75 $0.79A $0.96 disciplined – the platform is largely in place, and incremental

Q2 $0.73 $0.84 $0.97

Q3 $0.81 $0.94 $1.04 investment from here is intended to be success-based rather

Q4 $0.81 $0.95 $1.06 than ahead of demand, aiding better profitability.

FY $3.08 $3.52 $4.04

The Core Thesis is That Flows are Broader Based. Open-

end real estate funds are on an upswing; multi-strategy real

1 Year Price History assets are gaining momentum; infrastructure & offshore