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In Tuesday’s trading, 239 stocks hit 52-week highs, eight of which were asset managers. That was four times the number of U.S.-listed stocks that hit 52-week lows.
Stocktwits shows that of the eight asset managers hitting 52-week highs, four have less than 1,000 Stocktwit followers, which suggests that not enough of the retail crowd has caught on to these stocks despite hitting 52-week highs.
Of the four with less than 1,000 Stocktwit followers, these three are excellent long-term buys. Here’s why.
Cohen & Steers
Cohen & Steers is a global investment manager specializing in real assets and alternative income investments. It offers open-end funds, institutional accounts and closed-end funds.
One of its most popular ETFs is the iShares Cohen & Steers REIT ETF, which has $2.31 billion in net assets. It invests in large real estate REITs such as Prologis and Equinix . The ETF tracks the performance of the Cohen & Steers Realty Majors Index, a collection of approximately 30 real estate companies.
As of Aug. 31, it had $88.1 billion in AUM (assets under management), up $3.5 billion from the end of July. After several years of net outflows—$3.6 billion in net outflows in 2022 and 2023—it managed to generate net inflows of $8 million, a sign the commercial real estate market might be bottoming.
In the second quarter ended June 30, its revenue fell 0.8% to $121.7 million, while its adjusted net income decreased by 0.3% to $34.5 million.
Thanks to a 49% gain over the past year, Cohen & Steers stock is now within $7.12 of its Nov. 8, 2021, all-time high of $101.22. The company has hit a 52-week high on 23 occasions in the past year, yesterday being the latest.
Only 131 people follow Cohen & Steers at Stocktwits, compared to 12,382 for Blackstone , the world’s largest alternative asset manager.
If you believe in real estate, CNS is an excellent long-term play.
Victory Capital Holdings
Victory Capital Holdings is a global asset manager with $172.1 billion in AUM as of July 31. The company does a little of everything, acting as a boutique asset manager and providing a fully integrated, centralized operating and distribution platform.
Since going public in 2018, it’s grown tremendously through organic revenue and four strategic acquisitions: USAA Asset Management Company, THB Asset Management, New Energy Capital, and WestEnd Advisors.
As a result, its AUM has increased by over $100 billion. Its scale has pushed operating margins 12 percentage points higher over the five years. The additional cash flow has allowed it to increase its investments in its business, generating even more profits in the process.
Since Q1 2022, it’s been busy buying back its shares. At the end of Q1 2022, it had 74 million shares outstanding. At the end of Q2 2024, it was 66 million, 11% lower in just nine quarters.
As of June 30, its adjusted EBITDA margin was 53.0%, 210 basis points higher than a year ago. So, even if it grows quarterly revenues by less than double digits, it’s still been able to boost its profitability.
Ten analysts cover its stock, with five rating it a Buy and a $57 target price, higher than where it currently trades.
It has slightly more Stocktwit followers at 246. It has hit a 52-week high 48 times over the past year, with 45 in 2024. Unsurprisingly, its shares are up 61% year-to-date.
Brookfield Corporation
Brookfield Corporation is one of my favorite financial services companies. CEO Bruce Flatt has worked at Brookfield for a long time -- he joined the company in 1990 and became CEO in 2002. When he became CEO, it was still called Brascan Corporation, a company whose history dates back to 1899.
It became Brookfield Corporation in December 2022 when it spun off its asset management business into an independent, publicly traded company, Brookfield Asset Management . It continues to own 75% of this business. It also owns a percentage of four other spinoffs: Brookfield Infrastructure Partners , Brookfield Renewable Partners , Brookfield Business Partners , and Brookfield Reinsurance.
Brookfield is currently in discussions with Canada’s largest pension funds and the Canadian federal government to create a $50-billion fund that it would manage to invest in Canadian assets.
The pensions would commit $36 billion, the federal government $10 billion, and Brookfield the other $4 billion. While it’s still early in discussions, the fund would enable the Canadian pension funds to increase their participation in the domestic market, something critics have pointed out as a flaw in an otherwise excellent investing model that’s served Canadian pensioners well.
Even though the company has offices all over the world and Bruce Flatt spends much of his time in New York and London, Brookfield remains surprisingly unknown. Despite its $83 billion market cap, it has just 755 Stocktwit followers.
If I could only buy one, Brookfield would be it without question.
On the date of publication, Will Ashworth did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
Prologis (PLD) closed the most recent trading day at $129.28, moving -0.54% from the previous trading session. The stock's change was less than the S&P 500's daily gain of 0.13%. Meanwhile, the Dow experienced a rise of 0.55%, and the technology-dominated Nasdaq saw a decrease of 0.52%.
The industrial real estate developer's shares have seen an increase of 5.8% over the last month, surpassing the Finance sector's gain of 4.44% and the S&P 500's gain of 3.67%.
The investment community will be closely monitoring the performance of Prologis in its forthcoming earnings report. It is anticipated that the company will report an EPS of $1.38, marking a 6.15% rise compared to the same quarter of the previous year. Alongside, our most recent consensus estimate is anticipating revenue of $1.9 billion, indicating a 7.03% upward movement from the same quarter last year.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $5.42 per share and a revenue of $7.52 billion, indicating changes of -3.39% and +10.34%, respectively, from the former year.
It is also important to note the recent changes to analyst estimates for Prologis. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 0.12% downward. As of now, Prologis holds a Zacks Rank of #3 (Hold).
Investors should also note Prologis's current valuation metrics, including its Forward P/E ratio of 23.98. Its industry sports an average Forward P/E of 13.18, so one might conclude that Prologis is trading at a premium comparatively.
Investors should also note that PLD has a PEG ratio of 3.34 right now. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The REIT and Equity Trust - Other industry currently had an average PEG ratio of 2.48 as of yesterday's close.
The REIT and Equity Trust - Other industry is part of the Finance sector. This group has a Zacks Industry Rank of 92, putting it in the top 37% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
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