Bank of New York Mellon Corp Reduces Position in Federated Hermes, Inc. (NYSE:FHI)

Bank of New York Mellon Corp lessened its holdings in shares of Federated Hermes, Inc. (NYSE:FHI) by 21.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,005,629 shares of the company’s stock after selling 271,269 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.24% of Federated Hermes worth $40,999,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also modified their holdings of the business. Principal Financial Group Inc. boosted its stake in shares of Federated Hermes by 0.5% during the 1st quarter. Principal Financial Group Inc. now owns 175,445 shares of the company’s stock worth $7,153,000 after acquiring an additional 822 shares during the last quarter. MBM Wealth Consultants LLC boosted its stake in shares of Federated Hermes by 15.0% during the 1st quarter. MBM Wealth Consultants LLC now owns 8,603 shares of the company’s stock worth $351,000 after acquiring an additional 1,124 shares during the last quarter. Meritage Portfolio Management boosted its stake in shares of Federated Hermes by 100.7% during the 1st quarter. Meritage Portfolio Management now owns 22,964 shares of the company’s stock worth $936,000 after acquiring an additional 11,523 shares during the last quarter. ABLE Financial Group LLC boosted its stake in shares of Federated Hermes by 7.3% during the 1st quarter. ABLE Financial Group LLC now owns 39,860 shares of the company’s stock worth $1,625,000 after acquiring an additional 2,696 shares during the last quarter. Finally, Kendall Capital Management boosted its stake in shares of Federated Hermes by 6.0% during the 1st quarter. Kendall Capital Management now owns 69,850 shares of the company’s stock worth $2,848,000 after acquiring an additional 3,925 shares during the last quarter. Hedge funds and other institutional investors own 75.94% of the company’s stock.

Insider Buying and Selling at Federated Hermes

In other news, VP Paul A. Uhlman sold 6,057 shares of the business’s stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $42.14, for a total value of $255,241.98. Following the sale, the vice president directly owned 316,930 shares in the company, valued at $13,355,430.20. The trade was a 1.88% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 3.80% of the stock is currently owned by company insiders.

Federated Hermes Stock Performance

Shares of NYSE FHI opened at $46.57 on Tuesday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.35 and a current ratio of 3.04. The company has a market cap of $3.68 billion, a P/E ratio of 13.12, a P/E/G ratio of 0.85 and a beta of 0.78. The firm’s fifty day moving average is $43.24 and its two-hundred day moving average is $40.45. Federated Hermes, Inc. has a 52-week low of $31.94 and a 52-week high of $46.84.

Federated Hermes (NYSE:FHI) last announced its quarterly earnings results on Thursday, April 24th. The company reported $1.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.91 by $0.19. Federated Hermes had a net margin of 17.74% and a return on equity of 32.17%. The company had revenue of $423.54 million for the quarter, compared to the consensus estimate of $425.43 million. During the same period in the previous year, the firm posted $0.89 EPS. Federated Hermes’s revenue for the quarter was up 6.8% compared to the same quarter last year. As a group, analysts anticipate that Federated Hermes, Inc. will post 4.04 EPS for the current fiscal year.

Federated Hermes Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Thursday, May 8th were issued a $0.34 dividend. The ex-dividend date of this dividend was Thursday, May 8th. This is an increase from Federated Hermes’s previous quarterly dividend of $0.31. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.92%. Federated Hermes’s payout ratio is 38.31%.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on FHI shares. JPMorgan Chase & Co. lifted their target price on shares of Federated Hermes from $39.00 to $40.00 and gave the company an “underweight” rating in a research note on Wednesday, July 9th. Royal Bank Of Canada lifted their target price on shares of Federated Hermes from $43.00 to $45.00 and gave the company a “sector perform” rating in a research note on Thursday, July 10th. Evercore ISI lifted their target price on shares of Federated Hermes from $38.00 to $41.00 and gave the company an “outperform” rating in a research note on Monday, April 28th. Wall Street Zen upgraded shares of Federated Hermes from a “buy” rating to a “strong-buy” rating in a research note on Monday, April 28th. Finally, TD Cowen cut shares of Federated Hermes from a “buy” rating to a “hold” rating in a research note on Wednesday, May 14th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Federated Hermes presently has a consensus rating of “Hold” and a consensus target price of $42.50.

About Federated Hermes

Federated Hermes, Inc is a publicly owned investment manager. Through its subsidiaries, the firm provides its services to individuals, including high net worth individuals, banking or thrift institutions, investment companies, pension and profit sharing plans, pooled investment vehicles, charitable organizations, state or municipal government entities, and registered investment advisors.