Federated Hermes (NYSE:FHI) Sets New 52-Week High After Analyst Upgrade

Key Points

• Federated Hermes reached a new 52-week high of $51.15 after Evercore ISI raised its price target from $46.00 to $48.00, maintaining an outperform rating on the stock.
• JPMorgan Chase upgraded Federated Hermes from "underweight" to "neutral" with a target price increase from $40.00 to $54.00, showcasing optimism among analysts.
• The company declared a quarterly dividend of $0.34, indicating a 2.7% yield and a payout ratio of 30.16% for its shareholders.

Shares of Federated Hermes, Inc. (NYSE:FHI - Get Free Report) reached a new 52-week high during mid-day trading on Tuesday after Evercore ISI raised their price target on the stock from $46.00 to $48.00. Evercore ISI currently has an outperform rating on the stock. Federated Hermes traded as high as $51.15 and last traded at $50.96, with a volume of 1150327 shares. The stock had previously closed at $49.23.

FHI has been the topic of several other research reports. Royal Bank Of Canada upped their target price on shares of Federated Hermes from $43.00 to $45.00 and gave the stock a "sector perform" rating in a research note on Thursday, July 10th. JPMorgan Chase & Co. raised Federated Hermes from an "underweight" rating to a "neutral" rating and upped their price objective for the company from $40.00 to $54.00 in a research report on Monday. Wall Street Zen downgraded Federated Hermes from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 2nd. Finally, TD Cowen cut Federated Hermes from a "buy" rating to a "hold" rating in a research note on Wednesday, May 14th. Five research analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $46.00.

Insider Buying and Selling at Federated Hermes

In related news, VP Paul A. Uhlman sold 6,057 shares of Federated Hermes stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $42.14, for a total value of $255,241.98. Following the completion of the sale, the vice president owned 316,930 shares of the company's stock, valued at $13,355,430.20. The trade was a 1.88% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 3.80% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Meritage Portfolio Management increased its position 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 valued at $936,000 after purchasing an additional 11,523 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new stake in Federated Hermes during the first quarter valued at approximately $2,584,000. Ritholtz Wealth Management purchased a new stake in Federated Hermes during the first quarter valued at approximately $1,283,000. LSV Asset Management increased its holdings in Federated Hermes by 27.1% during the first quarter. LSV Asset Management now owns 1,107,089 shares of the company's stock valued at $45,136,000 after buying an additional 236,313 shares during the last quarter. Finally, SG Americas Securities LLC bought a new position in Federated Hermes in the first quarter worth approximately $401,000. Institutional investors own 75.94% of the company's stock.

Federated Hermes Stock Up 1.0%

The company's 50 day moving average price is $45.53 and its two-hundred day moving average price is $41.61. The company has a current ratio of 3.37, a quick ratio of 2.35 and a debt-to-equity ratio of 0.31. The firm has a market cap of $4.04 billion, a PE ratio of 11.32, a PEG ratio of 0.73 and a beta of 0.77.

Federated Hermes (NYSE:FHI - Get Free Report) last announced its earnings results on Thursday, July 31st. The company reported $1.16 EPS for the quarter, topping analysts' consensus estimates of $0.99 by $0.17. Federated Hermes had a return on equity of 32.30% and a net margin of 21.67%. The company had revenue of $424.84 million for the quarter, compared to analysts' expectations of $424.83 million. During the same period last year, the firm earned $0.96 EPS. Federated Hermes's revenue for the quarter was up 5.5% compared to the same quarter last year. On average, equities research analysts expect that Federated Hermes, Inc. will post 4.04 EPS for the current fiscal year.

Federated Hermes Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Friday, August 8th will be paid a dividend of $0.34 per share. The ex-dividend date is Friday, August 8th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.7%. Federated Hermes's payout ratio is 30.16%.

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.