Assenagon Asset Management S.A. Sells 93,617 Shares of Federated Hermes, Inc. $FHI

Key Points

• Assenagon Asset Management cut its Federated Hermes stake by 80.5% in Q1, selling 93,617 shares and leaving it with 22,661 shares valued at about $1.29 million.
• Federated Hermes reported better-than-expected quarterly results, with EPS of $1.27 versus estimates of $1.20 and revenue of $478.96 million, up 13.1% year over year.
• The company raised its quarterly dividend to $0.38 per share from $0.34, and analysts currently have a consensus Hold rating with an average price target of $55.00.

Assenagon Asset Management S.A. lowered its stake in Federated Hermes, Inc. (NYSE:FHI - Free Report) by 80.5% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 22,661 shares of the company's stock after selling 93,617 shares during the quarter. Assenagon Asset Management S.A.'s holdings in Federated Hermes were worth $1,285,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Andina Capital Management LLC acquired a new position in Federated Hermes during the first quarter worth $569,000. AdvisorNet Financial Inc increased its position in Federated Hermes by 38.4% during the first quarter. AdvisorNet Financial Inc now owns 1,563 shares of the company's stock worth $89,000 after buying an additional 434 shares during the last quarter. SG Americas Securities LLC increased its position in Federated Hermes by 27.6% during the first quarter. SG Americas Securities LLC now owns 73,964 shares of the company's stock worth $4,194,000 after buying an additional 16,012 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S raised its stake in Federated Hermes by 255.9% in the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 144,671 shares of the company's stock valued at $8,204,000 after buying an additional 104,017 shares during the period. Finally, Diversified Trust Co raised its stake in Federated Hermes by 18.1% in the first quarter. Diversified Trust Co now owns 11,144 shares of the company's stock valued at $632,000 after buying an additional 1,704 shares during the period. Institutional investors own 75.94% of the company's stock.

Federated Hermes Trading Up 0.2%

FHI stock opened at $55.32 on Thursday. Federated Hermes, Inc. has a 52 week low of $44.46 and a 52 week high of $60.17. The company has a market capitalization of $4.20 billion, a PE ratio of 10.72, a price-to-earnings-growth ratio of 1.96 and a beta of 0.65. The company's 50-day simple moving average is $56.48 and its 200 day simple moving average is $55.42. The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.73 and a current ratio of 3.28.

Federated Hermes (NYSE:FHI - Get Free Report) last announced its earnings results on Thursday, April 30th. The company reported $1.27 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.20 by $0.07. Federated Hermes had a net margin of 21.47% and a return on equity of 33.90%. The firm had revenue of $478.96 million for the quarter, compared to analyst estimates of $475.22 million. During the same quarter in the prior year, the business posted $1.25 EPS. The business's revenue was up 13.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Federated Hermes, Inc. will post 5.13 earnings per share for the current year.

Federated Hermes Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Friday, May 8th were issued a $0.38 dividend. The ex-dividend date of this dividend was Friday, May 8th. This represents a $1.52 annualized dividend and a yield of 2.7%. This is a boost from Federated Hermes's previous quarterly dividend of $0.34. Federated Hermes's payout ratio is presently 29.46%.

Analyst Upgrades and Downgrades

FHI has been the subject of several research reports. TD Cowen cut their price target on Federated Hermes from $58.00 to $54.00 and set a "hold" rating for the company in a report on Monday, May 4th. JPMorgan Chase & Co. decreased their price objective on shares of Federated Hermes from $56.00 to $53.00 and set an "underweight" rating on the stock in a report on Monday, May 4th. Royal Bank Of Canada cut their target price on shares of Federated Hermes from $56.00 to $54.00 and set a "sector perform" rating for the company in a research note on Wednesday, May 6th. Wall Street Zen downgraded shares of Federated Hermes from a "buy" rating to a "hold" rating in a report on Saturday, May 2nd. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of Federated Hermes in a research note on Tuesday, April 21st. Two analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Federated Hermes currently has a consensus rating of "Hold" and an average target price of $55.00.

Insider Buying and Selling at Federated Hermes

In other news, VP Bryan M. Burke sold 4,000 shares of the company's stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $54.20, for a total transaction of $216,800.00. Following the completion of the sale, the vice president directly owned 74,921 shares in the company, valued at approximately $4,060,718.20. This represents a 5.07% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Saker Anwar Nusseibeh sold 8,950 shares of the stock in a transaction on Monday, June 8th. The stock was sold at an average price of $57.34, for a total value of $513,193.00. Following the sale, the chief executive officer directly owned 151,276 shares in the company, valued at approximately $8,674,165.84. This trade represents a 5.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 4.20% of the stock is owned by insiders.

Federated Hermes Company Profile

Federated Hermes, Inc is a global investment manager that provides a range of asset management solutions to institutional and individual investors. The company offers active strategies across equity, fixed income, multi-asset, liquidity, and alternative investments. Through its suite of mutual funds, separate accounts and collective investment vehicles, Federated Hermes seeks to deliver performance-driven outcomes aligned with client objectives and risk tolerances.

In addition to traditional investment management, Federated Hermes has developed specialized capabilities in sustainability and responsible investing, integrating environmental, social and governance (ESG) research into its investment process.

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