Congress Asset Management Co. Buys 17,992 Shares of Federated Hermes, Inc. $FHI

Key Points

• Congress Asset Management increased its Federated Hermes stake by 21.2% in the third quarter, acquiring 17,992 additional shares and bringing its holdings to 102,693 shares valued at approximately $5.8 million.
• Federated Hermes reported quarterly earnings of $1.38 per share, beating estimates of $1.19, while revenue rose 18.3% year over year to $502.78 million. The company pays a quarterly dividend of $0.38 per share, equivalent to a 2.7% yield.
• FHI shares opened at $55.93, below their 50-day average of $60.88, while analysts maintain a consensus “Hold” rating with an average price target of $57.40.

Congress Asset Management Co. raised its stake in Federated Hermes, Inc. (NYSE:FHI - Free Report) by 21.2% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 102,693 shares of the company's stock after acquiring an additional 17,992 shares during the quarter. Congress Asset Management Co. owned approximately 0.14% of Federated Hermes worth $5,789,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the stock. Root Financial Partners LLC lifted its holdings in Federated Hermes by 71.0% in the 1st quarter. Root Financial Partners LLC now owns 571 shares of the company's stock valued at $32,000 after purchasing an additional 237 shares in the last quarter. Caitong International Asset Management Co. Ltd raised its holdings in Federated Hermes by 220.8% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 863 shares of the company's stock valued at $45,000 after acquiring an additional 594 shares during the last quarter. Rockefeller Capital Management L.P. lifted its stake in shares of Federated Hermes by 24.2% during the 4th quarter. Rockefeller Capital Management L.P. now owns 996 shares of the company's stock worth $52,000 after purchasing an additional 194 shares during the period. Integrated Wealth Concepts LLC acquired a new stake in shares of Federated Hermes during the second quarter worth $85,000. Finally, AdvisorNet Financial Inc grew its position in shares of Federated Hermes by 38.4% in the first quarter. AdvisorNet Financial Inc now owns 1,563 shares of the company's stock valued at $89,000 after purchasing an additional 434 shares during the period. 75.94% of the stock is owned by institutional investors and hedge funds.

Federated Hermes Stock Performance

Shares of FHI stock opened at $55.93 on Thursday. Federated Hermes, Inc. has a 12 month low of $46.66 and a 12 month high of $67.20. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.59 and a quick ratio of 1.89. The firm has a market capitalization of $4.18 billion, a P/E ratio of 10.40, a P/E/G ratio of 1.48 and a beta of 0.66. The company's fifty day moving average price is $60.88 and its two-hundred day moving average price is $58.37.

Federated Hermes (NYSE:FHI - Get Free Report) last announced its earnings results on Thursday, July 30th. The company reported $1.38 earnings per share for the quarter, beating the consensus estimate of $1.19 by $0.19. The company had revenue of $502.78 million during the quarter, compared to the consensus estimate of $488.34 million. Federated Hermes had a return on equity of 34.03% and a net margin of 21.30%.The company's revenue was up 18.3% on a year-over-year basis. During the same period last year, the firm earned $1.16 earnings per share. On average, research analysts anticipate that Federated Hermes, Inc. will post 5.55 earnings per share for the current fiscal year.

Federated Hermes Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Friday, August 7th were issued a dividend of $0.38 per share. The ex-dividend date was Friday, August 7th. This represents a $1.52 annualized dividend and a yield of 2.7%. Federated Hermes's payout ratio is currently 28.25%.

Wall Street Analyst Weigh In

FHI has been the topic of several recent analyst reports. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and set a $58.00 target price on shares of Federated Hermes in a research report on Monday, August 3rd. Weiss Ratings lowered shares of Federated Hermes from a "buy (a-)" rating to a "buy (b+)" rating in a report on Thursday, September 24th. Wall Street Zen raised shares of Federated Hermes from a "hold" rating to a "buy" rating in a research report on Saturday, September 12th. Zacks Research upgraded shares of Federated Hermes from a "hold" rating to a "strong-buy" rating in a report on Friday, August 21st. Finally, Royal Bank Of Canada upped their price target on shares of Federated Hermes from $54.00 to $57.00 and gave the stock a "sector perform" rating in a research report on Thursday, July 2nd. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Federated Hermes currently has a consensus rating of "Hold" and an average target price of $57.40.

Federated Hermes Profile

Federated Hermes, Inc is a global investment management company that provides investment strategies and related services to institutions, financial professionals and individual investors. The company manages assets across a range of asset classes, including equities, fixed income, money market instruments, multi-asset strategies and alternative investments.

Its products and services include mutual funds, exchange-traded funds, separately managed accounts, collective investment funds and institutional mandates.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.