Congress Asset Management Co. Buys 18,334 Shares of Federated Hermes, Inc. $FHI

Key Points

• Congress Asset Management Co. increased its stake in Federated Hermes by 35.8% during the second quarter, owning a total of 69,616 shares worth approximately $3.1 million.
• Institutional investors collectively own about 75.94% of Federated Hermes shares, indicating strong institutional interest in the company.
• The company has raised its quarterly dividend to $0.34 per share, resulting in an annualized yield of 2.6%.

Congress Asset Management Co. boosted its stake in shares of Federated Hermes, Inc. (NYSE:FHI - Free Report) by 35.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 69,616 shares of the company's stock after purchasing an additional 18,334 shares during the period. Congress Asset Management Co. owned about 0.09% of Federated Hermes worth $3,085,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FHI. Deutsche Bank AG raised its position in Federated Hermes by 38.5% in the first quarter. Deutsche Bank AG now owns 24,213 shares of the company's stock worth $987,000 after acquiring an additional 6,734 shares during the period. Meritage Portfolio Management raised its position in Federated Hermes by 100.7% in the first 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 period. Mirae Asset Global Investments Co. Ltd. bought a new position in Federated Hermes in the first quarter worth approximately $2,584,000. Ritholtz Wealth Management bought a new position in Federated Hermes in the first quarter worth approximately $1,283,000. Finally, LPL Financial LLC raised its position in Federated Hermes by 373.9% in the first quarter. LPL Financial LLC now owns 91,474 shares of the company's stock worth $3,729,000 after acquiring an additional 72,173 shares during the period. Institutional investors own 75.94% of the company's stock.

Analyst Ratings Changes

Several research firms have weighed in on FHI. Zacks Research downgraded shares of Federated Hermes from a "strong-buy" rating to a "hold" rating in a research report on Friday, September 12th. Wall Street Zen downgraded shares of Federated Hermes from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 2nd. Evercore ISI increased their price target on shares of Federated Hermes from $48.00 to $55.00 and gave the stock an "outperform" rating in a research report on Friday, September 5th. Royal Bank Of Canada raised their price objective on shares of Federated Hermes from $45.00 to $51.00 and gave the company a "sector perform" rating in a research report on Thursday, August 14th. Finally, JPMorgan Chase & Co. upgraded shares of Federated Hermes from an "underweight" rating to a "neutral" rating and raised their price objective for the company from $40.00 to $54.00 in a research report on Monday, August 4th. One research analyst has rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $48.17.

Federated Hermes Stock Up 0.8%

Shares of FHI stock opened at $52.00 on Friday. The company has a market capitalization of $4.03 billion, a price-to-earnings ratio of 11.53, a PEG ratio of 0.69 and a beta of 0.84. Federated Hermes, Inc. has a one year low of $35.05 and a one year high of $54.42. The company's fifty day moving average price is $51.94 and its 200-day moving average price is $45.18. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.37 and a quick ratio of 2.32.

Federated Hermes (NYSE:FHI - Get Free Report) last posted its earnings results on Thursday, July 31st. The company reported $1.16 earnings per share for the quarter, beating the consensus estimate of $0.99 by $0.17. The company had revenue of $424.84 million during the quarter, compared to analysts' expectations of $424.83 million. Federated Hermes had a net margin of 21.67% and a return on equity of 32.30%. Federated Hermes's quarterly revenue was up 5.5% on a year-over-year basis. During the same period last year, the company posted $0.96 earnings per share. Sell-side analysts expect that Federated Hermes, Inc. will post 4.04 EPS for the current fiscal year.

Federated Hermes Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Friday, August 8th were paid a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend was Friday, August 8th. Federated Hermes's dividend payout ratio (DPR) is presently 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.

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