Mackenzie Financial Corp Takes Position in Federated Hermes, Inc. (NYSE:FHI)

Key Points

• Mackenzie Financial Corp has invested $214,000 in Federated Hermes, acquiring 5,249 shares during the 1st quarter.
• Wall Street analysts have mixed ratings on Federated Hermes, with an average target price of $46.00 and some upgrades in recent weeks, indicating potential growth ahead.
• The company announced a quarterly dividend of $0.34, with a yield of 2.7%, reflecting a dividend payout ratio of 30.16%.

Mackenzie Financial Corp acquired a new position in shares of Federated Hermes, Inc. (NYSE:FHI - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 5,249 shares of the company's stock, valued at approximately $214,000.

A number of other hedge funds also recently made changes to their positions in FHI. LSV Asset Management raised its position in shares of Federated Hermes by 48.2% during the fourth quarter. LSV Asset Management now owns 870,776 shares of the company's stock worth $35,798,000 after acquiring an additional 283,300 shares during the last quarter. FMR LLC increased its holdings in Federated Hermes by 4.5% in the fourth quarter. FMR LLC now owns 5,919,888 shares of the company's stock worth $243,367,000 after purchasing an additional 253,553 shares in the last quarter. Renaissance Technologies LLC increased its holdings in Federated Hermes by 54.2% in the fourth quarter. Renaissance Technologies LLC now owns 476,928 shares of the company's stock worth $19,607,000 after purchasing an additional 167,628 shares in the last quarter. Allianz Asset Management GmbH increased its holdings in Federated Hermes by 36.0% in the first quarter. Allianz Asset Management GmbH now owns 563,879 shares of the company's stock worth $22,989,000 after purchasing an additional 149,348 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Federated Hermes in the fourth quarter worth approximately $5,817,000. 75.94% of the stock is currently owned by institutional investors.

Federated Hermes Stock Up 0.5%

Shares of NYSE:FHI traded up $0.26 during mid-day trading on Thursday, hitting $53.91. 474,953 shares of the company traded hands, compared to its average volume of 831,184. The stock has a 50-day moving average price of $46.32 and a two-hundred day moving average price of $41.99. The company has a current ratio of 3.37, a quick ratio of 2.32 and a debt-to-equity ratio of 0.31. Federated Hermes, Inc. has a 12-month low of $32.93 and a 12-month high of $54.16. The stock has a market cap of $4.18 billion, a P/E ratio of 11.95, a P/E/G ratio of 0.74 and a beta of 0.77.

Federated Hermes (NYSE:FHI - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The company reported $1.16 earnings per share for the quarter, topping the consensus estimate of $0.99 by $0.17. Federated Hermes had a return on equity of 32.30% and a net margin of 21.67%. The business had revenue of $424.84 million for the quarter, compared to analysts' expectations of $424.83 million. During the same quarter in the previous year, the firm earned $0.96 earnings per share. The business's revenue was up 5.5% on a year-over-year basis. On average, equities research analysts forecast that Federated Hermes, Inc. will post 4.04 earnings per share for the current year.

Federated Hermes Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Friday, August 8th will be given a $0.34 dividend. The ex-dividend date of this dividend is Friday, August 8th. This represents a $1.36 annualized dividend and a yield of 2.5%. Federated Hermes's payout ratio is currently 30.16%.

Insiders Place Their Bets

In other Federated Hermes news, VP Paul A. Uhlman sold 6,057 shares of the business's 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 transaction, the vice president owned 316,930 shares of the company's stock, valued at approximately $13,355,430.20. The trade was a 1.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 3.80% of the company's stock.

Analyst Ratings Changes

A number of brokerages have weighed in on FHI. JPMorgan Chase & Co. upgraded Federated Hermes from an "underweight" rating to a "neutral" rating and lifted their target price for the stock from $40.00 to $54.00 in a report on Monday, August 4th. TD Cowen downgraded Federated Hermes from a "buy" rating to a "hold" rating in a report on Wednesday, May 14th. Evercore ISI lifted their target price on Federated Hermes from $46.00 to $48.00 and gave the company an "outperform" rating in a research report on Monday, August 4th. Royal Bank Of Canada set a $51.00 target price on Federated Hermes and gave the company a "sector perform" rating in a research report on Thursday. Finally, Wall Street Zen cut Federated Hermes from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 2nd. Five equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, Federated Hermes presently has an average rating of "Hold" and an average price target of $47.00.

Federated Hermes Company Profile

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.