Millennium Management LLC Reduces Stock Position in Federated Hermes, Inc. $FHI

Key Points

• Millennium Management LLC has reduced its position in Federated Hermes, Inc. by 5.3%, owning 497,404 shares worth approximately $20.3 million after selling 27,979 shares in the first quarter.
• Analysts have increased their price targets for Federated Hermes, with JPMorgan raising it from $40 to $54, while Evercore ISI lifted it from $48 to $55.
• Federated Hermes reported earnings per share (EPS) of $1.16 for the latest quarter, beating estimates, and announced a quarterly dividend of $0.34 per share with a yield of 2.5%.

Millennium Management LLC decreased its position in shares of Federated Hermes, Inc. (NYSE:FHI - Free Report) by 5.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 497,404 shares of the company's stock after selling 27,979 shares during the quarter. Millennium Management LLC owned 0.63% of Federated Hermes worth $20,279,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Farther Finance Advisors LLC grew its stake in Federated Hermes by 246.6% in the 1st quarter. Farther Finance Advisors LLC now owns 863 shares of the company's stock valued at $35,000 after acquiring an additional 614 shares during the period. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Federated Hermes by 22.7% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 1,551 shares of the company's stock worth $63,000 after acquiring an additional 287 shares during the period. Virtus Advisers LLC purchased a new position in shares of Federated Hermes during the 1st quarter worth $72,000. UMB Bank n.a. raised its holdings in shares of Federated Hermes by 55.1% during the 1st quarter. UMB Bank n.a. now owns 2,065 shares of the company's stock worth $84,000 after acquiring an additional 734 shares during the period. Finally, Lazard Asset Management LLC purchased a new stake in Federated Hermes in the 4th quarter valued at about $90,000. Institutional investors and hedge funds own 75.94% of the company's stock.

Analyst Upgrades and Downgrades

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

Federated Hermes Price Performance

NYSE:FHI traded up $0.80 during trading hours on Thursday, hitting $53.35. The company's stock had a trading volume of 639,035 shares, compared to its average volume of 467,137. The business's 50-day moving average is $51.26 and its two-hundred day moving average is $44.58. The company has a market capitalization of $4.14 billion, a PE ratio of 11.83, a PEG ratio of 0.72 and a beta of 0.84. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.32 and a current ratio of 3.37. Federated Hermes, Inc. has a 52-week low of $35.05 and a 52-week high of $54.42.

Federated Hermes (NYSE:FHI - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The company reported $1.16 earnings per share (EPS) 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 firm had revenue of $424.84 million during the quarter, compared to analysts' expectations of $424.83 million. During the same quarter in the prior year, the business posted $0.96 earnings per share. Federated Hermes's revenue was up 5.5% compared to the same quarter last year. As a group, research analysts anticipate that Federated Hermes, Inc. will post 4.04 EPS for the current fiscal year.

Federated Hermes Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Friday, August 8th were given a $0.34 dividend. The ex-dividend date was Friday, August 8th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.5%. Federated Hermes's dividend payout ratio (DPR) is currently 30.16%.

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.