Renaissance Technologies LLC Sells 130,200 Shares of Federated Hermes, Inc. $FHI

Key Points

• Renaissance Technologies cut its Federated Hermes stake by 30.5% in the first quarter, selling 130,200 shares and retaining 296,100 shares worth approximately $16.8 million. Institutional investors collectively own 75.94% of the company.
• Federated Hermes reported quarterly EPS of $1.38, beating estimates of $1.19, while revenue rose 18.3% year over year to $502.78 million. The company also declared a quarterly dividend of $0.38 per share, representing a 2.5% yield.
• Analysts maintain a consensus “Hold” rating, with an average price target of $55.75 versus the stock’s reported price of $59.63. The CEO and a vice president also recently sold shares.

Renaissance Technologies LLC cut its holdings in shares of Federated Hermes, Inc. (NYSE:FHI - Free Report) by 30.5% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 296,100 shares of the company's stock after selling 130,200 shares during the quarter. Renaissance Technologies LLC owned 0.39% of Federated Hermes worth $16,792,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Torren Management LLC purchased a new position in shares of Federated Hermes in the fourth quarter worth about $25,000. Root Financial Partners LLC boosted its holdings in Federated Hermes by 71.0% during the 1st quarter. Root Financial Partners LLC now owns 571 shares of the company's stock valued at $32,000 after acquiring an additional 237 shares during the period. CIBC Private Wealth Group LLC boosted its holdings in Federated Hermes by 119.7% during the 4th quarter. CIBC Private Wealth Group LLC now owns 736 shares of the company's stock valued at $38,000 after acquiring an additional 401 shares during the period. Parkside Financial Bank & Trust grew its position in Federated Hermes by 145.8% during the 4th quarter. Parkside Financial Bank & Trust now owns 848 shares of the company's stock worth $44,000 after acquiring an additional 503 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd grew its position in Federated Hermes by 220.8% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 863 shares of the company's stock worth $45,000 after acquiring an additional 594 shares during the last quarter. Hedge funds and other institutional investors own 75.94% of the company's stock.

Federated Hermes Stock Down 0.7%

NYSE:FHI opened at $59.63 on Friday. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.28 and a quick ratio of 2.73. The firm's 50-day moving average price is $57.65 and its 200-day moving average price is $56.23. The company has a market capitalization of $4.53 billion, a PE ratio of 11.56, a P/E/G ratio of 1.62 and a beta of 0.65. Federated Hermes, Inc. has a 1-year low of $46.66 and a 1-year high of $61.01.

Federated Hermes (NYSE:FHI - Get Free Report) last issued its quarterly earnings results on Thursday, July 30th. The company reported $1.38 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.19 by $0.19. Federated Hermes had a net margin of 21.47% and a return on equity of 33.90%. The company had revenue of $502.78 million during the quarter, compared to analysts' expectations of $488.34 million. During the same period last year, the company posted $1.16 EPS. Federated Hermes's revenue was up 18.3% on a year-over-year basis. On average, equities analysts predict that Federated Hermes, Inc. will post 5.24 EPS for the current fiscal year.

Federated Hermes Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Friday, August 7th will be issued a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 2.5%. The ex-dividend date is Friday, August 7th. Federated Hermes's dividend payout ratio (DPR) is presently 29.46%.

Analysts Set New Price Targets

FHI has been the subject of several recent research reports. TD Cowen lowered their price objective on Federated Hermes from $58.00 to $54.00 and set a "hold" rating for the company in a research report on Monday, May 4th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Federated Hermes in a research note on Friday, July 17th. Wall Street Zen lowered shares of Federated Hermes from a "buy" rating to a "hold" rating in a report on Saturday, May 2nd. Royal Bank Of Canada increased their price target on shares of Federated Hermes from $54.00 to $57.00 and gave the company a "sector perform" rating in a research report on Thursday, July 2nd. Finally, Evercore reissued an "outperform" rating and issued a $59.00 price target on shares of Federated Hermes in a report on Monday, June 8th. Two research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $55.75.

Insider Buying and Selling

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

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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