PNC Financial Services Group Inc. Cuts Position in Federated Hermes, Inc. (NYSE:FHI)

PNC Financial Services Group Inc. lowered its position in shares of Federated Hermes, Inc. (NYSE:FHI) by 2.5% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 36,811 shares of the company’s stock after selling 941 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Federated Hermes were worth $1,354,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Russell Investments Group Ltd. increased its position in shares of Federated Hermes by 42.3% in the first quarter. Russell Investments Group Ltd. now owns 6,876 shares of the company’s stock worth $248,000 after acquiring an additional 2,043 shares in the last quarter. Lazard Asset Management LLC increased its holdings in Federated Hermes by 305.7% in the 1st quarter. Lazard Asset Management LLC now owns 3,647 shares of the company’s stock valued at $131,000 after purchasing an additional 2,748 shares in the last quarter. Tidal Investments LLC purchased a new position in Federated Hermes in the first quarter valued at about $1,419,000. Comerica Bank lifted its stake in shares of Federated Hermes by 11.9% during the first quarter. Comerica Bank now owns 41,010 shares of the company’s stock worth $1,481,000 after purchasing an additional 4,346 shares in the last quarter. Finally, Mather Group LLC. purchased a new stake in shares of Federated Hermes in the second quarter worth about $47,000. Institutional investors and hedge funds own 75.94% of the company’s stock.

Federated Hermes Stock Performance

Shares of NYSE:FHI opened at $42.86 on Thursday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.03 and a current ratio of 2.75. The stock has a market capitalization of $3.51 billion, a price-to-earnings ratio of 13.78, a PEG ratio of 1.19 and a beta of 1.15. Federated Hermes, Inc. has a 1-year low of $31.08 and a 1-year high of $43.23. The company has a 50 day moving average price of $39.11 and a 200 day moving average price of $35.38.

Federated Hermes (NYSE:FHI) last released its quarterly earnings data on Thursday, October 24th. The company reported $1.06 earnings per share for the quarter, topping the consensus estimate of $0.92 by $0.14. The business had revenue of $408.46 million during the quarter, compared to analyst estimates of $410.26 million. Federated Hermes had a return on equity of 29.85% and a net margin of 16.62%. The company’s revenue was up 1.4% compared to the same quarter last year. During the same period last year, the company posted $0.86 EPS. On average, research analysts anticipate that Federated Hermes, Inc. will post 3.88 EPS for the current fiscal year.

Federated Hermes Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Friday, November 8th were issued a dividend of $0.31 per share. The ex-dividend date was Friday, November 8th. This represents a $1.24 annualized dividend and a yield of 2.89%. Federated Hermes’s payout ratio is presently 39.87%.

Analyst Ratings Changes

Several brokerages recently commented on FHI. Deutsche Bank Aktiengesellschaft raised their target price on Federated Hermes from $43.00 to $45.00 and gave the company a “buy” rating in a report on Monday, November 11th. Royal Bank of Canada boosted their target price on shares of Federated Hermes from $36.00 to $39.00 and gave the stock a “sector perform” rating in a research report on Monday, October 28th. TD Cowen raised shares of Federated Hermes from a “hold” rating to a “buy” rating and raised their price target for the company from $35.00 to $46.00 in a report on Monday, October 28th. UBS Group boosted their price objective on shares of Federated Hermes from $36.00 to $40.00 and gave the stock a “neutral” rating in a report on Tuesday, October 22nd. Finally, StockNews.com cut shares of Federated Hermes from a “strong-buy” rating to a “buy” rating in a research report on Tuesday. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $43.33.

Insider Buying and Selling at Federated Hermes

In other news, CEO Saker Anwar Nusseibeh sold 12,152 shares of the stock in a transaction on Monday, November 4th. The stock was sold at an average price of $39.86, for a total value of $484,378.72. Following the completion of the sale, the chief executive officer now owns 179,096 shares in the company, valued at $7,138,766.56. This represents a 6.35 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Richard A. Novak sold 1,363 shares of Federated Hermes stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $41.47, for a total value of $56,523.61. Following the transaction, the insider now owns 53,837 shares in the company, valued at $2,232,620.39. This represents a 2.47 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 29,280 shares of company stock valued at $1,185,871. 3.70% of the stock is currently owned by corporate insiders.

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.