PNC Financial Services Group Inc. Decreases Stake in Federated Hermes, Inc. (NYSE:FHI)

PNC Financial Services Group Inc. decreased its holdings in Federated Hermes, Inc. (NYSE:FHI) by 2.5% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor 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.

Several other large investors have also recently bought and sold shares of FHI. State of Alaska Department of Revenue grew its stake in shares of Federated Hermes by 3.1% during the 3rd quarter. State of Alaska Department of Revenue now owns 9,146 shares of the company’s stock worth $336,000 after purchasing an additional 275 shares during the period. UMB Bank n.a. grew its position in Federated Hermes by 26.0% during the second quarter. UMB Bank n.a. now owns 1,436 shares of the company’s stock worth $47,000 after buying an additional 296 shares during the period. GAMMA Investing LLC increased its holdings in Federated Hermes by 49.0% in the third quarter. GAMMA Investing LLC now owns 1,061 shares of the company’s stock valued at $39,000 after buying an additional 349 shares in the last quarter. Acadian Asset Management LLC lifted its position in shares of Federated Hermes by 23.3% during the 2nd quarter. Acadian Asset Management LLC now owns 3,402 shares of the company’s stock valued at $111,000 after acquiring an additional 643 shares during the period. Finally, James Investment Research Inc. boosted its stake in shares of Federated Hermes by 9.7% during the 3rd quarter. James Investment Research Inc. now owns 7,896 shares of the company’s stock worth $290,000 after acquiring an additional 700 shares in the last quarter. Hedge funds and other institutional investors own 75.94% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. UBS Group raised their price objective on Federated Hermes from $36.00 to $40.00 and gave the company a “neutral” rating in a research note on Tuesday, October 22nd. StockNews.com cut Federated Hermes from a “strong-buy” rating to a “buy” rating in a research report on Tuesday. TD Cowen raised Federated Hermes from a “hold” rating to a “buy” rating and lifted their price target for the stock from $35.00 to $46.00 in a research note on Monday, October 28th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Federated Hermes from $43.00 to $45.00 and gave the company a “buy” rating in a research note on Monday, November 11th. Finally, Evercore ISI lifted their target price on shares of Federated Hermes from $41.00 to $43.00 and gave the stock an “outperform” rating in a research report on Thursday, November 7th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $43.33.

Federated Hermes Stock Performance

Federated Hermes stock opened at $42.86 on Thursday. The stock has a 50-day moving average price of $39.11 and a 200 day moving average price of $35.38. Federated Hermes, Inc. has a 52 week low of $31.08 and a 52 week high of $43.23. The stock has a market cap of $3.51 billion, a PE ratio of 13.78, a P/E/G ratio of 1.19 and a beta of 1.15. The company has a current ratio of 2.75, a quick ratio of 2.03 and a debt-to-equity ratio of 0.32.

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

Federated Hermes Dividend Announcement

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

Insiders Place Their Bets

In other news, VP Dolores D. Dudiak sold 5,000 shares of the company’s stock in a transaction dated Wednesday, October 30th. The shares were sold at an average price of $39.89, for a total transaction of $199,450.00. Following the completion of the transaction, the vice president now owns 77,288 shares of the company’s stock, valued at $3,083,018.32. This represents a 6.08 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Saker Anwar Nusseibeh sold 12,152 shares of the firm’s stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $39.86, for a total transaction of $484,378.72. Following the completion of the sale, the chief executive officer now directly 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 disclosure for this sale can be found here. Insiders have sold a total of 29,280 shares of company stock valued at $1,185,871 in the last quarter. 3.70% of the stock is currently owned by company insiders.

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.