Federated Hermes (NYSE:FHI) Shares Gap Up After Earnings Beat

Federated Hermes, Inc. (NYSE:FHI) shares gapped up before the market opened on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $38.60, but opened at $39.80. Federated Hermes shares last traded at $39.62, with a volume of 99,590 shares changing hands.

The company reported $1.06 EPS for the quarter, beating analysts’ consensus estimates of $0.92 by $0.14. The company 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 15.90% and a return on equity of 28.60%. The company’s quarterly revenue was up 1.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.86 EPS.

Wall Street Analyst Weigh In

Several research analysts have recently commented on FHI shares. TD Cowen reduced their target price on Federated Hermes from $34.00 to $33.00 and set a “hold” rating for the company in a research note on Monday, July 29th. StockNews.com raised shares of Federated Hermes from a “hold” rating to a “buy” rating in a research report on Friday, October 4th. UBS Group increased their price objective on shares of Federated Hermes from $36.00 to $40.00 and gave the company a “neutral” rating in a research report on Tuesday. Evercore ISI lifted their target price on shares of Federated Hermes from $36.00 to $38.00 and gave the stock an “outperform” rating in a report on Friday, October 4th. Finally, Royal Bank of Canada increased their price target on shares of Federated Hermes from $35.00 to $36.00 and gave the company a “sector perform” rating in a report on Friday, October 11th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $38.80.

Insider Buying and Selling

In other Federated Hermes news, VP John B. Fisher sold 79,830 shares of the business’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $32.71, for a total value of $2,611,239.30. Following the completion of the sale, the vice president now owns 442,570 shares of the company’s stock, valued at $14,476,464.70. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 3.70% of the stock is owned by insiders.

Institutional Trading of Federated Hermes

Institutional investors have recently modified their holdings of the stock. State of Alaska Department of Revenue raised its stake in Federated Hermes by 3.1% in the third quarter. State of Alaska Department of Revenue now owns 9,146 shares of the company’s stock valued at $336,000 after purchasing an additional 275 shares in the last quarter. International Assets Investment Management LLC acquired a new position in shares of Federated Hermes in the 3rd quarter valued at approximately $8,000,000. Waldron Private Wealth LLC bought a new stake in shares of Federated Hermes during the 3rd quarter worth approximately $261,000. Blue Trust Inc. boosted its position in shares of Federated Hermes by 80.1% during the 3rd quarter. Blue Trust Inc. now owns 9,425 shares of the company’s stock worth $347,000 after acquiring an additional 4,193 shares in the last quarter. Finally, Gilman Hill Asset Management LLC bought a new position in Federated Hermes in the third quarter valued at approximately $202,000. 75.94% of the stock is currently owned by institutional investors.

Federated Hermes Trading Up 3.4 %

The firm’s 50-day simple moving average is $35.63 and its 200 day simple moving average is $34.18. The company has a debt-to-equity ratio of 0.34, a current ratio of 2.75 and a quick ratio of 2.09. The firm has a market capitalization of $3.36 billion, a price-to-earnings ratio of 10.96, a P/E/G ratio of 1.41 and a beta of 1.16.

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.