Federated Hermes Premier Municipal Income Fund declares dividend and announces new Trustees

Rhea-AI Summary

Federated Hermes Premier Municipal Income Fund (NYSE: FMN) has declared a tax-free dividend of $0.0400 per share, representing a $0.0020 increase from the previous month. The dividend will be payable on January 2, 2025, to shareholders of record as of December 23, 2024.

The dividend increase stems from higher portfolio income achieved by reducing mid- and high-quality securities in favor of higher-yielding BBB and lower-rated securities. Additionally, the fund announced board changes effective January 1, 2025, with Maureen Lally-Green and P. Jerome Richey retiring, and Karen L. Larrimer, Max F. Miller, and Frank J. Nasta joining as independent trustees.

Positive

• Dividend increased by $0.0020 to $0.0400 per share
• Higher portfolio income achieved through strategic reallocation to higher-yielding securities

Negative

• Increased portfolio risk due to shift toward lower-rated securities

PITTSBURGH, Dec. 10, 2024 /PRNewswire/ -- Federated Hermes Premier Municipal Income Fund (NYSE: FMN) has declared a dividend. The fund seeks to provide investors with current dividend income that is exempt from regular federal income tax. In addition, this fund features income exempt from the federal alternative minimum tax (AMT).

Tax-Free Dividend Per Share
Record Date:	Dec. 23, 2024
Ex-Dividend Date:	Dec. 23, 2024
Payable Date:	Jan. 2, 2025
Amount	Change From Previous Month
$0.0400	$0.0020

The dividend increase is the result of higher portfolio income resulting from a reduction in the portfolio weight of mid- and high-quality securities and a corresponding increase in higher yielding BBB and lower rated securities. Investors can view additional portfolio information in the Products section of FederatedHermes.com/us .

Effective Dec. 31, 2024, Maureen Lally-Green and P. Jerome Richey will retire as Independent Trustees of the fund. Effective Jan. 1, 2025, Karen L. Larrimer, Max F. Miller and Frank J. Nasta will join the Board of Trustees of the fund as independent trustees.

Karen L. Larrimer has served in several business and financial management roles and directorship positions throughout her career, and most recently was Head of Retail Banking and Chief Customer Officer at The PNC Financial Services Group, Inc. She currently sits on the boards of Highmark Inc, Modern Executive Solutions, Children's Museum of Pittsburgh, United Way of Southwestern Pennsylvania and Goodwill Industries Pittsburgh. Larrimer earned her bachelor's degree from Point Park University and completed the Carnegie Mellon University Center for Executive Education Leadership Program.

Max F. Miller has served in several legal, business and academic roles and directorship positions throughout his career and is currently Associate Professor, Director of Entrepreneurial Studies and Director of Ignite Business Incubator at Washington & Jefferson College. He is also President and Chief Tasting Officer of Raise Your Spirits. Miller was an attorney for Federated Investors, Inc. (now Federated Hermes, Inc.) from May 1994 to November 1997. He earned his bachelor's degree from the University of Pennsylvania, his J.D. from the University of Pittsburgh and his MBA from Northwestern University.

Frank J. Nasta has served in various legal, compliance and business roles in the investment management industry throughout his career and most recently was a Managing Director of JPMorgan Chase & Co. and Head of Legal for the JPMorgan U.S. Mutual Funds business. Nasta earned his bachelor's degree from Stony Brook University, his J.D. from Hofstra University and his Master of Laws from New York University.

Federated Hermes, Inc. (NYSE: FHI) is a global leader in active, responsible investment management, with $800.5 billion in assets under management, as of Sept. 30, 2024.  We deliver investment solutions that help investors target a broad range of outcomes and provide equity, fixed-income, alternative/private markets, multi-asset and liquidity management strategies to more than 10,000 institutions and intermediaries worldwide. Our clients include corporations, government entities, insurance companies, foundations and endowments, banks and broker/dealers. Headquartered in Pittsburgh, Federated Hermes has more than 2,000 employees in London, New York, Boston and offices worldwide. For more information, visit FederatedHermes.com/us .

###

 

View original content:https://www.prnewswire.com/news-releases/federated-hermes-premier-municipal-income-fund-declares-dividend-and-announces-new-trustees-302327580.html

SOURCE Federated Hermes, Inc.

FAQ

What is the new dividend amount for Federated Hermes Premier Municipal Income Fund (FMN)?

The new dividend amount is $0.0400 per share, representing a $0.0020 increase from the previous month.

When is the dividend payable for FMN?

The dividend is payable on January 2, 2025, with a record and ex-dividend date of December 23, 2024.

Why did FMN increase its dividend?

The dividend increase resulted from higher portfolio income achieved by reducing mid- and high-quality securities and increasing exposure to higher-yielding BBB and lower-rated securities.

What changes are occurring in FMN's Board of Trustees?

Effective January 1, 2025, Karen L. Larrimer, Max F. Miller, and Frank J. Nasta will join as independent trustees, while Maureen Lally-Green and P. Jerome Richey will retire on December 31, 2024.