Federated Hermes Inc Stock Price, News & Analysis

Federated Hermes Premier Municipal Income Fund (NYSE: FMN) has announced plans for a cash tender offer for up to 32% of its outstanding common shares. The offer, set to commence on September 13, 2024, will allow shareholders to tender shares at 99% of the fund's NAV. This move aims to provide shareholders with a potentially better share price than market rates, while non-participating shareholders may benefit from the accretive impact on NAV. The fund will continue to operate as an exchange-listed closed-end fund, focusing on AMT-free tax-exempt income within a leveraged structure. The tender offer is part of an agreement with Saba Capital Management, L.P., which includes standstill covenants and voting commitments.

Federated Hermes, Inc. (NYSE: FHI) announced that shareholders of the Federated Hermes MDT Large Cap Growth ETF (NYSE: FLCG) have approved changing the fund from a diversified to a non-diversified company. This change, effective September 16, 2024, aims to provide greater long-term flexibility in executing the fund's investment objective, particularly when individual issuer weightings in the Russell 1000® Growth Index exceed diversification limits.

The fund, which seeks long-term capital appreciation by investing in large-cap U.S. companies with higher forecasted growth values, will maintain its active management approach. This change is not expected to substantially affect the fund's investment objective but will enable the adviser to continue using the fund's quantitative model more effectively.

Federated Hermes, Inc. (NYSE: FHI) has released the monthly fund composition and performance data for Federated Hermes Premier Municipal Income Fund (NYSE: FMN) as of July 31, 2024. This information is now accessible in the Products section of FederatedHermes.com/us. Investors can obtain hard copies or join a mailing list by contacting the company.

Federated Hermes is a global leader in active, responsible investment management, managing $782.7 billion in assets as of June 30, 2024. The company offers a wide range of investment solutions across various asset classes to over 10,000 institutions and intermediaries worldwide. With headquarters in Pittsburgh, Federated Hermes employs more than 2,000 people globally, including offices in London, New York, and Boston.

Federated Hermes Premier Municipal Income Fund (NYSE: FMN) has declared a tax-free dividend of $0.0380 per share, maintaining the same amount as the previous month. The dividend is payable on Sept. 3, 2024, with a record date and ex-dividend date of Aug. 23, 2024. FMN aims to provide investors with current dividend income exempt from regular federal income tax and the federal alternative minimum tax (AMT).

Federated Hermes, Inc. (NYSE: FHI), the fund's parent company, is a global leader in active, responsible investment management with $782.7 billion in assets under management as of June 30, 2024. The company offers various investment strategies to over 10,000 institutions and intermediaries worldwide.

Federated Hermes, Inc. (NYSE: FHI) announced that the Board of Trustees of Federated Hermes ETF Trust has approved a change in the fundamental policy for the Federated Hermes MDT Large Cap Growth ETF (NYSE: FLCG). The proposed change would shift the fund from a diversified to a non-diversified company, subject to shareholder approval. The record date for majority shareholder consent is set for Aug. 19, 2024, with determination on Aug. 23, 2024.

The change aims to provide greater flexibility in executing the fund's investment strategy, particularly when individual issuer weightings in the Russell 1000® Growth Index exceed diversification limits. If approved, the change is expected to be effective on Aug. 26, 2024. Federated Hermes, with $782.7 billion in assets under management as of June 30, 2024, is seeking this change to enhance long-term strategy execution without substantially affecting the fund's principal investment strategies.

Federated Hermes, Inc. (NYSE: FHI) reported record assets under management of $782.7 billion for Q2 2024, up 11% from the previous year. Money market assets reached a record $586.6 billion. The company reported earnings per diluted share of $0.20, including a ($0.76) per share non-cash intangible asset impairment charge. Total revenue decreased by 7% year-over-year, primarily due to a decrease in carried interest and lower average equity assets, partially offset by higher average money market assets. The board declared a dividend of $0.31 per share. Despite challenges in equity and alternative/private markets assets, fixed-income assets grew by 9% year-over-year.

Federated Hermes (NYSE: FHI) has released the June 30, 2024 monthly fund composition and performance data for its Premier Municipal Income Fund (NYSE: FMN). This information is now accessible in the Products section of FederatedHermes.com/us. Investors can obtain hard copies or join a mailing list by contacting the company.

Federated Hermes is a global leader in active, responsible investment management with $778.7 billion in assets under management as of March 31, 2024. The company offers a wide range of investment solutions across various asset classes to over 10,000 institutions and intermediaries worldwide. With headquarters in Pittsburgh, Federated Hermes employs more than 2,000 people globally.

Federated Hermes Premier Municipal Income Fund (NYSE: FMN) has declared a tax-free dividend of $0.0380 per share. The record and ex-dividend date is July 23, 2024, with payment scheduled on August 1, 2024. This dividend is exempt from regular federal income tax and the federal alternative minimum tax (AMT). Federated Hermes, a global leader in active investment management with $778.7 billion in assets under management as of March 31, 2024, manages the fund. The firm offers diverse investment strategies to over 10,000 institutions worldwide, with headquarters in Pittsburgh and offices globally.

Federated Hermes (NYSE: FHI) will report its financial and operating results for Q2 2024 on July 25, 2024, after market hours. A conference call for investors and analysts will follow on July 26, 2024, at 9 a.m. Eastern, hosted by President and CEO J. Christopher Donahue and CFO Thomas R. Donahue. Investors can join the call via phone or through the Federated Hermes website. The company manages $778.7 billion in assets as of March 31, 2024, offering diverse investment solutions across equity, fixed-income, alternative/private markets, multi-asset, and liquidity management strategies to over 10,000 global clients. The company is headquartered in Pittsburgh with over 2,000 employees worldwide.