Federated Hermes announces new 5M share repurchase program

Federated Hermes (FHI)’ board of directors declared a dividend of 31c per share. The dividend is payable on Nov 15 to shareholders of record as of Nov 8. During Q3 2024, Federated Hermes purchased 818,164 shares of Federated Hermes class B common stock for $26.9M. The board of directors also authorized an additional share repurchase program, which is the firm’s 17th, allowing the buyback of up to an additional 5M shares of Federated Hermes class B common stock in the open market with no expiration date. The repurchased stock is to be held in treasury for employee share-based compensation plans, potential acquisitions and other corporate activities. The company’s existing 5M share repurchase program, approved in October 2023, has approximately 1.2M shares remaining.