Federated Hermes reports Q3 EPS $1.06, consensus 92c

Reports Q3 revenue $408.46M, consensus $409.26M. “Federated Hermes (FHI) reached record assets under management for the eighth consecutive quarter on the strength of flows into money market and fixed-income products, along with market appreciation of equity and fixed-income assets. This continued after the Fed’s mid-September rate cut, as money market products historically offer a yield advantage when compared to bank deposit accounts and some securities in the direct market,” said J. Christopher Donahue, president and chief executive officer. “We also saw interest in our Total Return Bond Fund and core plus strategies-in mutual fund, ETF and collective investment fund offerings-as those products are well positioned to meet changing market conditions. In equities, we saw positive net flows in nine of our strong-performing Federated Hermes MDT quantitative mutual funds and ETFs.”