Federated Hermes reports Q1 EPS 89c, consensus 88c

Reports Q1 revenue $396.37M, consensus $401.26M. “Investors continued to turn to the attractive yields available in our liquidity products. Our money market asset increases drove Federated Hermes to record assets under management for the sixth consecutive quarter,” said J. Christopher Donahue, president and chief executive officer. “Investors also sought to add duration to portfolios, and net sales of fixed-income products were led by our flagship core-plus offering, Federated Hermes Total Return Bond Fund, the Federated Hermes Total Return Bond ETF and ultrashort products. In equities, we saw demand for a range of our Federated Hermes MDT strategies utilizing our proprietary alpha-seeking model.”