Morningstar - Federated Hermes Inc. Class B (FHI) Equity and Fixed-Income Outflows Mar Federateds First-Quarter Results; Lowered FVE to $33 per Share

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Morningstar

Greggory Warren, CFA

EUR 100.00 For Business Accounts Only

Equity and Fixed-Income Outflows Mar Federated's First-Quarter Results; Lowered FVE to $33 per Share

We've lowered our fair value estimate for narrow-moat Federated Investors to $33 per share from $35 after the company posted much weaker first-quarter results than we were expecting. Federated closed out the March quarter with $392.2 billion in AUM, down 1.4% (up 8.4%) sequentially (on a year-over-year basis). Equity AUM of $64.0 billion was down 1.2% (6.1%) when compared with the first (fourth) quarter of 2017. Net outflows from equity funds of $2.3 billion during the March quarter were a big s...

30/04/2018 15 EN

Underlying

Federated Hermes Inc. Class B

Federated Hermes is a provider of investment management products and related financial services. The company sponsors, markets and provides investment-related services to various investment products, including sponsored investment companies and other funds (Federated Funds) and Separate Accounts. The company markets these funds to banks, broker/dealers and other financial intermediaries who use them to meet the needs of customers and/or clients, including retail investors, corporations and retirement plans. The company also provides a range of services to support the operation and administration of the Federated Funds. These services include administrative services and shareholder servicing.

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US3142111034 New York Stock Exchange United States

Provider

Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

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Analysts

Greggory Warren, CFA

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Equity and Fixed-Income Outflows Mar Federated's First-Quarter Results; Lowered FVE to $33 per Share

GAMCO Investors Inc - Company Profile and SWOT Analysis

For FEDERATED HERMES, the environment deterioration entails a downgrade to Neutral

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Sasol Provides Full-Year Production Update

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

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