Equity Outflows Mar No-Moat Federated's 3Q Results; Lowered FVE to $25 per Share
We've lowered our fair value estimate for Federated Investors to $25 per share from $30 after updating our assessments for assets under management, or AUM, flows, revenue, and profitability following the release of third-quarter results. Our new fair value estimate also incorporates the impact that our lowering of the company's moat rating from narrow to none has had on our long-term forecasts for the firm.Federated closed out the September quarter with $437.2 billion in AUM, up 15.1% sequentia...
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.
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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