Federated Hermes (FHI)


Market Price (10/5/2026): $56.1 | Market Cap: $4.0 BilSector: Financials | Industry: Asset Management & Custody Banks

Federated Hermes (FHI)


Market Price (10/5/2026): $56.1
Market Cap: $4.0 Bil
Sector: Financials
Industry: Asset Management & Custody Banks

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 13%, Dividend Yield is 2.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.0%, FCF Yield is 9.1%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 19%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 19%

Low stock price volatility
Vol 12M is 25%

Megatrend and thematic drivers
Megatrends include Sustainable Finance, and Digital & Alternative Assets. Themes include ESG Investing & Green Bonds, Impact Investing Platforms, Show more.

Key risks
FHI key risks include [1] its substantial revenue reliance on money market funds, Show more.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 13%, Dividend Yield is 2.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.0%, FCF Yield is 9.1%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 19%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 19%
2 Low stock price volatility
Vol 12M is 25%
3 Megatrend and thematic drivers
Megatrends include Sustainable Finance, and Digital & Alternative Assets. Themes include ESG Investing & Green Bonds, Impact Investing Platforms, Show more.
4 Key risks
FHI key risks include [1] its substantial revenue reliance on money market funds, Show more.

FHI in ETFs

Weight = FHI's share of each fund

VTI0.01%
ITOT0.01%
IJH0.12%
SCHD0.10%
VB0.06%
MDYG0.23%
IJK0.21%
FNDA0.19%
+7 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 10/1/2026

Federated Hermes (FHI) stock has remained largely at the same level since 6/30/2026 because of the following key factors:

1. Federated Hermes reported stronger-than-expected financial results for fiscal Q2 2026, which ended June 30, 2026. The company announced earnings per share (EPS) of $1.38, surpassing analysts' consensus estimates of $1.19 by $0.19. Additionally, quarterly revenue grew 18.3% year-over-year to $502.78 million, exceeding analyst projections of $488.34 million. These positive company-specific results, along with record total managed assets of $912 billion as of June 30, 2026, including $677 billion in money market assets, provided a fundamental support for the stock, preventing a significant decline.

2. The company's substantial reliance on money market assets, while a core revenue driver, presented a balanced outlook due to sensitivity to interest rate expectations and industry shifts. Federated Hermes generates a significant portion of its revenue (approximately 50% in fiscal Q2 2026) from its money market operations, which held $677 billion in assets at the end of June 2026. While these assets provide a stable base, the firm's profitability can be influenced by prevailing short-term interest rates. The broader industry trend toward passive investing also poses a risk to actively managed funds like those offered by Federated Hermes, creating a dynamic where stable cash management benefits were offset by potential long-term challenges.

Show more
Updated on 10/1/2026

Federated Hermes (FHI) stock has remained largely at the same level since 6/30/2026 because of the following key factors:

1. Federated Hermes reported stronger-than-expected financial results for fiscal Q2 2026, which ended June 30, 2026. The company announced earnings per share (EPS) of $1.38, surpassing analysts' consensus estimates of $1.19 by $0.19. Additionally, quarterly revenue grew 18.3% year-over-year to $502.78 million, exceeding analyst projections of $488.34 million. These positive company-specific results, along with record total managed assets of $912 billion as of June 30, 2026, including $677 billion in money market assets, provided a fundamental support for the stock, preventing a significant decline.

2. The company's substantial reliance on money market assets, while a core revenue driver, presented a balanced outlook due to sensitivity to interest rate expectations and industry shifts. Federated Hermes generates a significant portion of its revenue (approximately 50% in fiscal Q2 2026) from its money market operations, which held $677 billion in assets at the end of June 2026. While these assets provide a stable base, the firm's profitability can be influenced by prevailing short-term interest rates. The broader industry trend toward passive investing also poses a risk to actively managed funds like those offered by Federated Hermes, creating a dynamic where stable cash management benefits were offset by potential long-term challenges.

3. A mixed macroeconomic and asset management industry landscape contributed to the stock's steady trend. The asset management industry in 2026 was characterized by ongoing digital innovation, including the growing adoption of artificial intelligence and the expansion of digital assets like tokenized money market funds, which Federated Hermes is exploring for growth. However, the sector also faced persistent volatility, increasing competition, and a heightened demand for transparency. While the overall asset management industry experienced strong performance in fiscal Q2 2026, particularly in areas like technology and AI-related trades, other firms within the sector reported headwinds, such as significant revenue declines in asset management units, indicating a nuanced environment. This combination of opportunities and challenges likely fostered a wait-and-see approach among investors, contributing to the stock's largely stable trading range.

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Stock Movement Drivers

Fundamental Drivers

The 2.2% change in FHI stock from 6/30/2026 to 10/4/2026 was primarily driven by a 4.2% change in the company's Total Revenues ($ Mil).
(LTM values as of)630202610042026Change
Stock Price ($)54.8956.072.2%
Change Contribution By: 
Total Revenues ($ Mil)1,8561,9344.2%
Net Income Margin (%)21.5%21.3%-0.8%
P/E Multiple10.09.8-2.1%
Shares Outstanding (Mil)73721.0%
Cumulative Contribution2.2%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2026 to 10/4/2026
ReturnCorrelation
FHI2.2% 
Market (SPY)3.1%45.6%
Sector (XLF)-0.2%56.4%

Fundamental Drivers

The 0.2% change in FHI stock from 3/31/2026 to 10/4/2026 was primarily driven by a 7.4% change in the company's Total Revenues ($ Mil).
(LTM values as of)331202610042026Change
Stock Price ($)55.9856.070.2%
Change Contribution By: 
Total Revenues ($ Mil)1,8011,9347.4%
Net Income Margin (%)22.4%21.3%-4.9%
P/E Multiple10.29.8-4.4%
Shares Outstanding (Mil)74722.6%
Cumulative Contribution0.2%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 10/4/2026
ReturnCorrelation
FHI0.2% 
Market (SPY)18.6%29.7%
Sector (XLF)8.7%46.0%

Fundamental Drivers

The 10.9% change in FHI stock from 9/30/2025 to 10/4/2026 was primarily driven by a 15.0% change in the company's Total Revenues ($ Mil).
(LTM values as of)930202510042026Change
Stock Price ($)50.5856.0710.9%
Change Contribution By: 
Total Revenues ($ Mil)1,6821,93415.0%
Net Income Margin (%)21.7%21.3%-1.7%
P/E Multiple10.49.8-6.0%
Shares Outstanding (Mil)75724.3%
Cumulative Contribution10.9%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 10/4/2026
ReturnCorrelation
FHI10.9% 
Market (SPY)16.5%34.8%
Sector (XLF)0.5%50.7%

Fundamental Drivers

The 87.1% change in FHI stock from 9/30/2023 to 10/4/2026 was primarily driven by a 24.9% change in the company's Net Income Margin (%).
(LTM values as of)930202310042026Change
Stock Price ($)29.9656.0787.1%
Change Contribution By: 
Total Revenues ($ Mil)1,5701,93423.1%
Net Income Margin (%)17.0%21.3%24.9%
P/E Multiple9.59.83.1%
Shares Outstanding (Mil)857218.1%
Cumulative Contribution87.1%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2023 to 10/4/2026
ReturnCorrelation
FHI87.1% 
Market (SPY)86.2%45.6%
Sector (XLF)68.3%57.0%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
FHI Return35%-0%-4%30%30%10%141%
Peers Return34%-22%9%9%24%20%84%
S&P 500 Return27%-19%24%23%16%12%104%

Monthly Win Rates [3]
FHI Win Rate58%50%67%75%58%67% 
Peers Win Rate65%42%43%62%62%56% 
S&P 500 Win Rate75%42%67%75%67%44% 

Max Drawdowns [4]
FHI Max Drawdown-15%-27%-30%-11%-14%-14% 
Peers Max Drawdown-17%-43%-30%-18%-28%-19% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: BEN, TROW, IVZ, BLK, STT.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/2/2026 (YTD)

How Low Can It Go

EventFHIS&P 500
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-16.7%-9.5%
  % Gain to Breakeven20.0%10.5%
  Time to Breakeven96 days24 days
2023 SVB Regional Banking Crisis
  % Loss-17.6%-6.7%
  % Gain to Breakeven21.4%7.1%
  Time to Breakeven464 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-24.9%-24.5%
  % Gain to Breakeven33.1%32.4%
  Time to Breakeven199 days427 days
2020 COVID-19 Crash
  % Loss-64.3%-33.7%
  % Gain to Breakeven180.0%50.9%
  Time to Breakeven450 days140 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-13.0%-3.7%
  % Gain to Breakeven14.9%3.9%
  Time to Breakeven12 days6 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-30.8%-12.2%
  % Gain to Breakeven44.5%13.9%
  Time to Breakeven606 days62 days

Compare to BEN, TROW, IVZ, BLK, STT

In The Past

Federated Hermes's stock fell -6.9% during the 2025 US Tariff Shock. Such a loss loss requires a 7.4% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventFHIS&P 500
2022 Inflation Shock & Fed Tightening
  % Loss-24.9%-24.5%
  % Gain to Breakeven33.1%32.4%
  Time to Breakeven199 days427 days
2020 COVID-19 Crash
  % Loss-64.3%-33.7%
  % Gain to Breakeven180.0%50.9%
  Time to Breakeven450 days140 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-30.8%-12.2%
  % Gain to Breakeven44.5%13.9%
  Time to Breakeven606 days62 days
2014-2016 Oil Price Collapse
  % Loss-20.3%-6.8%
  % Gain to Breakeven25.5%7.3%
  Time to Breakeven50 days15 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-25.7%-17.9%
  % Gain to Breakeven34.6%21.8%
  Time to Breakeven204 days123 days
2008-2009 Global Financial Crisis
  % Loss-57.4%-53.4%
  % Gain to Breakeven134.5%114.4%
  Time to Breakeven1613 days1085 days
Summer 2007 Credit Crunch
  % Loss-20.1%-8.6%
  % Gain to Breakeven25.1%9.5%
  Time to Breakeven34 days47 days

Compare to BEN, TROW, IVZ, BLK, STT

In The Past

Federated Hermes's stock fell -6.9% during the 2025 US Tariff Shock. Such a loss loss requires a 7.4% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Federated Hermes (FHI)

Federated Hermes, Inc. (FHI) is an asset management holding company that, through its subsidiaries, provides a broad spectrum of investment management services globally. The company caters to a diverse range of clients, including individuals (from retail to high net worth), banking and thrift institutions, investment companies, pension and profit sharing plans, pooled investment vehicles, charitable organizations, state or municipal government entities, and registered investment advisors.

The firm's core business involves managing separate client-focused portfolios and mutual funds across various asset classes, including equity, fixed income, balanced, and money market strategies. In equities, Federated Hermes invests in growth and value stocks of small-cap, mid-cap, and large-cap companies, employing both fundamental and quantitative analysis. For fixed income, its investments span ultra-short, short-term, and intermediate-term mortgage-backed, U.S. Government, U.S. corporate, high yield, and municipal securities, aiming to meet a wide array of client investment objectives.

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  • Like a focused version of BlackRock or Fidelity, managing a broad range of investment funds and portfolios for individuals and institutions.
  • Think of them as an asset manager akin to T. Rowe Price or Vanguard, creating and overseeing mutual funds and separate accounts across stocks, bonds, and money markets.

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  • Mutual Funds: Pooled investment vehicles managed across equity, fixed income, balanced, and money market strategies for various client types.
  • Managed Portfolios: Customized investment accounts tailored for clients, spanning equity, fixed income, balanced, and money market asset classes.

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J. Christopher Donahue President, Chief Executive Officer and Chairman of the Board

J. Christopher Donahue has served as the President, Chief Executive Officer, and Chairman of the Board of Federated Hermes, Inc. since April 1998. He joined Federated in 1972 as a law clerk and subsequently held various executive positions, including President and Chief Operating Officer from 1993 to 1998. His father, John F. Donahue, co-founded Federated in 1955. Notably, Federated was sold to Aetna Life & Casualty Co. in 1982, but management repurchased Aetna's stake in 1989, reestablishing majority control.

Thomas R. Donahue Director, Vice President, Treasurer and Chief Financial Officer; President, FII Holdings, Inc.

Thomas R. Donahue serves as a Director, Vice President, Treasurer, and Chief Financial Officer of Federated Hermes, Inc., a position he has held since 1998. He is also the President of FII Holdings, Inc. He frequently participates in investor conferences alongside the CEO.

Saker Anwar Nusseibeh Chief Executive Officer, Federated Hermes Limited

Saker Anwar Nusseibeh is the Chief Executive Officer of Federated Hermes Limited, a key international component of Federated Hermes, Inc.

Paul A. Uhlman Vice President; President and Chief Executive Officer of Federated Advisory Companies (effective April 30, 2026)

Paul A. Uhlman will assume the role of President and Chief Executive Officer of the Federated Advisory Companies, effective April 30, 2026. He is currently a Vice President and executive officer of Federated Hermes, Inc. Uhlman joined Federated Hermes in 1990 and has held various leadership roles within the Sales Division, including Intermediary Sales, Liquidity Sales, Strategic Solutions, Retirement, and Institutional Sales.

Bryan M. Burke President, Federated Securities Corp. (effective April 30, 2026)

Bryan M. Burke is slated to become President of Federated Securities Corp. and an executive officer, effective April 30, 2026. He has been with Federated Hermes for 23 years, previously serving as National Sales Director, Strategic Solutions, and Executive Vice President of Federated Securities Corp.

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Key Risks to Federated Hermes (FHI)

  1. Dependence on Money Market Funds and Regulatory Changes: Federated Hermes faces significant risk due to its substantial reliance on money market funds, which constitute a large portion of its revenue and managed assets. For instance, cash management operations are expected to generate over half of the company's revenue, and money market funds comprise 75% of its managed assets. This dependence exposes the company to potential adverse impacts from fluctuations in market interest rates and regulatory reforms. The U.S. Securities and Exchange Commission (SEC) has enacted amendments to Rule 2a-7, governing money market funds, which directly affects Federated Hermes by requiring increased liquid assets and potentially raising operational costs while reducing yield potential on its substantial money market assets.
  2. Market Volatility and Fee Pressure: As an asset management company, Federated Hermes operates within an environment highly susceptible to market volatility and economic downturns. Such conditions can significantly impair the performance of its funds, erode investor confidence, and negatively impact its overall financial results. Furthermore, persistent fee compression on active funds presents an ongoing challenge that could impede the company's long-term growth and affect its valuation. A significant concentration of revenue in investment advisory fees, which accounted for 65% of total revenues as of December 31, 2025, also makes the company vulnerable to market fluctuations in asset fair values or increased fund redemptions.
  3. Intense Competition and Talent Retention: The global asset management industry is characterized by intense competition, with numerous global and regional firms actively vying for market share through diverse investment strategies and client services. This competitive landscape necessitates continuous innovation, particularly in areas like sustainable investing and digital client engagement. While Federated Hermes employs comprehensive compensation programs to attract and retain highly qualified professionals, securing and retaining top talent remains critical for maintaining its competitive advantage in this dynamic industry.
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  • The continued and accelerating shift of investor capital into lower-cost passive investment strategies, such as index funds and exchange-traded funds (ETFs), which directly pressure the fee structures and market share of actively managed funds.
  • The increasing sophistication and adoption of technology-driven, automated investment platforms and robo-advisors, offering lower-cost alternatives to traditional human advisory services and managed portfolios.

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Federated Hermes, Inc. (FHI) operates within vast addressable markets across the global and U.S. asset management industry, offering a range of equity, fixed income, balanced, and money market investment products and services to diverse client segments.

Addressable Markets for Federated Hermes' Main Products and Services:

  • Global Asset Management Market (Assets Under Management - AUM): The global assets under management (AUM) reached approximately $139 trillion in 2024 and are projected to grow to $200 trillion by 2030. As of June 2025, global AUM hit a record $147 trillion.
  • U.S. Asset Management Market (AUM): North American managers accounted for approximately $88.2 trillion in assets in 2024, representing 63% of the total assets managed by the top 500 firms globally. The U.S. asset management market was valued at $52.08 trillion in 2024 and is expected to reach $134.67 trillion by 2030. The U.S. market is projected to be $70.97 trillion in 2026 and $125.98 trillion by 2031.
  • Global Mutual Fund Assets (AUM): The global mutual fund assets market was valued at $55,851.0 billion (or approximately $55.85 trillion) in 2024 and is projected to reach $95,815.0 billion (or approximately $95.815 trillion) by 2034. Another estimate places global mutual fund assets at around $67.48 trillion in 2022, with a prediction to reach approximately $145.23 trillion by 2030.
  • U.S. Mutual Fund Assets (AUM): The United States mutual funds market was valued at $34.58 trillion in 2024 and is expected to reach $43.25 trillion by 2030. In January 2026, the combined assets of U.S. mutual funds increased to $31.80 trillion. PwC forecasts U.S. mutual fund AUM to grow to $38 trillion by 2030.
  • Global Money Market Funds (AUM): Worldwide money market funds (MMFs) had $10.6 trillion in assets under management by mid-2024. In 2023, global MMFs experienced record net inflows of almost EUR 1.4 trillion (approximately $1.5 trillion).
  • U.S. Money Market Funds (AUM): Assets in U.S.-based money market funds totaled $6.5 trillion by mid-2024. By December 1, 2025, U.S. money market funds held over $8 trillion in assets. More recently, total money market fund assets in the U.S. increased to $7.82 trillion for the week ended March 11, 2026.
  • Global Fixed Income Asset Management Market (AUM): The fixed income asset management market was $77.99 trillion in 2025, and is projected to reach $86.04 trillion in 2026, and $122.76 trillion in 2030.

AI Analysis | Feedback

Federated Hermes (FHI) is expected to drive future revenue growth over the next 2-3 years through several strategic initiatives and market trends:

  1. Growth in Assets Under Management (AUM) from Money Market and Equity Strategies: The company has consistently reported record AUM, significantly driven by its money market funds, which reached a record high of $682.6 billion by year-end 2025. Anticipated Federal Reserve rate cuts in 2026 are expected to further boost money market fund performance. Additionally, equity assets, particularly through the MDT fundamental quantitative strategies, have demonstrated strong growth and net sales, contributing to overall AUM expansion.
  2. Expansion into Alternative and Private Markets: Federated Hermes is actively expanding its alternative and private markets business. A key move in this area is the acquisition of a controlling interest in FCP Fund Manager, L.P., a U.S. real estate investment manager, which will enhance its capabilities in the U.S. private real estate sector and complement its existing U.K. operations. The firm is also marketing new funds in European direct lending and global private equity co-investments.
  3. Innovation in Digital Assets and Tokenization: Federated Hermes is focusing on innovation within digital asset infrastructure and the development of tokenized money market funds. These digital asset initiatives are aimed at enhancing market share in emerging financial technologies.
  4. Global Outreach and Distribution of MDT Strategies: The company is expanding the global distribution of its MDT strategies, observing considerable interest from international clients. This global expansion also includes establishing a new office in Hong Kong, signaling a commitment to growing its presence in the Asia Pacific region.
  5. Increasing Demand for ESG-Focused Investment Strategies: Analysts project revenue growth for Federated Hermes, partly driven by expected AUM growth in ESG (Environmental, Social, and Governance)-focused strategies. The company's 2019 rebranding to emphasize "responsible investing" positions it well to capitalize on the rising global demand for sustainable funds.

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Here's a summary of Federated Hermes' (FHI) capital allocation decisions over the last 3-5 years:

Share Repurchases

  • Federated Hermes authorized a share repurchase program in October 2023, allowing for the repurchase of up to 5,000,000 Class B common shares with no expiration date.
  • In October 2024, the Board authorized an additional share repurchase plan of up to 5,000,000 shares of Class B Common Stock.
  • As of September 2025, the company repurchased over 1.5 million shares in the prior quarter. The buyback yield was 5.45% in the last 12 months and 5.22% over three years.

Share Issuance

  • As part of the acquisition of an 80% interest in FCP Fund Manager, L.P. in October 2025, Federated Hermes planned to issue $23.2 million in Class B common stock at closing.

Outbound Investments

  • In October 2025, Federated Hermes agreed to acquire an 80% interest in FCP Fund Manager, L.P., a U.S. real estate investment manager, for up to $331 million. This includes $215.8 million in cash and $23.2 million in Federated Hermes Class B common stock at closing, with opportunities for up to $92 million in contingent consideration over multiple years. This acquisition aims to expand Federated Hermes' private markets/alternatives investment capabilities, particularly in U.S. real estate.
  • In 2022, the company completed the acquisition of substantially all assets of C.W. Henderson and Associates, Inc., enhancing its separately managed accounts (SMA) business.
  • In 2021, Federated Hermes acquired certain investment management-related assets of Horizon Advisers and purchased the remaining 29.5% interest in London-based Hermes Fund Managers Limited from BT Pension Scheme (BTPS), consolidating its international investment operations. Earlier in 2025, Federated Hermes also acquired Rivington Energy Management Limited, a U.K.-based infrastructure developer.

Capital Expenditures

  • Capital expenditures in the last 12 months (as of late 2025/early 2026) amounted to -$2.76 million.
  • In Q4 2025, Federated Hermes invested -$426K in capital expenditures, which are focused on funding long-term assets and infrastructure.

Better Bets vs. Federated Hermes (FHI)

Peer Outperformance in Asset Management & Custody Banks

FHI has outperformed 89% of its 82 Asset Management & Custody Banks peers over 5Y. Among the peers that beat it are BNY and STT. Asset Management & Custody Banks ranks 13th of 18 industries in Financials by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Asset Management & Custody Banks constituents that FHI has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
79%
of 102 industry peers · 11.3% return
3Y
81%
of 93 industry peers · 89.0% return
5Y
89%
of 82 industry peers · 105.0% return
Asset Management & Custody Banks peers with revenue growth within 4pp of FHI's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
FHI Federated Hermes 7.3% 9.8x 11.3%89.0%105.0% —
BNY Bank of New York Mellon 7.7% 15.8x 38.8%275.2%206.0% +101pp
STT State Street 7.2% 14.1x 54.8%199.6%132.0% +27pp
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Financials sector, ranked by 5Y. Asset Management & Custody Banks is FHI's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Reinsurance 6 15.9%64.6%115.6% SPNT 160% · RNR 142% · RGA 135%
Investment Banking & Brokerage 13 -3.8%100.8%100.0% IBKR 441% · SNEX 231% · HOOD 168%
Diversified Banks 12 28.5%131.2%96.2% CM 145% · RY 131% · JPM 122%
Life & Health Insurance 20 6.1%51.5%90.5% JXN 532% · UNM 286% · FG 191%
Multi-Sector Holdings 4 3.8%52.4%74.5% JONE 361% · BRK-B 81% · VOYA 68%
Property & Casualty Insurance 42 3.1%71.0%60.8% ASIC 2616900% · HRTG 408% · UVE 305%
Multi-line Insurance 9 4.5%70.2%53.8% GNW 135% · L 92% · AIZ 82%
Regional Banks 264 26.4%92.0%52.2% GCBC 319% · ESQ 310% · PBAM 251%
Financial Exchanges & Data 15 -2.9%15.3%30.0% VIRT 182% · CBOE 140% · CME 64%
Diversified Financial Services 4 -8.4%23.4%19.4% FRHC 175% · EQH 95% · TMS -56%
Consumer Finance 30 -0.7%86.0%17.9% ENVA 388% · EZPW 296% · FCFS 159%
Insurance Brokers 16 -25.2%-10.1%11.7% LIFE 300% · ARX 88% · CRD-A 62%
Asset Management & Custody Banks ← 83 -8.0%20.3%11.4% WT 356% · VCTR 285% · AAMI 265%
Commercial & Residential Mortgage Finance 14 -53.1%25.2%1.0% FNMA 460% · FMCC 422% · ACT 172%
Specialized Finance 3 8.6%37.5%-13.7% EFC 16% · HASI -14% · CACC -14%
Mortgage REITs 33 -18.7%4.8%-29.8% NREF 54% · RITM 33% · DX 22%
Transaction & Payment Processing Services 17 -4.3%-7.1%-45.0% V 67% · MA 66% · CPAY 51%
Diversified Capital Markets 20 -36.2%14.6%-58.2% OPY 180% · LPLA 100% · GOLD 59%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

FHIBENTROWIVZBLKSTTMedian
NameFederate.Franklin.T. Rowe .Invesco BlackRockState St. 
Mkt Price56.1032.82105.1030.681,058.00175.9480.60
Mkt Cap4.016.922.513.8164.248.619.7
Rev LTM1,9349,3247,5926,90227,29915,0568,458
Op Inc LTM5411,3042,615-4909,006-1,304
FCF LTM3672471,6741,9213,5152,0191,797
FCF 3Y Avg3239141,3641,4823,886-4,9221,139
CFO LTM3742781,9322,0093,9383,4741,970
CFO 3Y Avg3301,0331,6981,5774,235-3,7921,305

Growth & Margins

FHIBENTROWIVZBLKSTTMedian
NameFederate.Franklin.T. Rowe .Invesco BlackRockState St. 
Rev Chg LTM15.0%7.9%7.0%12.2%26.5%12.8%12.5%
Rev Chg 3Y Avg7.3%6.1%6.7%6.4%16.6%7.2%6.9%
Rev Chg Q18.3%14.3%10.7%20.5%30.6%16.7%17.5%
QoQ Delta Rev Chg LTM4.2%3.3%2.5%4.7%6.5%4.0%4.1%
Op Inc Chg LTM11.7%23.7%9.6%-154.2%17.2%-11.7%
Op Inc Chg 3Y Avg11.7%-1.7%9.6%5.2%13.9%-9.6%
Op Mgn LTM28.0%14.0%34.4%-7.1%33.0%-28.0%
Op Mgn 3Y Avg27.8%13.8%33.8%0.1%35.0%-27.8%
QoQ Delta Op Mgn LTM-0.2%-0.2%-0.1%2.6%0.3%--0.1%
CFO/Rev LTM19.3%3.0%25.5%29.1%14.4%23.1%21.2%
CFO/Rev 3Y Avg19.0%12.1%23.7%24.9%19.4%-30.5%19.2%
FCF/Rev LTM19.0%2.6%22.0%27.8%12.9%13.4%16.2%
FCF/Rev 3Y Avg18.6%10.7%19.0%23.4%17.9%-38.8%18.2%

Valuation

FHIBENTROWIVZBLKSTTMedian
NameFederate.Franklin.T. Rowe .Invesco BlackRockState St. 
Mkt Cap4.016.922.513.8164.248.619.7
P/S2.11.83.02.06.03.22.5
P/Op Inc7.513.08.6-28.318.2-8.6
P/EBIT7.110.58.6-94.516.9-8.6
P/E9.820.810.1-214.625.014.112.1
P/CFO10.860.911.66.941.714.012.8
Total Yield12.9%8.9%15.0%2.3%6.2%9.5%9.2%
Dividend Yield2.7%4.1%5.1%2.8%2.2%2.4%2.7%
FCF Yield 3Y Avg10.0%7.9%5.7%17.5%2.4%-19.0%6.8%
D/E0.11.00.00.70.10.60.4
Net D/E-0.00.8-0.10.60.0-2.6-0.0

Returns

FHIBENTROWIVZBLKSTTMedian
NameFederate.Franklin.T. Rowe .Invesco BlackRockState St. 
1M Rtn-10.1%-4.5%-3.1%-7.2%-5.2%-9.0%-6.2%
3M Rtn-0.3%-2.8%-10.2%14.3%6.8%3.6%1.7%
6M Rtn-1.7%43.1%19.4%28.9%10.6%38.0%24.2%
12M Rtn11.3%44.7%7.1%31.7%-6.9%54.8%21.5%
3Y Rtn89.1%61.0%19.3%156.2%76.7%199.5%82.9%
1M Excs Rtn-8.4%-0.3%-3.5%-4.0%-4.7%-7.7%-4.4%
3M Excs Rtn-5.0%-6.2%-13.1%8.5%2.7%-1.9%-3.5%
6M Excs Rtn-19.0%25.8%2.0%11.6%-6.6%20.7%6.8%
12M Excs Rtn-1.7%37.7%-5.7%22.0%-20.3%43.8%10.1%
3Y Excs Rtn6.9%-20.2%-63.6%67.5%-4.7%110.6%1.1%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Investment management business1,8011,6321,6101,446 
Federated Hermes Funds    1,025
Other    16
Separate Accounts    259
Total1,8011,6321,6101,4461,300


Price Behavior

Price Behavior
Market Price$56.07 
Market Cap ($ Bil)4.0 
First Trading Date05/14/1998 
Distance from 52W High-14.3% 
   50 Days200 Days
DMA Price$60.92$56.54
DMA Trendupup
Distance from DMA-8.0%-0.8%
 3M1YR
Volatility25.3%24.8%
Downside Capture149.0176.68
Upside Capture122.1375.79
Correlation (SPY)46.3%35.3%
FHI Betas & Captures as of 9/30/2026

 1M2M3M6M1Y3Y
Beta0.721.261.090.650.670.67
Up Beta2.811.980.630.640.490.60
Down Beta-0.090.430.710.130.590.77
Up Capture-6%86%135%61%67%41%
Bmk +ve Days6162766132424
Stock +ve Days6162959128395
Down Capture196%156%128%100%82%83%
Bmk -ve Days16263760120328
Stock -ve Days16253466123351

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with FHI
FHI13.3%24.7%0.45-
Sector ETF (XLF)1.4%14.8%-0.1350.4%
Equity (SPY)16.2%13.0%0.8835.1%
Gold (GLD)6.8%29.6%0.2213.8%
Commodities (DBC)44.9%20.8%1.67-14.5%
Real Estate (VNQ)1.5%13.6%-0.1530.8%
Bitcoin (BTCUSD)-28.9%44.3%-0.6422.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with FHI
FHI16.8%24.7%0.60-
Sector ETF (XLF)8.7%18.3%0.3460.2%
Equity (SPY)13.1%17.2%0.5851.0%
Gold (GLD)18.4%18.9%0.794.8%
Commodities (DBC)10.3%19.6%0.413.4%
Real Estate (VNQ)0.7%18.8%-0.0743.4%
Bitcoin (BTCUSD)14.6%52.2%0.4523.9%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with FHI
FHI10.8%32.4%0.39-
Sector ETF (XLF)12.6%22.1%0.5268.2%
Equity (SPY)15.3%17.9%0.7257.5%
Gold (GLD)11.5%16.4%0.570.4%
Commodities (DBC)8.2%18.1%0.3718.9%
Real Estate (VNQ)4.2%20.7%0.1650.6%
Bitcoin (BTCUSD)64.1%66.2%1.0416.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date9152026
Short Interest: Shares Quantity4.4 Mil
Short Interest: % Change Since 83120261.6%
Average Daily Volume0.6 Mil
Days-to-Cover Short Interest7.4 days
Basic Shares Quantity71.9 Mil
Short % of Basic Shares6.2%

Earnings Returns History

Updated 9/2/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/30/20260.8%6.4%9.0%
4/30/2026-6.8%-6.5%-3.1%
1/29/20260.5%-1.3%8.1%
10/30/20252.5%5.4%6.7%
7/31/2025-0.7%2.6%7.8%
4/24/20254.7%6.4%10.8%
1/30/20250.1%-0.7%-1.9%
10/24/20240.1%4.0%10.5%
...
SUMMARY STATS   
# Positive121316
# Negative12118
Median Positive2.7%5.9%8.0%
Median Negative-2.9%-3.2%-2.3%
Max Positive8.1%12.1%24.3%
Max Negative-7.8%-7.7%-14.3%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/30/20260.8%6.4%9.0%
4/30/2026-6.8%-6.5%-3.1%
1/29/20260.5%-1.3%8.1%
10/30/20252.5%5.4%6.7%
7/31/2025-0.7%2.6%7.8%
4/24/20254.7%6.4%10.8%
1/30/20250.1%-0.7%-1.9%
10/24/20240.1%4.0%10.5%
7/25/2024-1.0%-4.8%-2.7%
4/25/2024-4.0%-3.4%-0.8%
1/25/20242.3%2.1%3.7%
10/26/20233.5%5.9%4.3%
7/27/2023-6.0%-7.3%-3.7%
4/27/2023-2.3%-7.7%-14.3%
1/27/2023-0.6%5.2%2.4%
10/27/20228.1%6.6%15.3%
7/28/2022-2.6%-2.4%-0.4%
4/28/2022-3.3%-0.3%17.7%
1/27/20222.8%1.3%2.8%
10/28/20214.2%6.9%8.5%
7/29/2021-2.1%-3.0%5.2%
4/29/2021-4.6%8.0%6.2%
1/28/2021-7.8%-3.2%-1.0%
10/29/20205.1%12.1%24.3%
SUMMARY STATS   
# Positive121316
# Negative12118
Median Positive2.7%5.9%8.0%
Median Negative-2.9%-3.2%-2.3%
Max Positive8.1%12.1%24.3%
Max Negative-7.8%-7.7%-14.3%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202607/31/202610-Q
03/31/202605/01/202610-Q
12/31/202502/27/202610-K
09/30/202510/31/202510-Q
06/30/202508/01/202510-Q
03/31/202504/25/202510-Q
12/31/202402/28/202510-K
09/30/202410/25/202410-Q
06/30/202407/26/202410-Q
03/31/202404/26/202410-Q
12/31/202302/23/202410-K
09/30/202310/27/202310-Q
06/30/202308/02/202310-Q
03/31/202305/02/202310-Q
12/31/202202/24/202310-K
09/30/202211/01/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202607/31/202610-Q
03/31/202605/01/202610-Q
12/31/202502/27/202610-K
09/30/202510/31/202510-Q
06/30/202508/01/202510-Q
03/31/202504/25/202510-Q
12/31/202402/28/202510-K
09/30/202410/25/202410-Q
06/30/202407/26/202410-Q
03/31/202404/26/202410-Q
12/31/202302/23/202410-K
09/30/202310/27/202310-Q
06/30/202308/02/202310-Q
03/31/202305/02/202310-Q
12/31/202202/24/202310-K
09/30/202211/01/202210-Q
06/30/202208/02/202210-Q
03/31/202205/03/202210-Q
12/31/202102/25/202210-K
09/30/202110/29/202110-Q
06/30/202108/03/202110-Q
03/31/202105/04/202110-Q
12/31/202002/26/202110-K
09/30/202010/30/202010-Q
06/30/202008/04/202010-Q
03/31/202005/06/202010-Q
12/31/201902/21/202010-K
09/30/201911/01/201910-Q

Insider Activity

Updated 8/21/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Germain, Peter JEVP, CLO & Sec.DirectSell821202663.175,000315,86613,080,600Form
2Nusseibeh, Saker AnwarCEO, Federated Hermes LimitedDirectSell805202664.247,030451,6409,267,043Form
3Van, Meter StephenVP, Chief Compliance OfficerDirectSell623202659.641,682100,3141,861,185Form
4Uhlman, Paul AVice PresidentDirectSell617202658.676,145360,52417,414,340Form
5Nusseibeh, Saker AnwarCEO, Federated Hermes LimitedDirectSell609202657.348,950513,1708,673,773Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Germain, Peter JEVP, CLO & Sec.DirectSell821202663.175,000315,86613,080,600Form
2Nusseibeh, Saker AnwarCEO, Federated Hermes LimitedDirectSell805202664.247,030451,6409,267,043Form
3Van, Meter StephenVP, Chief Compliance OfficerDirectSell623202659.641,682100,3141,861,185Form
4Uhlman, Paul AVice PresidentDirectSell617202658.676,145360,52417,414,340Form
5Nusseibeh, Saker AnwarCEO, Federated Hermes LimitedDirectSell609202657.348,950513,1708,673,773Form
6Uhlman, Paul AVice PresidentDirectSell526202655.301,02156,46616,755,535Form
7Germain, Peter JEVP, CLO & Sec.DirectSell526202655.3140922,62211,728,983Form
8Germain, Peter JEVP, CLO & Sec.DirectSell515202654.305,000271,47711,536,035Form
9Burke, Bryan MVice PresidentDirectSell508202654.204,000216,8064,060,838Form
10Donahue, Thomas RVP, CFO & TreasurerDirectSell316202657.1030,0001,713,08733,775,909Form
11Uhlman, Paul AVice PresidentDirectSell316202656.2372,3924,070,75514,844,546Form
12Van, Meter StephenVP, Chief Compliance OfficerDirectSell306202656.5044825,3141,776,561Form
13Nusseibeh, Saker AnwarCEO, Federated Hermes LimitedDirectSell306202656.506,161348,1018,453,480Form
14Uhlman, Paul AVice PresidentDirectSell306202656.5311,739663,59517,845,954Form
15Novak, Richard APrincipal Accounting OfficerDirectSell306202656.4986748,9802,408,475Form
16Novak, Richard APrincipal Accounting OfficerDirectSell218202655.2514,000773,5452,403,514Form
17Nusseibeh, Saker AnwarCEO, Federated Hermes LimitedDirectSell203202653.665,800311,2398,359,353Form
18Dudiak, Dolores DVice PresidentDirectSell1212202552.245,000261,1924,347,436Form
19Nusseibeh, Saker AnwarCEO, Federated Hermes LimitedDirectSell1120202547.854,461213,4477,731,087Form
20Dudiak, Dolores DVice PresidentDirectSell1120202547.8799947,8254,223,447Form
21Novak, Richard APrincipal Accounting OfficerDirectSell1120202547.851,24959,7662,751,415Form
22Germain, Peter JEVP, CLO & Sec.DirectSell1120202547.856,856328,09310,406,909Form
23Fisher, John BVice PresidentDirectSell1120202547.877,638365,59622,191,117Form
24Van, Meter StephenVP, Chief Compliance OfficerDirectSell1120202547.8670733,8341,526,067Form
25Uhlman, Paul AVice PresidentDirectSell1120202547.856,496310,82115,667,095Form
26Zierden, Theodore W IiiVice PresidentDirectSell1120202547.843,721178,0237,265,231Form
27Germain, Peter JEVP, CLO & Sec.DirectSell1107202549.225,000246,12110,156,134Form
28Nusseibeh, Saker AnwarCEO, Federated Hermes LimitedDirectSell1103202548.5415,000728,1547,623,238Form
29Van, Meter StephenVP, Chief Compliance OfficerDirectSell804202550.7143021,8051,500,813Form

Investor Activity (13F)

Updated Oct 5, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Schneider Downs Wealth Management Advisors, LP$154.7 Mil17.1%156Hold13F
Active Manager
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Schneider Downs Wealth Management Advisors, LP$154.7 Mil17.1%156Hold13F
Core Cache Last Updated: 10/4/2026