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Federated Hermes: 3Q Earnings Snapshot

·1 min read

PITTSBURGH (AP) _ Federated Hermes, Inc. (FHI) on Thursday reported third-quarter net income of $85.8 million.

On a per-share basis, the Pittsburgh-based company said it had net income of 85 cents.

The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 73 cents per share.

The one of the nation's largest managers of money market funds posted revenue of $364.5 million in the period.

Federated Hermes shares have dropped 30% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $22.74, a decline of 27% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on FHI at https://www.zacks.com/ap/FHI