PITTSBURGH (AP) _ Federated Investors Inc. (FII) on Thursday reported first-quarter profit of $60.3 million.
On a per-share basis, the Pittsburgh-based company said it had profit of 60 cents.
The results did not meet Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 65 cents per share.
The one of the nation's largest managers of money market funds posted revenue of $263.9 million in the period.
Federated Investors shares have decreased 14 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $31.08, a climb of 11 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on FII at https://www.zacks.com/ap/FII