RBC Capital shared its views on Federated Hermes, Inc. (NYSE:FHI) ahead of the upcoming Q4 results, scheduled on Jan 26.
The analysts adjusted their Q4 EPS estimate to $0.79 (vs. Street’s $0.74), as they factor in market returns in the quarter and their refined net flow assumptions. Their 2023 EPS estimate was revised to $3.73 from $3.55, and their 2024 EPS estimate to $4.11 from $3.92.
While equity and bond markets broadly rallied in Q4 to end up increasing quarter-over-quarter (up 7.1% on a spot basis for the S&P 500 index), the analysts noted that markets were largely mixed sequentially on an average basis, which is more representative of actual asset manager economics (world equity indexes declined 2.6% quarter-over-quarter, on an average basis, and bond markets declined 3.8% quarter-over-quarter on an average basis).
The analysts raised their price target to $37 from $35 while maintaining their Sector Perform rating.
Federated Hermes’ Upcoming Q4 Results Preview
More in CWEB Business News
ServiceNow (NYSE:NOW) shares rose more than 3% on Thursday after the company reported its...
Seagate Technology (NASDAQ:STX) shares surged more than 10% on Thursday after the company reported...
NextGen Healthcare (NASDAQ:NXGN) shares rose more than 8% since the company’s reported Q3 results...
U.S. Bancorp (NYSE:USB) shares gained more than 5% on Wednesday after the company reported...