Federated Hermes, Inc. announced robust financial results for the third quarter of 2024, reporting earnings per diluted share (EPS) of $1.06, which surpassed the $0.86 recorded in the same period last year. Net income for the quarter reached $87.5 million, up from $75.0 million in Q3 2023. This performance was supported by a 1% increase in total revenue to $408.456 million, primarily driven by higher average money market assets.
The company achieved a record $800.5 billion in total managed assets as of September 30, 2024, marking a 12% increase from $715.2 billion a year prior. Money market assets were a significant contributor, reaching a record $593.0 billion, up 13% year-over-year. Equity assets also grew by 8% to $83.6 billion, and fixed-income assets increased by 12% to $100.2 billion, with positive net flows noted in MDT quantitative mutual funds and ETFs.
In a move reflecting confidence in its financial health, Federated Hermes' board of directors declared a quarterly dividend of $0.31 per share, an increase from the $0.28 per share declared in Q3 2023. The company also repurchased 818,164 shares of Class B common stock for $26.9 million during the quarter and authorized a new share repurchase program for up to an additional 5 million shares, signaling continued commitment to shareholder returns.
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