FHI Federated Hermes, Inc. Common Stock
$63.43
Price · Aug 18, 2026
Fundamentals as of Jul 31, 2026
52W Range
$47–$67
82% of range
Analyst Rating
HOLD
15 analysts
Price Target
$60
P/E (TTM)
10.2
ROE
34.9%
Net Profit Margin
22.4%
About Federated Hermes, Inc. Common Stock Company overview from Wikipedia
Federated Hermes is an investment manager headquartered in Pittsburgh, Pennsylvania, United States. Founded in 1955 and incorporated on October 18, 1957, the company manages $902.6 billion of customer assets, as of December 2025. The company offers investments spanning equity, fixed-income, alternative/private markets, multi-asset and liquidity management strategies, including mutual funds, exchange-traded funds (ETFs), separate accounts, closed-end funds and collective investment funds. Clients include corporations, government entities, insurance companies, foundations and endowments, banks and broker/dealers.
Read more
Federated Hermes is an investment manager headquartered in Pittsburgh, Pennsylvania, United States. Founded in 1955 and incorporated on October 18, 1957, the company manages $902.6 billion of customer assets, as of December 2025. The company offers investments spanning equity, fixed-income, alternative/private markets, multi-asset and liquidity management strategies, including mutual funds, exchange-traded funds (ETFs), separate accounts, closed-end funds and collective investment funds. Clients include corporations, government entities, insurance companies, foundations and endowments, banks and broker/dealers.
## History
Federated Investors was founded in 1955 by high school classmates John F. Donahue, Richard B. Fisher, and Thomas J. Donnelly.
Aetna acquired a majority ownership stake in Federated Investors in 1982; at the time Federated had nearly $30 billion in assets under management. In 1989, Federated management purchased Aetna's stake for $345 million, reestablishing majority control of the company. In 1996, Federated management paid $100 million to acquire the remaining 25% stock ownership still held by Aetna. Federated completed an initial public offering on the NYSE on May 14, 1998.
In 1991, Federated established Federated International Management Limited, a wholly owned subsidiary in Dublin, Ireland, becoming the first U.S. company whose registered money market funds were approved for distribution to the European community. In 1998, Federated launched a venture with insurer LVM-Versicherungen Münster to offer Federated funds in Germany.
In April 2012, Federated Investors, Inc. completed its acquisition of Prime Rate Capital Management LLP (PRCM), a London, United Kingdom-based provider of institutional liquidity and fixed income products, from Matrix Group Limited. Federated Prime Rate Capital Management's AAA-rated liquidity funds, known as Qualifying Money Market Funds, serve the corporate and institutional market. The funds, totaling approximately US$4.0 billion (GBP 2.5 billion) in assets, are rated AAA by both Standard & Poor's and Fitch Ratings.
In September 2019, Federated Investors announced that it had bought around $4.4 billion in assets from Fifth Third Asset Management Inc.
In July 2018, Federated Investors, Inc., completed its acquisition of a 60 percent interest in Hermes Fund Managers Limited (Hermes), which operated as Hermes Investment Management, a pioneer of integrated ESG investing, from BT Pension Scheme (BTPS). Hermes had recently acquired MEPC plc.
In February 2020, Federated Investors, Inc. changed its name to Federated Hermes, Inc. and unveiled an updated corporate identity focused on a commitment to responsible investing to achieve financial performance. The company also changed its New York Stock Exchange (NYSE) ticker symbol from FII to FHI, with the firm's common stock trading under the FHI ticker symbol for the first time on Feb. 3, 2020.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
FHI Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$63.43
Market Cap
—
P/E (TTM)
10.2
EPS (TTM)
$5.13
Revenue (TTM)
$1.80B
Div Yield
—
ROE
34.9%
Debt/Equity
—
52W Range
$47 – $67
FHI Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
Configure
10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$1.80B
2016-12-31
→
2025-12-31
EPS
$5.13
2018-12-31
→
2025-12-31
Free Cash Flow
$295M
2016-12-31
→
2025-12-31
Margins
22.4%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
FHI
Peer Median
P/E (TTM)
10.2
16.1
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
FHI
Peer Median
Operating Margin
28.5%
—
Net Profit Margin
22.4%
23.0%
ROA
18.7%
3.4%
ROE
34.9%
8.4%
ROIC
32.5%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
FHI
Peer Median
Current Ratio
2.7
1.3
Quick Ratio
1.9
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
FHI
Peer Median
Revenue YoY
10.3%
—
Revenue CAGR 3Y
7.6%
—
Revenue CAGR 5Y
4.5%
—
EPS YoY
58.8%
—
Net Income YoY
50.3%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
FHI
Peer Median
Payout Ratio
26.0%
—
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
—
Payout Ratio
26.0%
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| Aug. 7, 2026 | $0.3800 |
| May 8, 2026 | $0.3800 |
| Feb. 6, 2026 | $0.3400 |
| Nov. 7, 2025 | $0.3400 |
| Aug. 8, 2025 | $0.3400 |
| May 8, 2025 | $0.3400 |
| Feb. 7, 2025 | $0.3100 |
| Nov. 8, 2024 | $0.3100 |
| Aug. 8, 2024 | $0.3100 |
| May 7, 2024 | $1.3100 |
| Feb. 7, 2024 | $0.2800 |
| Nov. 7, 2023 | $0.2800 |
| Aug. 7, 2023 | $0.2800 |
| May 5, 2023 | $0.2800 |
| Feb. 7, 2023 | $0.2700 |
| Nov. 7, 2022 | $0.2700 |
| Aug. 5, 2022 | $0.2700 |
| May 5, 2022 | $0.2700 |
| Feb. 7, 2022 | $0.2700 |
| Nov. 5, 2021 | $0.2700 |
FHI Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
HOLD
15 analysts
- Strong Buy 0 0.0%
- Buy 1 6.7%
- Hold 8 53.3%
- Sell 5 33.3%
- Strong Sell 1 6.7%
12-Month Price Target
7 analysts · 2026-08-19
Median
$60.00
Now
$63.43
Low
$55.00
High
$65.00
Median target
$60.00
-5.4%
Mean target
$59.86
-5.6%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.19%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $1.38 | $1.19 | 0.19% |
| March 31, 2026 | $1.27 | $1.19 | 0.08% |
| Dec. 31, 2025 | $1.39 | $1.19 | 0.20% |
| Sept. 30, 2025 | $1.34 | $1.13 | 0.21% |
| June 30, 2025 | $1.16 | $1.03 | 0.13% |
| March 31, 2025 | $1.25 | $0.93 | 0.32% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| FHI | — | 10.2 | 10.3% | 22.4% | 34.9% | — |
| BXSL | $6.11B | 10.7 | — | — | 9.0% | — |
| HLNE | — | — | 6.5% | 32.8% | 30.5% | — |
| MAIN | $5.43B | 15.3 | — | — | 16.8% | — |
| OTF | $6.75B | 7.9 | — | — | 9.0% | — |
| CNS | $3.20B | 21.1 | 7.5% | 27.6% | 28.5% | — |
| GBDC | $3.64B | 9.6 | — | — | 9.4% | — |
| AB | — | — | — | — | — | — |
| APAM | $3.29B | 10.1 | 7.6% | 24.3% | 70.2% | — |
| FSK | $4.15B | 370.2 | — | — | 0.18% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 12
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.80B | $1.63B | $1.61B | $1.45B | $1.30B | $1.45B | $1.33B | $1.14B | $1.10B | $1.14B | $927M | $859M | |
| Operating Expenses | $1.29B | $1.27B | $1.22B | $1.11B | $934M | $1.03B | $979M | $805M | $761M | $808M | $647M | $621M | |
| Operating Income | $514M | $361M | $388M | $337M | $366M | $418M | $348M | $330M | $342M | $336M | $279M | $238M | |
| Other Non-op | $-36.0K | $139.0K | $562.0K | $222.0K | $-900.0K | $8M | $13M | $-30M | $-42.0K | $60.0K | $-33.0K | $-29.0K | |
| Pretax Income | $548M | $382M | $411M | $306M | $376M | $446M | $365M | $296M | $352M | $341M | $275M | $239M | |
| Income Tax | $133M | $113M | $107M | $72M | $104M | $110M | $88M | $74M | $57M | $119M | $103M | $90M | |
| Net Income | $403M | $268M | $299M | $239M | $270M | $326M | $272M | $220M | $291M | $209M | $170M | $149M | |
| EPS (Basic) | $5.13 | $3.23 | $3.40 | $2.65 | $2.77 | $3.25 | $2.69 | $2.18 | · | · | · | · | |
| EPS (Diluted) | $5.13 | $3.23 | $3.40 | $2.65 | $2.75 | $3.23 | $2.69 | $2.18 | · | · | · | · | |
| Shares (Basic) | 75,101,000 | 79,426,000 | 83,858,000 | 85,762,000 | 93,754,000 | 96,503,000 | 97,259,000 | 96,949,000 | 97,411,000 | 99,116,000 | 100,475,000 | 100,721,000 | |
| Shares (Diluted) | 75,103,000 | 79,430,000 | 83,863,000 | 85,766,000 | 93,771,000 | 96,503,000 | 97,259,000 | 96,949,000 | 97,412,000 | 99,117,000 | 100,477,000 | 100,723,000 | |
| EBITDA | $514M | $361M | $388M | $337M | $366M | $418M | $348M | $330M | $342M | $345M | $279M | $238M |
Balance Sheet 26
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $583M | $504M | $383M | $337M | $233M | $302M | $249M | $157M | $316M | $105M | $173M | $115M | |
| Short-term Investments | · | · | · | · | · | · | · | · | · | $131M | $142M | $143M | |
| Receivables | · | · | · | $58M | $65M | $65M | $64M | $60M | $26M | $45M | $34M | $28M | |
| Prepaid Expense | $37M | $29M | $30M | $27M | $29M | $22M | $17M | $17M | $12M | $10M | $11M | $13M | |
| Other Current Assets | $13M | $5M | $6M | $8M | $7M | $8M | $2M | $2M | $3M | $4M | $5M | $4M | |
| Current Assets | $864M | $781M | $721M | $651M | $559M | $575M | $461M | $304M | $437M | $360M | $396M | $342M | |
| PP&E (Net) | $25M | $26M | $31M | $36M | $47M | $53M | $52M | $53M | $38M | $39M | $36M | $39M | |
| PP&E (Gross) | $112M | $144M | $151M | $155M | $161M | $159M | $146M | $143M | $108M | $103M | $92M | $96M | |
| Accum. Depreciation | $87M | $118M | $120M | $120M | $114M | $106M | $95M | $90M | $71M | $64M | $56M | $57M | |
| Goodwill | $852M | $805M | $807M | $800M | $799M | $800M | $775M | $810M | $660M | $659M | $659M | $659M | |
| Intangibles | $332M | $328M | $409M | $409M | $471M | $482M | $446M | $340M | $77M | · | $3M | $4M | |
| Other Non-current Assets | $61M | $40M | $35M | $31M | $33M | $29M | $46M | $37M | $20M | $23M | $21M | $26M | |
| Total Assets | $2.23B | $2.08B | $2.10B | $2.02B | $2.02B | $2.06B | $1.88B | $1.54B | $1.23B | $1.16B | $1.19B | $1.14B | |
| Accounts Payable | · | · | · | · | · | · | · | · | · | · | $44M | $35M | |
| Current Liabilities | $314M | $289M | $287M | $257M | $271M | $265M | $231M | $181M | $129M | $163M | $159M | $149M | |
| Capital Leases | $88M | $97M | $94M | $87M | $105M | $122M | $108M | · | · | · | · | · | |
| Deferred Tax | $184M | $171M | $186M | $180M | $205M | $188M | $165M | $148M | $118M | $177M | $159M | $141M | |
| Other Non-current Liabilities | $31M | $29M | $32M | $41M | $36M | $37M | $23M | $40M | $24M | $23M | $20M | $20M | |
| Total Liabilities | $966M | $934M | $948M | $913M | $841M | $687M | $627M | $504M | $440M | $528M | $529M | $527M | |
| Long-term Debt | $348M | $348M | $348M | $348M | $223M | · | · | · | · | · | · | · | |
| Paid-in Capital | $0 | $0 | $2.0K | $0 | $0 | $0 | · | · | · | · | · | · | |
| Retained Earnings | $1.53B | $1.26B | $1.19B | $1.02B | $1.19B | $1.03B | $930M | $792M | $697M | $530M | $546M | $505M | |
| Treasury Stock | $873M | $633M | $521M | $365M | $538M | $325M | $281M | $287M | $279M | $255M | $192M | $165M | |
| AOCI | $6M | $-32M | $-20M | $-46M | $16M | $15M | $-249.0K | $-15M | $-790.0K | $523.0K | $5M | $2M | |
| Stockholders' Equity | $1.20B | $1.10B | $1.13B | $1.05B | $1.11B | $1.14B | $1.04B | $857M | $761M | $596M | $649M | $609M | |
| Liabilities + Equity | $2.23B | $2.08B | $2.10B | $2.02B | $2.02B | $2.06B | $1.88B | $1.54B | $1.23B | $1.16B | $1.19B | $1.14B |
Cash Flow 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | · | · | · | · | · | · | · | $17M | $11M | $10M | $9M | $10M | |
| Stock-based Comp | $29M | $29M | $34M | $35M | $30M | $27M | $25M | $24M | $23M | $22M | $23M | $22M | |
| Deferred Tax | $11M | $-15M | $4M | $-19M | $18M | $18M | $7M | $12M | $-59M | $17M | $19M | $22M | |
| Amort. of Intangibles | $14M | $13M | $14M | $12M | $14M | $14M | $8M | $6M | $600.0K | $1M | $1M | $2M | |
| Other Non-cash | · | · | · | · | · | · | · | · | · | $-6M | · | · | |
| Operating Cash Flow | $297M | $347M | $312M | $324M | $170M | $373M | $335M | $206M | $387M | $266M | $233M | $192M | |
| CapEx | $3M | $4M | $8M | $4M | $10M | $14M | $15M | $17M | $10M | $13M | $6M | $9M | |
| Investing Cash Flow | $2M | $64M | $-31M | $-32M | $11M | $-25M | $-95M | $-174M | $1M | $-21M | $-6M | $-16M | |
| Debt Issued | · | $0 | $0 | $488M | $296M | $100M | · | · | · | · | · | · | |
| Net Debt Issued | · | $0 | $0 | $488M | · | · | · | · | · | · | · | · | |
| Stock Repurchased | $263M | $138M | $177M | $218M | $228M | $67M | $16M | $29M | $49M | $82M | $54M | $27M | |
| Net Stock Activity | $-263M | $-138M | $-177M | $-218M | $-228M | $-67M | $-16M | $-29M | $-49M | $-82M | $-54M | $-27M | |
| Dividends Paid | $105M | $185M | $98M | $98M | $106M | $208M | $109M | $107M | $102M | $205M | $105M | $105M | |
| Financing Cash Flow | $-238M | $-286M | $-243M | $-169M | $-249M | $-295M | $-153M | $-186M | $-177M | $-312M | $-170M | $-165M | |
| Net Change in Cash | $77M | $121M | $46M | $103M | $-71M | $59M | $92M | $-159M | $211M | $-68M | $57M | $11M | |
| Taxes Paid | $125M | $126M | $108M | $86M | $92M | $99M | $73M | $62M | $118M | $105M | $77M | $67M | |
| Free Cash Flow | $295M | $343M | $304M | $320M | $160M | $360M | $320M | $189M | $261M | $240M | $227M | $184M |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 28.5% | 22.1% | 24.1% | 23.3% | 28.2% | 28.9% | 26.2% | 29.1% | 31.0% | 29.4% | 30.2% | 27.7% | |
| Net Margin | 22.4% | 16.4% | 18.6% | 16.6% | 20.8% | 22.5% | 20.5% | 19.4% | 26.4% | 18.3% | 18.3% | 17.4% | |
| Pretax Margin | 30.4% | 23.4% | 25.6% | 21.2% | 28.9% | 30.8% | 27.5% | 26.1% | 31.9% | 29.8% | 29.7% | 27.9% | |
| EBITDA Margin | 28.5% | 22.1% | 24.1% | 23.3% | 28.2% | 28.9% | 26.2% | 29.1% | 31.0% | 30.2% | 30.2% | 27.7% | |
| ROA | 18.7% | 12.8% | 14.5% | 11.9% | 13.2% | 16.6% | 15.9% | 15.9% | 24.4% | 17.8% | 14.6% | 13.1% | |
| ROE | 34.9% | 24.6% | 26.8% | 23.8% | 23.3% | 28.5% | 28.1% | 26.6% | 41.2% | 33.6% | 27.0% | 25.4% | |
| ROIC | 32.5% | 23.2% | 25.4% | 24.7% | 23.8% | 27.7% | 25.4% | 28.9% | 37.6% | 36.7% | 27.0% | 24.4% |
Liquidity & Solvency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.7 | 2.7 | 2.5 | 2.5 | 2.1 | 2.2 | 2.0 | 1.7 | 3.4 | 2.2 | 2.5 | 2.3 | |
| Quick Ratio | 1.9 | 1.7 | 1.3 | 1.5 | 1.1 | 1.4 | 1.4 | 1.2 | 2.9 | 1.7 | 2.2 | 1.9 |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.8 | 0.8 | 0.8 | 0.7 | 0.6 | 0.7 | 0.8 | 0.8 | 0.9 | 1.0 | 0.8 | 0.8 | |
| Receivables Turnover | · | · | · | 23.4 | 20.0 | 22.4 | 21.3 | 26.4 | 22.4 | 29.2 | 30.1 | 30.0 |
Growth Rates 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 10.3% | 1.4% | 11.3% | 11.2% | -10.2% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 7.6% | 7.9% | 3.6% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 4.5% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | 58.8% | -5.0% | 28.3% | -3.6% | -14.9% | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | 24.6% | 5.5% | 1.7% | · | · | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | 9.7% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 50.3% | -10.3% | 24.8% | -11.4% | -17.2% | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | 19.0% | -0.24% | -2.9% | · | · | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 4.3% | · | · | · | · | · | · | · | · | · | · | · | |
| Dividend CAGR 5Y | -12.8% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 6
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $1.80B | $1.63B | $1.61B | $1.45B | $1.30B | $1.45B | $1.33B | $1.14B | $1.10B | $1.14B | $927M | $859M | |
| Net Income TTM | $403M | $268M | $299M | $239M | $270M | $326M | $272M | $220M | $291M | $209M | $170M | $149M | |
| P/E | 10.2 | 12.7 | 10.0 | 13.7 | 13.7 | 8.9 | 12.1 | 12.2 | · | · | · | · | |
| Earnings Yield | 9.8% | 7.9% | 10.0% | 7.3% | 7.3% | 11.2% | 8.2% | 8.2% | · | · | · | · | |
| Payout Ratio | 26.0% | 68.9% | 32.8% | 40.9% | 39.1% | 63.7% | 40.1% | 48.5% | 34.8% | 98.4% | 61.6% | 70.2% | |
| Annual Payout | $105M | $185M | $98M | $98M | $106M | $208M | $109M | $107M | $102M | $205M | $105M | $105M |
Income Statement 12
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $503M | $479M | $483M | $469M | $425M | $424M | $425M | $408M | $403M | $396M | $391M | $403M | $433M | $382M | $374M | $381M | |
| Operating Expenses | $370M | $353M | $347M | $340M | $308M | $292M | $314M | $297M | $362M | $298M | $289M | $301M | $335M | $297M | $310M | $284M | |
| Operating Income | $133M | $126M | $136M | $129M | $117M | $132M | $110M | $112M | $41M | $99M | $103M | $101M | $98M | $85M | $64M | $97M | |
| Other Non-op | $-22.0K | $-30.0K | $74.0K | $-48.0K | $-35.0K | $-27.0K | $54.0K | $16.0K | $-34.0K | $103.0K | $463.0K | $-8.0K | $-15.0K | $122.0K | $190.0K | $-38.0K | |
| Pretax Income | $144M | $130M | $140M | $140M | $131M | $136M | $112M | $123M | $43M | $104M | $117M | $101M | $101M | $92M | $75M | $89M | |
| Income Tax | $37M | $34M | $33M | $34M | $34M | $32M | $28M | $32M | $23M | $29M | $31M | $27M | $28M | $21M | $14M | $22M | |
| Net Income | $104M | $96M | $107M | $104M | $91M | $101M | $85M | $88M | $21M | $75M | $82M | $75M | $72M | $70M | $56M | $69M | |
| EPS (Basic) | $1.38 | $1.27 | $1.38 | $1.34 | $1.16 | $1.25 | $1.08 | $1.06 | $0.20 | $0.89 | $0.95 | $0.86 | $0.81 | $0.78 | $0.62 | $0.78 | |
| EPS (Diluted) | $1.38 | $1.27 | $1.38 | $1.34 | $1.16 | $1.25 | $1.08 | $1.06 | $0.20 | $0.89 | $0.95 | $0.86 | $0.81 | $0.78 | $0.62 | $0.78 | |
| Shares (Basic) | 71,944,000 | 72,648,000 | -151,561,000 | 74,057,000 | 75,064,000 | 77,541,000 | -159,999,000 | 78,690,000 | 80,026,000 | 80,709,000 | -169,657,000 | 83,710,000 | 84,930,000 | 84,875,000 | -172,602,000 | 84,531,000 | |
| Shares (Diluted) | 71,947,000 | 72,650,000 | -151,568,000 | 74,057,000 | 75,072,000 | 77,542,000 | -160,012,000 | 78,706,000 | 80,026,000 | 80,710,000 | -169,661,000 | 83,710,000 | 84,939,000 | 84,875,000 | -172,603,000 | 84,536,000 | |
| EBITDA | $133M | $126M | · | $129M | $117M | $132M | · | $112M | $41M | $99M | · | $101M | $98M | $85M | · | $97M |
Balance Sheet 24
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $302M | $514M | $583M | $506M | $371M | $388M | $504M | $375M | $307M | $360M | $383M | $377M | $343M | $324M | $337M | $305M | |
| Receivables | · | · | · | · | · | · | · | · | · | · | · | · | · | $75M | · | $49M | |
| Prepaid Expense | $43M | $37M | $37M | $41M | $35M | $32M | $29M | $34M | $38M | $34M | · | $26M | $29M | $31M | · | $26M | |
| Other Current Assets | $13M | $13M | $13M | $11M | $16M | $2M | $5M | $6M | $6M | $6M | · | $6M | $6M | $7M | · | $41M | |
| Current Assets | $661M | $789M | $864M | $802M | $761M | $679M | $781M | $723M | $613M | $720M | · | $712M | $694M | $636M | · | $630M | |
| PP&E (Net) | $26M | $28M | $25M | $27M | $23M | $24M | $26M | $28M | $32M | $29M | · | $31M | $31M | $33M | · | $38M | |
| PP&E (Gross) | · | · | $112M | · | · | · | $144M | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | $89M | $87M | $87M | $102M | $124M | $121M | $118M | $122M | $122M | $121M | · | $117M | $120M | $117M | · | $115M | |
| Goodwill | $1.08B | $849M | $852M | $861M | $865M | $809M | $805M | $814M | $806M | $806M | · | $802M | $807M | $803M | · | $775M | |
| Intangibles | $422M | $325M | $332M | $335M | $342M | $330M | $328M | $343M | $336M | $404M | · | $402M | $415M | $411M | · | $407M | |
| Other Non-current Assets | $50M | $64M | $61M | $55M | $59M | $61M | $40M | $40M | $32M | $33M | · | $33M | $31M | $32M | · | $30M | |
| Total Assets | $2.33B | $2.14B | $2.23B | $2.18B | $2.15B | $2.00B | $2.08B | $2.04B | $1.91B | $2.09B | · | $2.08B | $2.06B | $2.00B | · | $1.97B | |
| Current Liabilities | $255M | $241M | $314M | $256M | $226M | $223M | $289M | $263M | $223M | $212M | · | $256M | $234M | $212M | · | $239M | |
| Capital Leases | $83M | $83M | $88M | $94M | $95M | $94M | $97M | $84M | $86M | $90M | · | $96M | $73M | $77M | · | $88M | |
| Deferred Tax | $183M | $184M | $184M | $193M | $172M | $172M | $171M | $176M | $181M | $189M | · | $177M | $180M | $181M | · | $189M | |
| Other Non-current Liabilities | $64M | $24M | $31M | $40M | $33M | $21M | $29M | $29M | $25M | $28M | · | $34M | $32M | $35M | · | $33M | |
| Total Liabilities | $933M | $881M | $966M | $931M | $874M | $859M | $934M | $901M | $864M | $866M | · | $910M | $868M | $853M | · | $947M | |
| Long-term Debt | $348M | $348M | $348M | $348M | $348M | $348M | $348M | $348M | $348M | $348M | · | $348M | $348M | $348M | · | $398M | |
| Paid-in Capital | $8M | · | · | $6.0K | $6.0K | · | · | $0 | $0 | $0 | · | $15.0K | · | · | · | · | |
| Retained Earnings | $1.67B | $1.59B | $1.53B | $1.46B | $1.38B | $1.32B | $1.26B | $1.21B | $1.15B | $1.23B | · | $1.15B | $1.10B | $1.05B | · | $1.00B | |
| Treasury Stock | $974M | $930M | $873M | $807M | $807M | $742M | $633M | $623M | $596M | $548M | · | $473M | $404M | $360M | · | $377M | |
| AOCI | $-2M | $-2M | $6M | $5M | $16M | $-17M | $-32M | $888.0K | $-25M | $-25M | · | $-43M | $-22M | $-36M | · | $-87M | |
| Stockholders' Equity | $1.25B | $1.20B | $1.20B | $1.19B | $1.11B | $1.08B | $1.10B | $1.08B | $1.02B | $1.15B | $1.13B | $1.10B | $1.13B | $1.11B | $1.05B | $971M | |
| Liabilities + Equity | $2.33B | $2.14B | $2.23B | $2.18B | $2.15B | $2.00B | $2.08B | $2.04B | $1.91B | $2.09B | · | $2.08B | $2.06B | $2.00B | · | $1.97B |
Cash Flow 14
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $6M | $12M | $6M | $6M | $6M | $11M | $6M | $6M | $6M | $10M | $7M | $7M | $9M | $11M | $7M | $9M | |
| Deferred Tax | $-2M | $1M | $-9M | $21M | $-1M | $531.0K | $-4M | $-7M | $-7M | $3M | $8M | $-3M | $-1M | $-93.0K | $-12M | $-5M | |
| Amort. of Intangibles | $6M | $3M | $3M | $4M | $4M | $3M | $3M | $3M | $3M | $3M | · | · | $3M | $3M | $3M | $3M | |
| Operating Cash Flow | $81M | $29M | $161M | $103M | $19M | $14M | $127M | $117M | $89M | $14M | $130M | $106M | $71M | $5M | $132M | $112M | |
| CapEx | $1M | $5M | $-426.0K | $1M | $786.0K | $972.0K | $505.0K | $-3M | $6M | $569.0K | $2M | $2M | $3M | $739.0K | $278.0K | $1M | |
| Investing Cash Flow | $-216M | $1M | $14M | $5M | $-16M | $-2M | $41M | $-8M | $4M | $28M | $-39M | $1M | $5M | $2M | $-31M | $-1M | |
| Debt Issued | · | · | · | · | · | · | · | · | · | · | · | $0 | $0 | $0 | $0 | $0 | |
| Net Debt Issued | · | · | · | · | · | · | · | · | · | · | · | · | · | $0 | · | · | |
| Stock Repurchased | $64M | $65M | $77M | $21.0K | $66M | $120M | $23M | $29M | $46M | $39M | $65M | $64M | $41M | $7M | $7M | $7M | |
| Net Stock Activity | · | $-65M | · | · | · | $-120M | · | · | · | $-39M | · | · | · | $-7M | · | · | |
| Dividends Paid | $29M | $26M | $26M | $26M | $27M | $25M | $25M | $26M | $110M | $24M | $24M | $25M | $25M | $24M | $24M | $24M | |
| Financing Cash Flow | $-77M | $-97M | $-98M | $30M | $-32M | $-138M | $-26M | $-52M | $-145M | $-64M | $-91M | $-68M | $-61M | $-22M | $-79M | $-43M | |
| Net Change in Cash | $-212M | $-70M | $78M | $135M | $-17M | $-120M | $129M | $68M | $-53M | $-23M | $6M | $34M | $19M | $-13M | $33M | $55M | |
| Free Cash Flow | · | $24M | · | · | · | $13M | · | · | · | $13M | · | · | · | $5M | · | · |
Profitability 7
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 26.4% | 26.4% | · | 27.6% | 27.6% | 31.1% | · | 27.4% | 10.1% | 24.9% | · | 25.2% | 22.7% | 22.3% | · | 25.4% | |
| Net Margin | 20.8% | 20.1% | · | 22.2% | 21.4% | 23.9% | · | 21.4% | 5.2% | 18.9% | · | 18.6% | 16.7% | 18.2% | · | 18.2% | |
| Pretax Margin | 28.6% | 27.1% | · | 29.9% | 30.8% | 32.1% | · | 30.0% | 10.6% | 26.2% | · | 25.1% | 23.2% | 24.2% | · | 23.4% | |
| EBITDA Margin | 26.4% | 26.4% | · | 27.6% | 27.6% | 31.1% | · | 27.4% | 10.1% | 24.9% | · | 25.2% | 22.7% | 22.3% | · | 25.4% | |
| ROA | 4.7% | 4.7% | · | 4.9% | 4.5% | 5.0% | · | 4.2% | 1.1% | 3.7% | · | 3.7% | 3.6% | 3.5% | · | 3.5% | |
| ROE | 8.8% | 8.5% | · | 9.2% | 8.5% | 9.1% | · | 8.0% | 2.0% | 6.7% | · | 7.2% | 6.9% | 6.4% | · | 6.4% | |
| ROIC | 7.9% | 7.8% | · | 8.2% | 7.8% | 9.3% | · | 7.6% | 1.8% | 6.2% | · | 6.8% | 6.3% | 5.9% | · | 7.5% |
Liquidity & Solvency 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.6 | 3.3 | · | 3.1 | 3.4 | 3.0 | · | 2.7 | 2.7 | 3.4 | · | 2.8 | 3.0 | 3.0 | · | 2.6 | |
| Quick Ratio | 1.2 | 2.1 | · | 2.0 | 1.6 | 1.7 | · | 1.4 | 1.4 | 1.7 | · | 1.5 | 1.5 | 1.9 | · | 1.5 |
Efficiency 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | |
| Receivables Turnover | · | · | · | · | · | · | · | · | · | · | · | · | · | 5.8 | · | 6.6 |
Valuation (TTM) 5
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $1.88B | $1.80B | · | $1.73B | $1.66B | $1.63B | · | $1.61B | $1.63B | $1.61B | · | $1.60B | $1.56B | $1.45B | · | $1.40B | |
| Net Income TTM | $396M | $393M | · | $384M | $301M | $285M | · | $259M | $243M | $292M | · | $286M | $269M | $253M | · | $254M | |
| P/E | 10.7 | 11.3 | · | 10.8 | 12.1 | 12.0 | · | 12.2 | 11.9 | 10.8 | · | 10.5 | 11.9 | 14.3 | · | 12.0 | |
| Earnings Yield | 9.3% | 8.8% | · | 9.3% | 8.3% | 8.3% | · | 8.2% | 8.4% | 9.2% | · | 9.5% | 8.4% | 7.0% | · | 8.3% | |
| Payout Ratio | · | 26.9% | · | · | · | 25.0% | · | · | · | 31.6% | · | · | · | 34.7% | · | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Revenue | $1.80B | $1.63B | $1.61B | $1.45B | $1.30B |
| Operating Margin % | 28.5% | 22.1% | 24.1% | 23.3% | 28.2% |
| Net Income | $403M | $268M | $299M | $239M | $270M |
| Diluted EPS | $5.13 | $3.23 | $3.40 | $2.65 | $2.75 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Current Ratio | 2.7 | 2.7 | 2.5 | 2.5 | 2.1 |
| Quick Ratio | 1.9 | 1.7 | 1.3 | 1.5 | 1.1 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $295M | $343M | $304M | $320M | $160M |
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Institutional owners (13F) 413 filers · $2.9B total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 48 (-19 vs prior Q) | 48 (+11 vs prior Q) | 126 (-15 vs prior Q) | 126 (+18 vs prior Q) | +9.0M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| VANGUARD GROUP INC | $401,572,119 | 7,712,159 | 13.76% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $242,816,421 | 4,397,255 | 8.32% | Shares |
| Schneider Downs Wealth Management Advisors, LP | $196,118,138 | 3,551,578 | 6.72% | Shares |
| FMR LLC | $189,532,931 | 3,432,324 | 6.49% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $176,402,333 | 3,194,537 | 6.04% | Shares |
| FULLER & THALER ASSET MANAGEMENT, INC. | $147,441,635 | 2,670,077 | 5.05% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $146,164,137 | 2,646,942 | 5.01% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $112,713,073 | 2,041,164 | 3.86% | Shares |
| STATE STREET CORP | $102,283,399 | 1,852,289 | 3.51% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $79,521,377 | 1,439,782 | 2.73% | Shares |
| FIRST TRUST ADVISORS LP | $66,172,758 | 1,198,348 | 2.27% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $64,838,164 | 1,174,179 | 2.22% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $63,566,172 | 1,151,144 | 2.18% | Shares |
| Woodline Partners LP | $59,112,403 | 1,070,489 | 2.03% | Shares |
| CITADEL ADVISORS LLC | $54,266,075 | 982,725 | 1.86% | Shares |
| Allianz Asset Management GmbH | $48,296,793 | 874,625 | 1.66% | Shares |
| ALLIANCEBERNSTEIN L.P. | $30,930,825 | 545,421 | 1.06% | Shares |
| SPROTT INC. | $28,376,730 | 513,885 | 0.97% | Shares |
| GOLDMAN SACHS GROUP INC | $26,720,966 | 483,900 | 0.92% | Shares |
| Kestra Advisory Services, LLC | $26,084,650 | 472,377 | 0.89% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $24,763,685 | 448,455 | 0.85% | Shares |
| FOUNDATION RESOURCE MANAGEMENT INC | $20,990,084 | 380,117 | 0.72% | Shares |
| HighTower Advisors, LLC | $20,809,209 | 376,842 | 0.71% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $18,183,946 | 329,300 | 0.62% | Shares |
| ROYCE & ASSOCIATES LP | $16,826,583 | 304,719 | 0.58% | Shares |
| TWO SIGMA ADVISERS, LP | $16,066,615 | 308,558 | 0.55% | Shares |
| BANK OF AMERICA CORP /DE/ | $15,765,641 | 285,506 | 0.54% | Shares |
| ALPS ADVISORS INC | $15,091,350 | 273,295 | 0.52% | Shares |
| MERCER GLOBAL ADVISORS INC /ADV | $13,852,812 | 250,866 | 0.47% | Shares |
| HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC | $13,604,551 | 246,370 | 0.47% | Shares |
| JUPITER ASSET MANAGEMENT LTD | $12,812,255 | 232,022 | 0.44% | Shares |
| FRANKLIN RESOURCES INC | $11,118,547 | 201,350 | 0.38% | Shares |
| O'SHAUGHNESSY ASSET MANAGEMENT, LLC | $10,577,888 | 191,559 | 0.36% | Shares |
| AMERICAN CENTURY COMPANIES INC | $9,285,353 | 168,152 | 0.32% | Shares |
| Brandywine Global Investment Management, LLC | $9,244,143 | 177,533 | 0.32% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $9,232,067 | 167,187 | 0.32% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $9,036,753 | 163,650 | 0.31% | Shares |
| Cambria Investment Management, L.P. | $8,955,193 | 162,173 | 0.31% | Shares |
| Interval Partners, LP | $8,798,313 | 159,332 | 0.30% | Shares |
| Swiss National Bank | $7,980,229 | 144,517 | 0.27% | Shares |
| SCHRODER INVESTMENT MANAGEMENT GROUP | $7,770,399 | 137,651 | 0.27% | Shares |
| SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC | $7,512,736 | 136,051 | 0.26% | Shares |
| TEACHER RETIREMENT SYSTEM OF TEXAS | $7,204,995 | 130,478 | 0.25% | Shares |
| RHUMBLINE ADVISERS | $6,999,892 | 126,764 | 0.24% | Shares |
| LPL Financial LLC | $6,949,159 | 125,845 | 0.24% | Shares |
| Clark Capital Management Group, Inc. | $6,872,099 | 124,449 | 0.24% | Shares |
| Kendall Capital Management | $6,742,914 | 122,110 | 0.23% | Shares |
| BancorpSouth Bank | $6,475,633 | 124,364 | 0.22% | Shares |
| HUNTINGTON NATIONAL BANK | $6,314,186 | 114,346 | 0.22% | Shares |
| RITHOLTZ WEALTH MANAGEMENT | $6,228,369 | 112,792 | 0.21% | Shares |
| CONTINENTAL ADVISORS LLC | $6,204,464 | 112,359 | 0.21% | Shares |
| Ruffer LLP | $6,158,688 | 111,652 | 0.21% | Shares |
| Qube Research & Technologies Ltd | $6,017,544 | 108,974 | 0.21% | Shares |
| BURNEY CO/ | $5,652,485 | 102,363 | 0.19% | Shares |
| TWO SIGMA INVESTMENTS, LP | $5,310,397 | 96,168 | 0.18% | Shares |
| GAMCO INVESTORS, INC. ET AL | $5,056,551 | 91,571 | 0.17% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $5,043,050 | 88,927 | 0.17% | Shares |
| Alpha Omega Wealth Management LLC | $4,995,706 | 90,469 | 0.17% | Shares |
| VISTA INVESTMENT PARTNERS LLC | $4,723,445 | 85,511 | 0.16% | Shares |
| COUNTRY CLUB BANK /GFN | $4,693,568 | 90,400 | 0.16% | Shares |
| CONGRESS ASSET MANAGEMENT CO | $4,677,204 | 84,701 | 0.16% | Shares |
| GABELLI FUNDS LLC | $4,666,200 | 84,502 | 0.16% | Shares |
| AMERIPRISE FINANCIAL INC | $4,619,429 | 83,655 | 0.16% | Shares |
| Phase 2 Partners, LLC | $4,521,319 | 109,981 | 0.15% | Shares |
| Keeley-Teton Advisors, LLC | $4,512,994 | 110,694 | 0.15% | Shares |
| ExodusPoint Capital Management, LP | $4,427,484 | 80,179 | 0.15% | Shares |
| LAZARD ASSET MANAGEMENT LLC | $4,417,048 | 79,990 | 0.15% | Shares |
| Man Group plc | $4,283,195 | 77,566 | 0.15% | Shares |
| Brevan Howard Capital Management LP | $4,274,359 | 77,406 | 0.15% | Shares |
| Retirement Systems of Alabama | $4,136,254 | 74,905 | 0.14% | Shares |
| DGS Capital Management, LLC | $4,100,928 | 72,314 | 0.14% | Shares |
| Nebula Research & Development LLC | $3,936,857 | 88,828 | 0.13% | Shares |
| Murphy Pohlad Asset Management LLC | $3,684,333 | 66,721 | 0.13% | Shares |
| TD Asset Management Inc | $3,467,816 | 62,800 | 0.12% | Shares |
| Mirae Asset Global Investments Co., Ltd. | $3,341,914 | 60,520 | 0.11% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $3,208,000 | 58,100 | 0.11% | Shares |
| VISTA INVESTMENT PARTNERS II, LLC | $3,007,835 | 54,470 | 0.10% | Shares |
| VIRGINIA RETIREMENT SYSTEMS ET Al | $2,983,611 | 57,300 | 0.10% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $2,852,941 | 51,665 | 0.10% | Shares |
| Corient Private Wealth LP | $2,778,341 | 50,314 | 0.10% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $2,765,142 | 50,075 | 0.09% | Shares |
| CREDIT AGRICOLE S A | $2,761,000 | 50,000 | 0.09% | Shares |
| RAYMOND JAMES FINANCIAL INC | $2,751,190 | 49,822 | 0.09% | Shares |
| AlphaQuest LLC | $2,732,009 | 52,468 | 0.09% | Shares |
| QRG CAPITAL MANAGEMENT, INC. | $2,711,697 | 49,107 | 0.09% | Shares |
| Robeco Institutional Asset Management B.V. | $2,672,703 | 48,401 | 0.09% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $2,546,967 | 46,124 | 0.09% | Shares |
| MORGAN STANLEY | $2,521,775 | 45,667 | 0.09% | Shares |
| KLP KAPITALFORVALTNING AS | $2,468,334 | 44,700 | 0.08% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $2,417,999 | 43,788 | 0.08% | Shares |
| ABLE Financial Group, LLC | $2,417,145 | 43,773 | 0.08% | Shares |
| Horizon Investments, LLC | $2,368,009 | 43,141 | 0.08% | Shares |
| Morningstar Investment Management LLC | $2,262,445 | 39,895 | 0.08% | Shares |
| Inlet Private Wealth, LLC | $2,250,215 | 40,750 | 0.08% | Shares |
| HOURGLASS CAPITAL, LLC | $2,134,253 | 38,650 | 0.07% | Shares |
| Sequoia Financial Advisors, LLC | $2,132,983 | 38,627 | 0.07% | Shares |
| JACOBS LEVY EQUITY MANAGEMENT, INC | $2,083,230 | 37,726 | 0.07% | Shares |
| FJ Capital Management LLC | $2,073,842 | 37,556 | 0.07% | Shares |
| PANAGORA ASSET MANAGEMENT INC | $1,944,738 | 35,218 | 0.07% | Shares |
| Legal & General Group Plc | $1,938,554 | 35,106 | 0.07% | Shares |
Company insiders 28 insiders · 13 officers · 8 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| DONAHUE J CHRISTOPHER | Chairman, President & CEO | March 5, 2026 A | 479,192 | 0 | 0 | $0 |
| Thomas R Donahue | VP, CFO & Treasurer | May 18, 2026 G | 560,292 | 0 | 1 | $-1,713,000 |
| Arthur L Cherry | President Federated Svcs Comp | Feb. 12, 2004 M | 618,243 | 0 | 0 | $0 |
| Stephen Van Meter | VP, Chief Compliance Officer | June 23, 2026 S | 31,207 | 0 | 3 | $-159,463 |
| Paul A Uhlman | Vice President | June 16, 2026 S | 296,821 | 0 | 6 | $-5,462,103 |
| Peter J Germain | EVP, CLO & Sec. | May 26, 2026 S | 212,059 | 0 | 4 | $-868,282 |
| Bryan M Burke | Vice President | May 7, 2026 S | 74,921 | 0 | 1 | $-216,800 |
| Theodore W Zierden III | Vice President | March 5, 2026 A | 160,750 | 0 | 1 | $-178,013 |
| Dolores D Dudiak | Vice President | March 5, 2026 A | 85,540 | 0 | 2 | $-309,022 |
| Richard A Novak | Principal Accounting Officer | March 5, 2026 A | 45,209 | 0 | 3 | $-882,242 |
| John B Fisher | Vice President | Nov. 19, 2025 S | 463,615 | 0 | 1 | $-365,631 |
| Gordon J Ceresino | Vice Chairman | April 8, 2024 G | 34,742 | 0 | 0 | $0 |
| Eugene F Maloney | Executive Vice President | Nov. 2, 2018 S | 25,721 | 0 | 0 | $0 |
| Karen Hanlon | Director | May 1, 2026 A | 6,800 | 0 | 0 | $0 |
| Marie Milie Jones | Director | May 1, 2026 A | 27,950 | 0 | 0 | $0 |
| Joseph C Bartolacci | Director | May 1, 2026 A | 22,450 | 0 | 0 | $0 |
| Michael J Farrell | Director | April 26, 2024 A | 52,050 | 0 | 0 | $0 |
| Saker Anwar Nusseibeh | — | Aug. 4, 2026 S | 144,246 | 0 | 9 | $-2,565,829 |
| John W Mcgonigle | — | June 7, 2017 G | 234,833 | 0 | 0 | $0 |
| Thomas E Territ | — | Aug. 2, 2016 S | 378,847 | 0 | 0 | $0 |
| David M Kelly | — | April 29, 2016 A | 33,300 | 0 | 0 | $0 |
| Brian P Bouda | — | March 6, 2015 A | 31,908 | 0 | 0 | $0 |
| DONAHUE JOHN F | — | Sept. 25, 2014 S | 458,385 | 0 | 0 | $0 |
| Edward G Oconnor | — | April 25, 2013 A | 7,044 | 0 | 0 | $0 |
| Denis Mcauley III | — | March 2, 2012 A | 44,049 | 0 | 0 | $0 |
| James L Murdy | — | Sept. 29, 2010 S | 8,350 | 0 | 0 | $0 |
| James F Getz | — | March 3, 2006 S | 495,231 | 0 | 0 | $0 |
| Keith M Schappert | — | March 4, 2005 A | 52,067 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 2 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Federated Hermes, Inc., Voting Shares Irrevocable Trust, Thomas R. Donahue, Ann C. Donahue, J. Christopher Donahue ×2 filings | Oct. 28, 2025 | 19.32% | Initial filing | — | SEC |
| Federated Investors, Inc., Voting Shares Irrevocable Trust, John F. Donahue., Rhodora J. Donahue, J. Christopher Donahue. | Sept. 30, 2004 | — | Initial filing | Passive investment | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 72 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| VLLU · Harbor ETF Trust | 2.91% | 2,175 NS | April 30, 2026 | N-PORT |
| PFI · Invesco Exchange-Traded Fund Trust | 2.34% | 21,791 SH | Aug. 8, 2026 | Daily |
| AZTD · Tidal Trust I | 2.08% | 15,699 NS | April 30, 2026 | N-PORT |
| OUSM · ALPS ETF Trust | 1.59% | 249,129 NS | May 31, 2026 | N-PORT |
| XMLV · Invesco Exchange-Traded Fund Trust … | 1.39% | 164,179 SH | Aug. 8, 2026 | Daily |
| GRPM · Invesco Exchange-Traded Fund Trust | 1.34% | 107,393 SH | Aug. 8, 2026 | Daily |
| AFMC · First Trust Exchange-Traded Fund VI… | 1.03% | 29,893 NS | May 31, 2026 | N-PORT |
| SYLD · Cambria ETF Trust | 0.94% | 156,031 NS | April 30, 2026 | N-PORT |
| XMVM · Invesco Exchange-Traded Fund Trust | 0.92% | 73,747 SH | Aug. 8, 2026 | Daily |
| RFG · Invesco Exchange-Traded Fund Trust | 0.84% | 47,628 SH | Aug. 8, 2026 | Daily |
| FNY · First Trust Exchange-Traded AlphaDE… | 0.68% | 60,454 NS | April 30, 2026 | N-PORT |
| XMHQ · Invesco Exchange-Traded Fund Trust | 0.67% | 597,458 SH | Aug. 8, 2026 | Daily |
| VUSE · ETF Series Solutions | 0.57% | 70,014 NS | May 31, 2026 | N-PORT |
| XMMO · Invesco Exchange-Traded Fund Trust | 0.48% | 565,424 SH | Aug. 8, 2026 | Daily |
| OASC · Unified Series Trust | 0.46% | 6,965 NS | May 31, 2026 | N-PORT |
| ROSC · Lattice Strategies Trust | 0.46% | 4,378 NS | April 30, 2026 | N-PORT |
| LSVD · ADVISORS' INNER CIRCLE FUND | 0.42% | 43,517 NS | April 30, 2026 | N-PORT |
| FNX · First Trust Exchange-Traded AlphaDE… | 0.28% | 64,173 NS | April 30, 2026 | N-PORT |
| IJK · iShares Trust | 0.24% | 424,082 SH | Aug. 8, 2026 | Daily |
| BFOR · ALPS ETF Trust | 0.23% | 8,639 NS | May 31, 2026 | N-PORT |
| PAMC · Pacer Funds Trust | 0.23% | 2,447 NS | April 30, 2026 | N-PORT |
| SDVD · First Trust Exchange-Traded Fund IV | 0.22% | 31,342 NS | April 30, 2026 | N-PORT |
| IVOG · VANGUARD ADMIRAL FUNDS | 0.21% | 71,460 SH | Aug. 8, 2026 | Daily |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.20% | 16,621 NS | April 30, 2026 | N-PORT |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.20% | 96,964 NS | May 31, 2026 | N-PORT |
| BKSE · BNY Mellon ETF Trust | 0.19% | 2,700 NS | April 30, 2026 | N-PORT |
| AFSM · First Trust Exchange-Traded Fund VI… | 0.18% | 3,120 NS | May 31, 2026 | N-PORT |
| FNDA · SCHWAB STRATEGIC TRUST | 0.17% | 277,802 NS | May 31, 2026 | N-PORT |
| FSMD · FIDELITY COVINGTON TRUST | 0.15% | 61,068 NS | April 30, 2026 | N-PORT |
| XJH · iShares Trust | 0.14% | 9,792 SH | Aug. 8, 2026 | Daily |
| QVMM · Invesco Exchange-Traded Fund Trust … | 0.14% | 9,583 SH | Aug. 8, 2026 | Daily |
| SMLF · iShares Trust | 0.14% | 92,303 SH | Aug. 8, 2026 | Daily |
| IJH · iShares Trust | 0.13% | 2,497,138 SH | Aug. 8, 2026 | Daily |
| PTMC · Pacer Funds Trust | 0.13% | 8,496 NS | April 30, 2026 | N-PORT |
| IVOO · VANGUARD ADMIRAL FUNDS | 0.11% | 116,853 SH | Aug. 8, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.11% | 259,287 NS | April 30, 2026 | N-PORT |
| SCHD · SCHWAB STRATEGIC TRUST | 0.10% | 1,765,072 NS | May 31, 2026 | N-PORT |
| ISCV · iShares Trust | 0.10% | 11,304 SH | Aug. 8, 2026 | Daily |
| BBMC · J.P. Morgan Exchange-Traded Fund Tr… | 0.09% | 32,717 NS | April 30, 2026 | N-PORT |
| MVV · ProShares Trust | 0.09% | 2,554 NS | May 31, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.09% | 355,231 NS | May 31, 2026 | N-PORT |
| MIDU · Direxion Shares ETF Trust | 0.09% | 1,224 NS | April 30, 2026 | N-PORT |
| RWK · Invesco Exchange-Traded Fund Trust … | 0.08% | 17,314 SH | Aug. 8, 2026 | Daily |
| VBR · VANGUARD INDEX FUNDS | 0.08% | 1,049,608 SH | Aug. 8, 2026 | Daily |
| GMOV · GMO ETF Trust | 0.08% | 1,281 NS | May 31, 2026 | N-PORT |
| ISCB · iShares Trust | 0.08% | 3,478 SH | Aug. 8, 2026 | Daily |
| DXUV · Dimensional ETF Trust | 0.07% | 4,616 NS | April 30, 2026 | N-PORT |
| UMDD · ProShares Trust | 0.06% | 357 NS | May 31, 2026 | N-PORT |
| SMDX · Tidal Trust III | 0.06% | 1,303 NS | April 30, 2026 | N-PORT |
| JSTC · Tidal Trust I | 0.06% | 3,402 NS | May 31, 2026 | N-PORT |