Federated Investors, Inc. Reports First Quarter 2018 Earnings
- Q1 2018 EPS of $0.60 up 22 percent from $0.49 in Q1 2017
PITTSBURGH, April 26, 2018 /PRNewswire/ -- Federated Investors, Inc. (NYSE: FII), one of the nation's largest investment managers, today reported earnings per diluted share (EPS) of $0.60 for Q1 2018, up 22 percent from $0.49 for the same quarter last year on net income of $60.3 million for Q1 2018, compared to $49.6 million for Q1 2017.
Federated's total managed assets were $392.2 billion at March 31, 2018, up $30.5 billion or 8 percent from $361.7 billion at March 31, 2017 and down $5.4 billion or 1 percent from $397.6 billion at Dec. 31, 2017. Total average managed assets for Q1 2018 were $398.0 billion, up $34.8 billion or 10 percent from $363.2 billion reported for Q1 2017 and up $16.0 billion or 4 percent from $382.0 billion reported for Q4 2017.
"In the first quarter, Federated saw interest in our MDT strategies, which are quantitatively driven equity portfolios designed to be well-diversified while aiming for high alpha and lower volatility compared to the broader market," said J. Christopher Donahue, president and chief executive officer. "In fixed-income, investors sought a variety of investment solutions that ranged from our stalwart Total Return Bond Fund to shorter-duration strategies, in which investments' interest rates can reset as benchmark rates continue to rise."
Federated's board of directors declared a dividend of $0.27 per share, an 8 percent increase from Q4 2017. The dividend is payable on May 15, 2018 to shareholders of record as of May 8, 2018. During Q1 2018, Federated purchased 118,645 shares of Federated class B common stock for $3.9 million.
Federated's equity assets were $64.0 billion at March 31, 2018, down $0.8 billion or 1 percent from $64.8 billion at March 31, 2017 and down $4.1 billion or 6 percent from $68.1 billion at Dec. 31, 2017. Top-selling equity funds during Q1 2018 on a net basis were Federated MDT Small Cap Core Fund, Federated Kaufmann Small Cap Fund, Federated MDT Small Cap Growth Fund, Federated Muni and Stock Advantage Fund and Federated MDT Mid Cap Growth Fund.
Federated's fixed-income assets were $62.3 billion at March 31, 2018, up $10.5 billion or 20 percent from $51.8 billion at March 31, 2017 and down $1.9 billion or 3 percent from $64.2 billion at Dec. 31, 2017. Top-selling fixed-income funds during Q1 2018 on a net basis included Federated Ultrashort Bond Fund, Federated Total Return Bond Fund, Federated Short-Term Income Fund, Federated Floating Rate Strategic Income Fund and Federated U.S. Government Securities Fund: 1-3 Years.
Money market assets were $265.9 billion at March 31, 2018, up $20.7 billion or 8 percent from $245.2 billion at March 31, 2017 and up $0.7 billion from $265.2 billion at Dec. 31, 2017. Money market fund assets were $182.4 billion at March 31, 2018, up $7.2 billion or 4 percent from $175.2 billion at March 31, 2017 and down $3.1 billion or 2 percent from $185.5 billion at Dec. 31, 2017. Federated's money market separate account assets were $83.5 billion at March 31, 2018, up $13.5 billion or 19 percent from $70.0 billion at March 31, 2017 and up $3.8 billion or 5 percent from $79.7 billion at Dec. 31, 2017.
Financial Summary
Q1 2018 revenues and expenses were impacted by Federated's adoption of the new revenue recognition accounting principle (Topic 606), effective Jan. 1, 2018. The primary impact of adoption is that reimbursements or assumptions of fund-related expenses (Consideration Payable to Customers) are now recorded as a reduction of revenue (investment advisory fees, net). Prior to adoption these amounts were recorded in either distribution expense or other expense. Therefore, there was no change to operating income or net income.
The impact of Consideration Payable to Customers on various components of Federated's Consolidated Statements of Income was as follows for the periods presented:
(in millions) | Q1 2018 | Q1 2017 | Q4 2017 | ||||||
Investment advisory fees, net1 | $ | (8.6) | $ | 0.0 | $ | 0.0 | |||
Distribution expense | 0.0 | 7.7 | 6.8 | ||||||
Other expense | 0.0 | 1.0 | 2.2 | ||||||
Operating Income | $ | (8.6) | $ | (8.7) | $ | (9.0) | |||
1) | Prior to adoption of Topic 606, this amount would have been recorded as distribution expense of $6.7 million and other expense of $1.9 million. |
Q1 2018 vs. Q1 2017
Revenue decreased by $9.6 million or 4 percent primarily due to an $8.6 million reduction of revenue for Q1 2018 Consideration Payable to Customers activity as a result of the adoption of the new revenue recognition accounting principle. Under legacy guidance this amount would have been recorded as $6.7 million of distribution expense and $1.9 million of other expense, as noted above.
During Q1 2018, Federated derived 60 percent of its revenue from equity and fixed-income assets (43 percent from equity assets and 17 percent from fixed-income assets) and 40 percent from money market assets.
Operating expenses decreased by $11.5 million or 6 percent primarily due to an $8.7 million reduction of expenses, as Q1 2017 Consideration Payable to Customers activity was recorded as distribution expense and other expense, while Q1 2018 activity of $8.6 million is recorded as a reduction of revenue as noted above. Distribution expense was also reduced due to a change in the mix of average money market fund assets and a January 2017 change in a customer relationship. These decreases were partially offset by higher distribution expense from lower voluntary yield-related fee waivers and an increase in compensation and related expense due primarily to higher incentive compensation expenses.
The income tax provision decreased $10.9 million primarily due to the change in the effective tax rate as a result of the enactment of the Tax Cuts and Jobs Act of 2017 (Tax Act).
Q1 2018 vs. Q4 2017
Revenue decreased $14.5 million or 5 percent primarily due to an $8.6 million reduction of revenue for Q1 2018 Consideration Payable to Customers activity as a result of the adoption of the new revenue recognition accounting principle as noted above, as well as there being two fewer days in the quarter.
Operating expenses decreased by $3.3 million or 2 percent primarily due to a $9.0 million reduction of expenses, as Q4 2017 Consideration Payable to Customers activity was recorded as distribution expense and other expense, while Q1 2018 activity of $8.6 million is recorded as a reduction of revenue as noted above. The remaining decrease in distribution expense is primarily due to there being two fewer days in the quarter. These decreases were partially offset by an increase in compensation and related expense due primarily to higher incentive compensation expenses and seasonality in payroll taxes.
Federated's level of business activity and financial results are dependent upon many factors, including market conditions, investment performance and investor behavior. These factors and others, including asset levels and mix, product sales and redemptions, market appreciation or depreciation, revenues, fee waivers, expenses and regulatory changes, can significantly impact Federated's business activity levels and financial results. Risk factors and uncertainties that can influence Federated's financial results are discussed in the company's annual and quarterly reports as filed with the Securities and Exchange Commission (SEC).
Federated will host an earnings conference call at 9 a.m. Eastern on April 27, 2018. Investors are invited to listen to Federated's earnings teleconference by calling 877-407-0782 (domestic) or 201-689-8567 (international) prior to the 9 a.m. start time. The call may also be accessed online in real time via the About Federated section of FederatedInvestors.com. A replay will be available from approximately 12:30 p.m. Eastern April 27, 2018 until May 4, 2018 by calling 877-481-4010 (domestic) or 919-882-2331 (international) and entering access code 27609. An online replay will be available via FederatedInvestors.com for one year.
Federated Investors, Inc. is one of the largest investment managers in the United States, managing $392.2 billion in assets as of March 31, 2018. With 108 funds and a variety of separately managed account options, Federated provides comprehensive investment management to more than 8,500 institutions and intermediaries including corporations, government entities, insurance companies, foundations and endowments, banks and broker/dealers. Federated ranks in the top 6 percent of equity fund managers in the industry, the top 8 percent of money market fund managers and the top 10 percent of fixed-income fund managers1. Federated also ranks as the fifth-largest SMA manager2. For more information, visit FederatedInvestors.com.
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1) Strategic Insight, March 31, 2018. Based on assets under management in open-end funds.
2) Money Management Institute/Dover Financial Research, Q4 2017.
Federated Securities Corp. is distributor of the Federated funds.
Separately managed accounts are made available through Federated Global Investment Management Corp., Federated Investment Counseling and Federated MDTA LLC, each a registered investment adviser.
Certain statements in this press release, such as those related to the level of fee waivers and expenses incurred by the company, performance, investor preferences and demand, asset flows and mix, customer relationships and expenses constitute or may constitute forward-looking statements, which involve known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of the company, or industry results, to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Other risks and uncertainties include the ability of the company to predict the level of fee waivers and expenses in future quarters, sustain product demand, and asset flows and mix, which could vary significantly depending on various factors, such as market conditions, investment performance and investor behavior. Other risks and uncertainties include the risk factors discussed in the company's annual and quarterly reports as filed with the SEC. As a result, no assurance can be given as to future results, levels of activity, performance or achievements, and neither the company nor any other person assumes responsibility for the accuracy and completeness of such statements in the future.
Unaudited Condensed Consolidated Statements of Income | ||||||||||||||
(in thousands, except per share data) | ||||||||||||||
Quarter Ended | % Change | Quarter Ended | % Change | |||||||||||
March 31, 2018 | March 31, 2017 | Dec. 31, 2017 | ||||||||||||
Revenue | ||||||||||||||
Investment advisory fees, net | $ | 174,266 | $ | 181,318 | (4) | % | $ | 186,145 | (6) | % | ||||
Administrative service fees, net—affiliates | 49,023 | 46,701 | 5 | 49,051 | 0 | |||||||||
Other service fees, net | 40,563 | 45,482 | (11) | 43,116 | (6) | |||||||||
Total Revenue | 263,852 | 273,501 | (4) | 278,312 | (5) | |||||||||
Operating Expenses | ||||||||||||||
Compensation and related | 78,374 | 73,402 | 7 | 71,990 | 9 | |||||||||
Distribution | 72,498 | 90,359 | (20) | 80,408 | (10) | |||||||||
Professional service fees | 9,631 | 7,078 | 36 | 8,922 | 8 | |||||||||
Systems and communications | 8,433 | 8,225 | 3 | 7,713 | 9 | |||||||||
Office and occupancy | 7,541 | 7,352 | 3 | 7,453 | 1 | |||||||||
Advertising and promotional | 3,228 | 2,955 | 9 | 2,771 | 16 | |||||||||
Travel and related | 2,821 | 2,934 | (4) | 3,496 | (19) | |||||||||
Other | 1,655 | 3,423 | (52) | 4,725 | (65) | |||||||||
Total Operating Expenses | 184,181 | 195,728 | (6) | 187,478 | (2) | |||||||||
Operating Income | 79,671 | 77,773 | 2 | 90,834 | (12) | |||||||||
Nonoperating Income (Expenses) | ||||||||||||||
Investment income, net | 718 | 4,214 | (83) | 3,601 | (80) | |||||||||
Debt expense | (1,330) | (1,102) | 21 | (1,239) | 7 | |||||||||
Other, net | (143) | 0 | NM | (9) | NM | |||||||||
Total Nonoperating (Expenses) Income, net | (755) | 3,112 | (124) | 2,353 | (132) | |||||||||
Income before income taxes | 78,916 | 80,885 | (2) | 93,187 | (15) | |||||||||
Income tax provision (benefit)1,2 | 18,910 | 29,858 | (37) | (38,787) | 149 | |||||||||
Net income including the noncontrolling interests in subsidiaries | 60,006 | 51,027 | 18 | 131,974 | (55) | |||||||||
Less: Net (loss) income attributable to the noncontrolling | (325) | 1,386 | (123) | 164 | (298) | |||||||||
Net Income | $ | 60,331 | $ | 49,641 | 22 | % | $ | 131,810 | (54) | % | ||||
Amounts Attributable to Federated Investors, Inc. | ||||||||||||||
Earnings Per Share3,4 | ||||||||||||||
Basic and diluted | $ | 0.60 | $ | 0.49 | 22 | % | $ | 1.31 | (54) | % | ||||
Weighted-average shares outstanding | ||||||||||||||
Basic | 97,187 | 97,863 | 97,084 | |||||||||||
Diluted | 97,189 | 97,864 | 97,086 | |||||||||||
Dividends declared per share | $ | 0.25 | $ | 0.25 | $ | 0.25 | ||||||||
1) | Dec. 31, 2017 includes a reduction of $70.4 million resulting from the revaluation of the net deferred tax liability due to the enactment of the Tax Act. |
2) | March 31, 2018 reflects a lower effective tax rate due to the enactment of the Tax Act. |
3) | Dec. 31, 2017 includes an increase of $0.70 per share resulting from the revaluation of the net deferred tax liability due to the enactment of the Tax Act. |
4) | Unvested share-based awards that receive non-forfeitable dividend rights are deemed participating securities and are required to be considered in the computation of earnings per share under the "two-class method." As such, total net income of $2.4 million, $2.0 million and $5.0 million available to unvested restricted shareholders for the quarterly periods ended March 31, 2018, March 31, 2017 and Dec. 31, 2017, respectively, was excluded from the computation of earnings per share. |
Unaudited Condensed Consolidated Balance Sheets | ||||||
(in thousands) | March 31, 2018 | Dec. 31, 2017 | ||||
Assets | ||||||
Cash and other investments | $ | 377,556 | $ | 369,538 | ||
Other current assets | 63,457 | 67,736 | ||||
Intangible assets, net, including goodwill | 736,772 | 736,915 | ||||
Other long-term assets | 57,542 | 57,221 | ||||
Total Assets | $ | 1,235,327 | $ | 1,231,410 | ||
Liabilities, Redeemable Noncontrolling Interests and Equity | ||||||
Current liabilities | $ | 99,635 | $ | 128,849 | ||
Long-term debt | 165,000 | 170,000 | ||||
Other long-term liabilities | 142,418 | 141,183 | ||||
Redeemable noncontrolling interests | 28,654 | 30,163 | ||||
Equity excluding treasury stock | 1,071,406 | 1,039,947 | ||||
Treasury stock | (271,786) | (278,732) | ||||
Total Liabilities, Redeemable Noncontrolling Interests and Equity | $ | 1,235,327 | $ | 1,231,410 | ||
Unaudited Changes in Equity and Fixed-Income Fund and Separate Account Assets (in millions) | |||||||||
Quarter Ended | |||||||||
March 31, 2018 | Dec. 31, 2017 | March 31, 2017 | |||||||
Equity funds | |||||||||
Beginning assets | $ | 38,101 | $ | 37,741 | $ | 36,231 | |||
Sales | 1,849 | 1,375 | 1,703 | ||||||
Redemptions | (3,059) | (2,090) | (3,047) | ||||||
Net redemptions | (1,210) | (715) | (1,344) | ||||||
Net exchanges | (128) | 34 | 60 | ||||||
Acquisition-related | 0 | 0 | 287 | ||||||
Market gains and losses1 | (342) | 1,041 | 1,925 | ||||||
Ending assets | $ | 36,421 | $ | 38,101 | $ | 37,159 | |||
Equity separate accounts2 | |||||||||
Beginning assets | $ | 30,038 | $ | 29,314 | $ | 26,150 | |||
Sales3 | 1,514 | 1,257 | 1,912 | ||||||
Redemptions3 | (2,493) | (1,445) | (1,994) | ||||||
Net redemptions3 | (979) | (188) | (82) | ||||||
Net exchanges | 3 | 0 | 0 | ||||||
Market gains and losses1 | (1,516) | 912 | 1,543 | ||||||
Ending assets | $ | 27,546 | $ | 30,038 | $ | 27,611 | |||
Total equity2 | |||||||||
Beginning assets | $ | 68,139 | $ | 67,055 | $ | 62,381 | |||
Sales3 | 3,363 | 2,632 | 3,615 | ||||||
Redemptions3 | (5,552) | (3,535) | (5,041) | ||||||
Net redemptions3 | (2,189) | (903) | (1,426) | ||||||
Net exchanges | (125) | 34 | 60 | ||||||
Acquisition-related | 0 | 0 | 287 | ||||||
Market gains and losses1 | (1,858) | 1,953 | 3,468 | ||||||
Ending assets | $ | 63,967 | $ | 68,139 | $ | 64,770 | |||
Fixed-income funds | |||||||||
Beginning assets | $ | 41,200 | $ | 41,214 | $ | 39,434 | |||
Sales | 4,107 | 3,675 | 3,986 | ||||||
Redemptions | (4,575) | (3,740) | (3,831) | ||||||
Net (redemptions) sales | (468) | (65) | 155 | ||||||
Net exchanges | 127 | (50) | (24) | ||||||
Acquisition-related | 0 | 0 | 148 | ||||||
Market gains and losses1 | (281) | 101 | 526 | ||||||
Ending assets | $ | 40,578 | $ | 41,200 | $ | 40,239 | |||
Fixed-income separate accounts2 | |||||||||
Beginning assets | $ | 23,017 | $ | 11,558 | $ | 11,880 | |||
Sales3 | 800 | 12,096 | 214 | ||||||
Redemptions3 | (2,027) | (892) | (695) | ||||||
Net (redemptions) sales3 | (1,227) | 11,204 | (481) | ||||||
Net exchanges | 0 | 0 | (56) | ||||||
Market gains and losses1 | (114) | 255 | 198 | ||||||
Ending assets | $ | 21,676 | $ | 23,017 | $ | 11,541 | |||
Total fixed income2 | |||||||||
Beginning assets | $ | 64,217 | $ | 52,772 | $ | 51,314 | |||
Sales3 | 4,907 | 15,771 | 4,200 | ||||||
Redemptions3 | (6,602) | (4,632) | (4,526) | ||||||
Net (redemptions) sales3 | (1,695) | 11,139 | (326) | ||||||
Net exchanges | 127 | (50) | (80) | ||||||
Acquisition-related | 0 | 0 | 148 | ||||||
Market gains and losses1 | (395) | 356 | 724 | ||||||
Ending assets | $ | 62,254 | $ | 64,217 | $ | 51,780 | |||
1) | Reflects the approximate changes in the fair value of the securities held by the portfolios and, to a lesser extent, reinvested dividends, distributions, net investment income and the impact of changes in foreign exchange rates. |
2) | Includes separately managed accounts, institutional accounts, sub-advised funds and other managed products. |
3) | For certain accounts, Sales and Redemptions are calculated as the remaining difference between beginning and ending assets after the calculation of total investment return. |
Unaudited Total Changes in Equity and Fixed-Income Assets (in millions) | |||||||||
Quarter Ended | |||||||||
March 31, 2018 | Dec. 31, 2017 | March 31, 2017 | |||||||
Funds | |||||||||
Beginning assets | $ | 79,301 | $ | 78,955 | $ | 75,665 | |||
Sales | 5,956 | 5,050 | 5,689 | ||||||
Redemptions | (7,634) | (5,830) | (6,878) | ||||||
Net redemptions | (1,678) | (780) | (1,189) | ||||||
Net exchanges | (1) | (16) | 36 | ||||||
Acquisition-related | 0 | 0 | 435 | ||||||
Market gains and losses1 | (623) | 1,142 | 2,451 | ||||||
Ending assets | $ | 76,999 | $ | 79,301 | $ | 77,398 | |||
Separate accounts2 | |||||||||
Beginning assets | $ | 53,055 | $ | 40,872 | $ | 38,030 | |||
Sales3 | 2,314 | 13,353 | 2,126 | ||||||
Redemptions3 | (4,520) | (2,337) | (2,689) | ||||||
Net (redemptions) sales3 | (2,206) | 11,016 | (563) | ||||||
Net exchanges | 3 | 0 | (56) | ||||||
Market gains and losses1 | (1,630) | 1,167 | 1,741 | ||||||
Ending assets | $ | 49,222 | $ | 53,055 | $ | 39,152 | |||
Total assets2 | |||||||||
Beginning assets | $ | 132,356 | $ | 119,827 | $ | 113,695 | |||
Sales3 | 8,270 | 18,403 | 7,815 | ||||||
Redemptions3 | (12,154) | (8,167) | (9,567) | ||||||
Net (redemptions) sales3 | (3,884) | 10,236 | (1,752) | ||||||
Net exchanges | 2 | (16) | (20) | ||||||
Acquisition-related | 0 | 0 | 435 | ||||||
Market gains and losses1 | (2,253) | 2,309 | 4,192 | ||||||
Ending assets | $ | 126,221 | $ | 132,356 | $ | 116,550 | |||
1) | Reflects the approximate changes in the fair value of the securities held by the portfolios and, to a lesser extent, reinvested dividends, distributions, net investment income and the impact of changes in foreign exchange rates. |
2) | Includes separately managed accounts, institutional accounts, sub-advised funds and other managed products. |
3) | For certain accounts, Sales and Redemptions are calculated as the remaining difference between beginning and ending assets after the calculation of total investment return. |
Unaudited Managed Assets (in millions) | March 31, 2018 | Dec. 31, 2017 | Sept. 30, 2017 | June 30, 2017 | March 31, 2017 | ||||||||||
By Asset Class | |||||||||||||||
Equity | $ | 63,967 | $ | 68,139 | $ | 67,055 | $ | 65,787 | $ | 64,770 | |||||
Fixed-income | 62,254 | 64,217 | 52,772 | 52,507 | 51,780 | ||||||||||
Money market | 265,944 | 265,214 | 243,840 | 242,096 | 245,198 | ||||||||||
Total Managed Assets | $ | 392,165 | $ | 397,570 | $ | 363,667 | $ | 360,390 | $ | 361,748 | |||||
By Product Type | |||||||||||||||
Funds: | |||||||||||||||
Equity | $ | 36,421 | $ | 38,101 | $ | 37,741 | $ | 37,225 | $ | 37,159 | |||||
Fixed-income | 40,578 | 41,200 | 41,214 | 40,880 | 40,239 | ||||||||||
Money market | 182,437 | 185,536 | 177,865 | 173,338 | 175,232 | ||||||||||
Total Fund Assets | $ | 259,436 | $ | 264,837 | $ | 256,820 | $ | 251,443 | $ | 252,630 | |||||
Separate Accounts: | |||||||||||||||
Equity | $ | 27,546 | $ | 30,038 | $ | 29,314 | $ | 28,562 | $ | 27,611 | |||||
Fixed-income | 21,676 | 23,017 | 11,558 | 11,627 | 11,541 | ||||||||||
Money market | 83,507 | 79,678 | 65,975 | 68,758 | 69,966 | ||||||||||
Total Separate Account Assets | $ | 132,729 | $ | 132,733 | $ | 106,847 | $ | 108,947 | $ | 109,118 | |||||
Total Managed Assets | $ | 392,165 | $ | 397,570 | $ | 363,667 | $ | 360,390 | $ | 361,748 | |||||
Unaudited Average Managed Assets | Quarter Ended | ||||||||||||||
(in millions) | March 31, 2018 | Dec. 31, 2017 | Sept. 30, 2017 | June 30, 2017 | March 31, 2017 | ||||||||||
By Asset Class | |||||||||||||||
Equity | $ | 66,833 | $ | 67,466 | $ | 66,127 | $ | 65,399 | $ | 63,780 | |||||
Fixed-income | 63,594 | 64,351 | 52,631 | 52,291 | 51,802 | ||||||||||
Money market | 267,546 | 250,197 | 241,749 | 242,298 | 247,591 | ||||||||||
Total Avg. Managed Assets | $ | 397,973 | $ | 382,014 | $ | 360,507 | $ | 359,988 | $ | 363,173 | |||||
By Product Type | |||||||||||||||
Funds: | |||||||||||||||
Equity | $ | 37,728 | $ | 37,926 | $ | 37,301 | $ | 37,325 | $ | 36,957 | |||||
Fixed-income | 41,078 | 41,240 | 40,967 | 40,670 | 40,086 | ||||||||||
Money market | 181,856 | 176,918 | 174,358 | 172,626 | 182,418 | ||||||||||
Total Avg. Fund Assets | $ | 260,662 | $ | 256,084 | $ | 252,626 | $ | 250,621 | $ | 259,461 | |||||
Separate Accounts: | |||||||||||||||
Equity | $ | 29,105 | $ | 29,540 | $ | 28,826 | $ | 28,074 | $ | 26,823 | |||||
Fixed-income | 22,516 | 23,111 | 11,664 | 11,621 | 11,716 | ||||||||||
Money market | 85,690 | 73,279 | 67,391 | 69,672 | 65,173 | ||||||||||
Total Avg. Separate Account Assets | $ | 137,311 | $ | 125,930 | $ | 107,881 | $ | 109,367 | $ | 103,712 | |||||
Total Avg. Managed Assets | $ | 397,973 | $ | 382,014 | $ | 360,507 | $ | 359,988 | $ | 363,173 | |||||
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SOURCE Federated Investors, Inc.
