Federated Hermes Premier Municipal Income Fund declares dividend

Rhea-AI Summary

Federated Hermes Premier Municipal Income Fund (NYSE: FMN) declared a dividend of $0.0380 per share, reflecting a $0.0030 increase from the previous month. The dividend is exempt from federal income tax and federal alternative minimum tax (AMT). The record date is June 21, 2024, and the payable date is July 1, 2024. The increase is attributed to higher portfolio income from reinvestment at higher market yields and stabilized financing costs, as the Federal Reserve has held interest rates steady since July 2023. Federated Hermes, a global leader in investment management, manages $778.7 billion in assets as of March 31, 2024, and offers various investment solutions to over 10,000 institutions worldwide.

Positive

• Dividend increase to $0.0380 per share, a $0.0030 rise from the previous month.
• Dividend income is exempt from federal income tax and AMT.
• Higher portfolio income from reinvestment at higher market yields.
• Stability in financing costs due to steady short-term interest rates since July 2023.
• Federated Hermes manages $778.7 billion in assets as of March 31, 2024.

Negative

• No significant negative business aspects were directly highlighted in the PR.

PITTSBURGH, June 10, 2024 /PRNewswire/ -- Federated Hermes Premier Municipal Income Fund (NYSE: FMN) has declared a dividend. The fund seeks to provide investors with current dividend income that is exempt from regular federal income tax. In addition, this fund features income exempt from the federal alternative minimum tax (AMT).

Tax-Free Dividend Per Share
Record Date:	June 21, 2024
Ex-Dividend Date:	June 21, 2024
Payable Date:	July 1, 2024

Amount	Change From Previous Month
$0.0380	$0.0030

The increase in the dividend is the result of higher portfolio income from reinvestment at higher market yields and some stability in financing costs due to the Federal Reserve holding short-term interest rates steady since July 2023. Over the long term, the fund distributes what it earns, only adding to or drawing down from its Undistributed Net Investment Income balance to smooth short-run dividend changes.

Investors can view additional portfolio information in the Products section of FederatedHermes.com/us.

Federated Hermes, Inc. (NYSE: FHI) is a global leader in active, responsible investment management, with $778.7 billion in assets under management, as of March 31, 2024. We deliver investment solutions that help investors target a broad range of outcomes and provide equity, fixed-income, alternative/private markets, multi-asset and liquidity management strategies to more than 10,000 institutions and intermediaries worldwide. Our clients include corporations, government entities, insurance companies, foundations and endowments, banks and broker/dealers. Headquartered in Pittsburgh, Federated Hermes has more than 2,000 employees in London, New York, Boston and offices worldwide. For more information, visit FederatedHermes.com/us.

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View original content:https://www.prnewswire.com/news-releases/federated-hermes-premier-municipal-income-fund-declares-dividend-302168274.html

SOURCE Federated Hermes, Inc.

FAQ

What is the dividend amount declared by Federated Hermes Premier Municipal Income Fund (FMN)?

The dividend amount declared is $0.0380 per share.

When is the record date for the FMN dividend?

The record date is June 21, 2024.

When is the payable date for the FMN dividend?

The payable date is July 1, 2024.

Is the FMN dividend exempt from federal income tax?

Yes, the FMN dividend is exempt from federal income tax and AMT.

What caused the increase in FMN's dividend?

The increase is due to higher portfolio income from reinvestment at higher market yields and stabilized financing costs.

How many assets does Federated Hermes manage?

Federated Hermes manages $778.7 billion in assets as of March 31, 2024.