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Federated Investors (FII) is a company widely bashed by the sell side, and subject to panic swings by investors worried about money market fund regulation. Indeed, Stern Agee just placed FII at the bottom of its list of money managers, with a sell rating despite the fact that this company:

1) trades at a multiple ~15% cheaper than its peers in the industry (around 13x earnings),

2) has a sum of the parts valuation at least 50% higher than where the stock is trading today,

3) grew its equity AUM by 8% in Q1, and its fixed income assets by 16% yoy, and

4) has paid out an astonishing $10.30 in cash dividends (almost half of its...

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