Slower Results in U.S. For BMO, but Overall Returns Still in Line With Our Expectations
Bank of Montreal reported fiscal third-quarter results that were largely in line with our expectations for the firm and do not alter our long-term thesis, and we are maintaining our fair value estimate of CAD 98 and updating our fair value estimate for U.S. shares to $78 due to changes in exchange rates. While overall growth may have been slightly disappointing, it has only been for one quarter and largely stemmed from lower growth in the U.S., which we have long viewed as a more competitive and...Bank of Montreal is a financial services organization. Co. provides a range of retail banking, wealth management and investment banking products and services. Co. serves its clients through three operating groups: Personal and Commercial Banking, which provides financial services to personal and commercial customers; Private Client Group, which provides wealth management products and services to individuals and select institutional segments; and BMO Capital Markets, which provides clients financial and capital markets services to corporate, institutional and government clients.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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