BNY Mellon's 3Q Enhanced by Improved Net Interest Margin and Fees; No Change to $49 per Share FVE
There was little in wide-moat-rated BNY Mellon's third-quarter results that would alter our long-term view of the firm. We are leaving our $49 per share fair value estimate in place. Net interest margin of 1.06% was an improvement on the second quarter (0.98%), as well as the third quarter of 2015 (0.98%), while lower money market fee waivers also contributed to overall results, with waivers falling from $28 million in the year-ago period to $11 million during the third quarter.Assets under cus...
Bank of New York Mellon divides its businesses into two business segments, Investment Services and Investment Management. The company also has an Other segment, which includes the leasing portfolio, corporate treasury activities, derivatives and other trading activity, corporate and bank-owned life insurance, renewable energy investments and business exits. The company's two principal United States banking subsidiaries engage in trust and custody activities, investment management services, banking services and various securities-related activities. The company has four other United States bank and/or trust company subsidiaries concentrating on trust products and services across the United States.
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.
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