Excellent Start to 2018 for BNY Mellon; Raising Our FVE
Wide-moat-rated Bank of New York Mellon reported excellent first-quarter results that were ahead of our short-term expectations for the company. After making some minor adjustments, we are increasing our fair value estimate to $58 per share from $55. Despite only minor quarter-over-quarter growth for assets under custody/administration and a decline in assets under management, fee revenue managed to come in ahead of our expectations. There was also a higher boost to net interest margins than we ...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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