KeyCorp Officially Completes First Niagara Acquisition, Initial Results Are on Track
No-moat rated KeyCorp’s third-quarter results were largely in line with our current thesis on the firm, and we are maintaining our $15 fair value estimate. KeyCorp officially completed its acquisition of First Niagara on Aug. 1, and the integration efforts have begun in earnest. There were a number of merger related charges and other effects from the inclusion of First Niagara this quarter affecting results. Taking out all merger-related charges, quarterly results were encouraging. The cash effi...KeyCorp is a bank holding company. Through its principal subsidiary, KeyBank National Association and certain other subsidiaries, the company has the following main business segments: Consumer Bank, which serves individuals and small businesses by providing a variety of deposit and investment products, personal finance and financial wellness services, lending, mortgage and home equity, student loan refinancing, credit card, treasury services, and business advisory services; and Commercial Bank, which is focused principally on serving the needs of middle market clients in the following industry sectors, including consumer, energy, healthcare, industrial, public sector, real estate, and technology.
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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