M&T Executes on All Fronts in the Second Quarter, but We Balk at Its Lofty Price
Narrow moat M&T Bank generated a 13.61% reported operating return on average tangible assets in the first half of 2017. We are slightly increasing our fair value estimate to $133 per share based on the time value of money since our last update and a modest increase in our operating leverage expectations.ÂM&T benefited from a rising interest-rate environment, with net interest margin expanding from 3.13% to 3.45% on a taxable-equivalent basis over the last 12 months. As of the company’s...
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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