A Lot of Noise Present in 3Q Results for Northern Trust; Underlying Operations Appear Fine
Wide-moat Northern Trust reported decent third-quarter results that were well within our expectations for the firm. We have felt since the start of the year that share prices for Northern Trust had likely run a bit ahead of their intrinsic value, and the current decline in price was not entirely unexpected to us. We note that after this decline, shares are now looking fairly valued, trading in line with our maintained fair value estimate of $95 per share. This is 2.4 times book value as of Septe...Northern Trust is a financial holding company. Through its subsidiaries, including The Northern Trust Company, the company provides wealth management, asset servicing, asset management and banking solutions. The company focuses on managing and servicing client assets through two segments: Corporate and Institutional Services, which provides asset servicing and related services to corporate and public retirement funds, foundations, endowments, fund managers, insurance companies, sovereign wealth funds, and other institutional investors; and Wealth Management, which focuses on individuals and families, business owners, executives, retirees, and privately-held businesses in its target markets.
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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