Northern Trust's Solid 3Q Driven by Revenue Growth and Cost Controls; No Change to $69 per Share FVE
There was little in wide-moat-rated Northern Trust's third-quarter results that would alter our long-term view of the firm. We are leaving our $69 per share fair value estimate in place. Net interest margin of 1.14% was a letdown when compared with the second quarter of 2016, when the bank reported a net interest margin of 1.16%, but still 6 basis points higher than what the firm reported during the third quarter of 2015. Lower money market fee waivers, which were actually zero in the recent per...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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