Ongoing Net Interest Margin and AUC Gains Lift State Street's Results; No Change to FVE
There was little in wide-moat-rated State Street's third-quarter results that would alter our long-term view of the firm. We're leaving our $90 per share fair value estimate in place. Third-quarter net interest margin of 1.35% represented a solid improvement over the prior-year period (1.14%) and the second quarter of 2017 (1.27%). At this rate, State Street's full-year net interest margin should end nearer the upper end of our 1.15%-1.25% forecast range for 2017.Assets under custody/administra...
State Street is a financial holding company. Through its subsidiaries, the company provides a range of financial products and services to institutional investors. The company's clients include mutual funds, collective investment funds and other investment pools, corporate and public retirement plans, insurance companies, foundations, endowments and investment managers. The company's Investment Servicing line of business performs custody and related functions, such as providing institutional investors with clearing, settlement and payment services. The company's Investment Management line of business, through State Street Global Advisors, provides a range of investment management strategies and products for its clients.
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.
We have operations in 27 countries.
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