Solid Net Interest Margin and AUC Gains Lift State Street's Results; FVE Raised to $90 per Share
While there was little in wide-moat-rated State Street's second-quarter results that would alter our long-term view of the firm, we've increased our fair value estimate to $90 per share from $80 to reflect a greater increase in near-term net interest margin improvements, as well as assets under management, than we forecast previously. State Street's second-quarter net interest margin of 1.27% was a meaningful improvement over the prior-year period (1.14%) and the first quarter of 2017 (1.17%). W...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.
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