State Street Posts Mixed 3Q as Higher Expenses Offset Revenue Growth; No Change to $76 Fair Value
There was little in wide-moat State Street's third-quarter results that would alter our long-term view of the firm, and we are leaving our $76 per share fair value estimate in place. Net interest margin of 1.14% was in line with second-quarter 2016 results and solidly above the margin (of 1.00%) reported for the prior year's period, with the effect of the Federal Reserve's interest-rate increase at the end of 2015 continuing to add to results this year. Barring another increase in the federal-fu...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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