Weaker Operating Leverage in Q1 for State Street, But We Don't See It As A Long Term Trend
Wide-moat-rated State Street reported decent first-quarter results which were largely in line with our overall expectations for the firm. We are maintaining our fair value estimate of $107 per share. Expenses came in a bit higher than we might have expected, and revenue growth was average, at 5% year over year ex FX. However, we would emphasize that it is only one quarter (where results can be quite variable) and the firm remains well within range to reasonably meet our long-term expectations, a...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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