Morgan Stanley Buys Back Stock (MS)
Morgan Stanley (MS) announced today that it will buy back up to $500 million of it’s own shares after reporting stellar earnings for the second quarter.
The repurchase announcement took investors by surprise earlier today, leading the stock to rally 5% during the session. The New York bank’s Q2 earnings and revenue jumped, fueled by gains in investment banking and wealth management sections of the firm. Earnings climbed to $898 million, or 45 cents a share, a massive leap from $337 million just a year before.
CEO James Gorman’s plan to reshape Morgan Stanley seems to be effective, with the company also just finalizing the purchase of Smith Barney from Citigroup after years of negotiating.
Morgan Stanley shares were up $1.17, or 4.41% at the end of Thursday trading. The stock is up 35% YTD.
The Bottom Line
Shares of Morgan Stanley (MS) have a 0.72% yield based on Thursday morning’s price of $27.76.
Morgan Stanley (MS) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.2 out of 5 stars.
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