Morgan Stanley MS shares are trading higher after the company reported better-than-expected first-quarter FY24 financial results.
The company reported revenues of $15.1 billion, beating the consensus of $14.34 billion.
The Wealth Management division generated $6.9 billion in revenue, vs. $6.6 billion a year ago.
Related: Regulators Probe Morgan Stanley’s Wealth-Management Division: Report
Investment Banking produced $1.45 billion in revenue, up 16% Y/Y, led by equity underwriting revenues (reflecting higher revenues from IPOs and follow-ons) and fixed income underwriting revenues on higher bond issuances.
Investment Management net revenues were $1.4 billion, vs. $1.3 billion the prior year and AUM of $1.51 trillion. Fixed Income net revenues increased to $2.49 billion from $2.58 billion a year ago.
Net profit came in at $3.4 billion, compared to $3.0 billion a year ago. Provision of credit losses stood at $(6) million vs. $234 million a year ago quarter. EPS stood at $2.02, beating the consensus of $1.68.
Dividend: The Board of Directors declared a quarterly dividend per share of $0.85, payable on May 15, 2024, to common shareholders of record on April 30, 2024.
The company repurchased $1.0 billion of its outstanding common stock during the quarter.
Investors can gain exposure to the stock via IShares U.S. Broker-Dealers & Securities Exchanges ETF IAI and Invesco KBW Bank ETF KBWB.
Also Read: Morgan Stanley Identifies Top ‘Alpha’ Stocks In APAC, One With Potential 28% Upside
Price Action: MS shares traded higher by 3.44% at $89.98 on the last check Tuesday.
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