Banking, finance, and taxes
Morgan Stanley Whiffs on Q2 Despite Bottom-Line Beat
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Morgan Stanley (NYSE: MS) released its second-quarter financial results before the markets opened on Thursday. The investment bank said that it had $1.23 in earnings per share (EPS) and $10.2 billion in revenue, which compares with consensus estimates of $1.14 in EPS and revenue of $9.99 billion. The same period of last year reportedly had EPS of $1.30 on $10.61 billion in revenue.
In terms of its business segments, Morgan Stanley reported as follows:
For the quarter, book value per share was $44.13 and tangible book value per share was $38.44.
James P. Gorman, board chair and chief executive, commented:
We reported solid quarterly results across all our businesses. Firmwide revenues were over $10 billion and we produced an ROE within our target range, demonstrating the stability of our franchise. We remain focused on serving our clients and pursuing growth opportunities while diligently managing expenses.
Shares of Morgan Stanley traded up about 1% early Thursday to $44.28. The 52-week range is $36.74 to $51.53. The consensus price target is $53.62.
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