Banking, finance, and taxes
Morgan Stanley Cruises By With Strong Q3 Earnings
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Morgan Stanley (NYSE: MS) released its third-quarter financial results before the markets opened on Thursday. The investment bank said that it had $1.27 in earnings per share (EPS) and $10.0 billion in revenue, which compares with consensus estimates of $1.11 in EPS and revenue of $9.6 billion. The same period of last year reportedly had EPS of $1.17 on $9.87 billion in revenue.
In terms of its business segments, Morgan Stanley reported as follows:
For the quarter, book value per share was $45.49 and tangible book value per share was $39.73.
James P. Gorman, board chair and chief executive, commented:
We delivered strong quarterly earnings despite the typical summer slowdown and volatile markets. Firmwide revenues were over $10 billion for the third consecutive quarter, and we produced an ROE within our target range. Our consistent performance shows the stability of our business model. We remain committed to controlling our expenses and are well positioned to pursue our growth initiatives.
Shares of Morgan Stanley closed Wednesday at $42.79, in a 52-week range of $36.74 to $48.67. The consensus price target is $52.77. Following the announcement, the stock was up about 3% at $44.21 in early trading indications Thursday.
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