By Iain Gilbert
Date: Friday 16 Apr 2021
LONDON (ShareCast) - (Sharecast News) - Banking giant Morgan Stanley topped first-quarter earnings estimates on Friday thanks to some better-than-expected investment banking and trading results.
Morgan Stanley posted a first-quarter profit of $4.1bn, or $2.19 per share, ahead of analysts estimates for a reading of $1.70 per share, while adjusted profits came to $2.22 per share.
Revenues surged 61% to an all-time high of $15.7bn, smashing expectations on the Street by $1.6bn.
Morgan Stanley's fixed-income trading desks brought in $2.97bn in revenues, about $850.0m more than forecast, while equity trading produced $2.88bn in revenues - roughly $170.0m more than estimates.
Investment banking revenues skyrocketed 128% to $2.61bn, beating estimates by approximately $500.0m on the back of record equity underwriting revenues.
However, despite the strong quarterly showing, Morgan Stanley also stated it had lost nearly $1.0bn as a result of the Archegos fund meltdown in March. MS stated it had a $644.0m loss from a "credit event", as well as $267.0m in related trading losses.
As of 1340 BST, Morgan Stanley shares were up 0.51% in pre-market trading at $81.23 each.
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Currency | US Dollars |
Share Price | $ 104.11 |
Change Today | $ -0.49 |
% Change | -0.47 % |
52 Week High | $106.96 |
52 Week Low | $70.40 |
Volume | 3,113,293 |
Shares Issued | 1,646.00m |
Market Cap | $171,365m |
Beta | 0.88 |
RiskGrade | 150 |
Strong Buy | 4 |
Buy | 4 |
Neutral | 13 |
Sell | 1 |
Strong Sell | 0 |
Total | 22 |
Time | Volume / Share Price |
16:00 | 100 @ $104.12 |
16:00 | 617,860 @ $104.11 |
15:59 | 100 @ $104.12 |
15:59 | 628 @ $104.11 |
15:59 | 300 @ $104.11 |
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