Morgan Stanley beats Q2 estimates, raises dividend
By Josh White
Date: Tuesday 18 Jul 2023
(Sharecast News) - Morgan Stanley posted better-than-expected revenues and profit for the second quarter and bumped up its dividend payout.
Its boss, James P. Gorman, described the market environment as "challenging", citing macroeconomic uncertainties at the start of the period but said that the quarter had ended with a more "constructive tone".
He also highlighted the second consecutive $100bn quarterly increase in net new assets at its Wealth and Investment Management arm.
The U.S. lender said that over the three months ending in June net revenues increased by roughly $400m to $13.5bn.
Net income on the other hand fell from $2.5bn one year before to $2.2bn, in part as a result of $300m in severance costs.
Earnings per share came in at $1.24, versus $1.39 in the same quarter of 2022 but ahead of the FactSet consensus for $1.20.
The quarterly dividend was raised by 7.5 US cents.
As of 1535 BST, shares of Morgan Stanley were 5.74% higher at $91.33.
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