Meeder Asset Management Inc. reduced its stake in shares of Morgan Stanley (NYSE:MS) by 31.3% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 99,315 shares of the financial services provider’s stock after selling 45,153 shares during the period. Meeder Asset Management Inc.’s holdings in Morgan Stanley were worth $4,426,000 at the end of the most recent quarter.
Several other large investors have also recently added to or reduced their stakes in the stock. Invictus RG purchased a new stake in Morgan Stanley during the first quarter valued at approximately $106,000. FTB Advisors Inc. boosted its stake in Morgan Stanley by 8.1% in the first quarter. FTB Advisors Inc. now owns 2,605 shares of the financial services provider’s stock valued at $112,000 after buying an additional 196 shares during the period. State of Alaska Department of Revenue purchased a new stake in Morgan Stanley during the first quarter valued at approximately $120,000. Adirondack Trust Co. boosted its stake in Morgan Stanley by 2.5% in the first quarter. Adirondack Trust Co. now owns 2,824 shares of the financial services provider’s stock valued at $121,000 after buying an additional 70 shares during the period. Finally, First Manhattan Co. boosted its stake in Morgan Stanley by 17.0% in the first quarter. First Manhattan Co. now owns 4,294 shares of the financial services provider’s stock valued at $137,000 after buying an additional 624 shares during the period. 85.47% of the stock is owned by institutional investors.
Morgan Stanley (NYSE MS) traded up 0.67% during mid-day trading on Friday, hitting $45.39. The company had a trading volume of 7,284,026 shares. The firm has a market capitalization of $83.36 billion, a PE ratio of 13.00 and a beta of 1.63. The company’s 50 day moving average price is $46.38 and its 200-day moving average price is $44.47. Morgan Stanley has a 12-month low of $30.39 and a 12-month high of $48.90.
Morgan Stanley (NYSE:MS) last posted its quarterly earnings data on Wednesday, July 19th. The financial services provider reported $0.87 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.76 by $0.11. The firm had revenue of $9.50 billion during the quarter, compared to analyst estimates of $9.05 billion. Morgan Stanley had a net margin of 16.77% and a return on equity of 9.83%. The company’s revenue for the quarter was up 6.7% on a year-over-year basis. During the same quarter last year, the business posted $0.75 EPS. On average, analysts forecast that Morgan Stanley will post $3.50 EPS for the current fiscal year.
Morgan Stanley announced that its Board of Directors has initiated a stock buyback program on Wednesday, June 28th that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the financial services provider to buy up to 6.1% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 15th. Shareholders of record on Monday, July 31st were paid a $0.25 dividend. This is a positive change from Morgan Stanley’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend was Thursday, July 27th. This represents a $1.00 annualized dividend and a yield of 2.20%. Morgan Stanley’s dividend payout ratio (DPR) is 28.65%.
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Several research firms have recently issued reports on MS. Wells Fargo & Company began coverage on Morgan Stanley in a research report on Wednesday, August 9th. They issued a “market perform” rating and a $48.00 price target on the stock. BMO Capital Markets raised their price target on Morgan Stanley from $58.00 to $61.00 and gave the stock an “outperform” rating in a research report on Thursday, July 20th. Credit Suisse Group restated a “neutral” rating and issued a $49.00 price target (up from $47.00) on shares of Morgan Stanley in a research report on Saturday, July 22nd. Macquarie restated an “outperform” rating and issued a $52.00 price target (up from $51.00) on shares of Morgan Stanley in a research report on Saturday, July 22nd. Finally, Zacks Investment Research upgraded Morgan Stanley from a “sell” rating to a “hold” rating in a research report on Monday, July 24th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $48.57.
In other news, Chairman James P. Gorman sold 212,366 shares of the firm’s stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $47.26, for a total transaction of $10,036,417.16. Following the completion of the sale, the chairman now owns 1,602,609 shares in the company, valued at approximately $75,739,301.34. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Jonathan Pruzan sold 25,767 shares of the firm’s stock in a transaction that occurred on Thursday, July 20th. The stock was sold at an average price of $46.68, for a total transaction of $1,202,803.56. Following the sale, the chief financial officer now owns 196,708 shares of the company’s stock, valued at approximately $9,182,329.44. The disclosure for this sale can be found here. Company insiders own 0.35% of the company’s stock.
About Morgan Stanley
Morgan Stanley is a financial holding company. The Company’s segments include Institutional Securities, Wealth Management and Investment Management. The Company’s Institutional Securities business segment provides investment banking, sales and trading, and other services to corporations, governments, financial institutions and high-to-ultra high net worth clients.
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