Cornerstone Wealth Management LLC trimmed its stake in Morgan Stanley (NYSE:MS) by 13.0% in the 3rd quarter, HoldingsChannel reports. The fund owned 131,103 shares of the financial services provider’s stock after selling 19,644 shares during the quarter. Cornerstone Wealth Management LLC’s holdings in Morgan Stanley were worth $2,655,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Hennessy Advisors Inc. increased its position in Morgan Stanley by 2.3% during the 2nd quarter. Hennessy Advisors Inc. now owns 45,000 shares of the financial services provider’s stock valued at $2,133,000 after buying an additional 1,000 shares in the last quarter. Baxter Bros Inc. increased its position in Morgan Stanley by 2.6% during the 2nd quarter. Baxter Bros Inc. now owns 44,210 shares of the financial services provider’s stock valued at $2,096,000 after buying an additional 1,100 shares in the last quarter. Tiedemann Advisors LLC increased its position in Morgan Stanley by 8.7% during the 2nd quarter. Tiedemann Advisors LLC now owns 14,198 shares of the financial services provider’s stock valued at $674,000 after buying an additional 1,135 shares in the last quarter. Appleton Partners Inc. MA increased its position in Morgan Stanley by 4.4% during the 3rd quarter. Appleton Partners Inc. MA now owns 29,085 shares of the financial services provider’s stock valued at $1,354,000 after buying an additional 1,220 shares in the last quarter. Finally, Cornerstone Advisors Inc. increased its position in Morgan Stanley by 33.4% during the 2nd quarter. Cornerstone Advisors Inc. now owns 4,894 shares of the financial services provider’s stock valued at $232,000 after buying an additional 1,224 shares in the last quarter. 84.53% of the stock is owned by hedge funds and other institutional investors.
In other news, major shareholder Stanley Morgan sold 327 shares of the company’s stock in a transaction dated Wednesday, September 19th. The stock was sold at an average price of $23,000.00, for a total value of $7,521,000.00. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 0.19% of the stock is owned by corporate insiders.
Morgan Stanley (NYSE:MS) last posted its quarterly earnings results on Tuesday, October 16th. The financial services provider reported $1.17 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.01 by $0.16. The business had revenue of $9.87 billion for the quarter, compared to the consensus estimate of $9.55 billion. Morgan Stanley had a return on equity of 12.53% and a net margin of 15.93%. The company’s quarterly revenue was up 7.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.93 EPS. On average, research analysts forecast that Morgan Stanley will post 4.94 earnings per share for the current year.
Morgan Stanley announced that its Board of Directors has approved a share repurchase program on Wednesday, July 18th that authorizes the company to repurchase $4.70 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 5.3% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s leadership believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Thursday, November 15th. Shareholders of record on Wednesday, October 31st will be paid a dividend of $0.30 per share. The ex-dividend date of this dividend is Tuesday, October 30th. This represents a $1.20 annualized dividend and a yield of 2.73%. Morgan Stanley’s payout ratio is presently 33.33%.
Several brokerages recently issued reports on MS. Wells Fargo & Co raised Morgan Stanley from a “market perform” rating to an “outperform” rating and upped their target price for the company from $56.00 to $60.00 in a research report on Wednesday. Zacks Investment Research raised Morgan Stanley from a “hold” rating to a “buy” rating and set a $56.00 target price on the stock in a research report on Tuesday, July 24th. Sandler O’Neill reaffirmed a “hold” rating and set a $51.00 target price on shares of Morgan Stanley in a research report on Friday, July 13th. ValuEngine lowered Morgan Stanley from a “hold” rating to a “sell” rating in a research report on Monday, July 2nd. Finally, Citigroup dropped their price target on Morgan Stanley from $58.00 to $56.00 and set a “neutral” rating on the stock in a research note on Friday, July 20th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and eleven have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $58.82.
Morgan Stanley Company Profile
Morgan Stanley, a financial holding company, provides various financial products and services to corporations, governments, financial institutions, and individuals in the Americas, Europe, the Middle East, Africa, and Asia. The company operates Institutional Securities, Wealth Management, and Investment Management segments.
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