Market Updates
Morgan Stanley Lifted Dividend, Launched New Stock Buyback Plan
Scott Peters
14 Jul, 2022
New York City
Morgan Stanley dropped 0.9% to $74.26 after the financial services company reported net revenues in the second quarter ending in June fell 11% to $13.1 billion compared to $14.8 billion a year ago.
Net income fell 29% to $2.5 billion or $1.39 per diluted share compared to net income of $3.5 billion or $1.85 per diluted share for the same period a year ago.
Uncertain macroeconomic environment and volatile markets impacted institutional securities revenues.
Segment revenues declined 14% to $6.1 billion from $7.1 billion.
Wealth management segment revenues declined to $5.7 billion from $6.1 billion, negatively impacted by mark-to-market losses on investments associated with certain employee deferred compensation plans.
The business added net new assets of $53 billion in the quarter and $195 billion in the first half of 2022.
Morgan Stanley repurchased $2.7 billion of its own stock and completed its previously announced $12 billion share repurchase program.
The company announced a new $20 billion stock repurchase program and also lifted its quarterly dividend 11% to 77.5 cents payable on August 15, 2022 to common shareholders of record on July 29, 2022.
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