Morgan Stanley (NYSE:MS) stock was up on Wednesday following strong results for its second quarter of 2017.
Morgan Stanley reported earnings per share of 87 cents for the second quarter of the year. This is up from its earnings per share of 75 cents from the second quarter of 2016. It also beat out Wall Street’s earnings per share estimate of 76 cents for the quarter and likely helped MS stock rise today.
During the second quarter of 2017, Morgan Stanley reported revenue of $9.50 billion. This is an increase over the company’s revenue of $8.91 billion that was reported during the same time last year. The revenue was also good news for MS stock as it came in above analysts’ estimate of $9.09 billion for the second quarter of the year.
Net income reported by Morgan Stanley in the second quarter of 2017 was $1.79 billion. The financial company reported a net income of $1.65 billion during the same period of the year prior.
Morgan Stanley also announced a dividend for its shareholders in its most recent earnings report. The company will be paying a dividend of 25 cents per share to investors on Aug. 15, 2017. The dividend will be available to all holders of MS stock that are on record as of July 31, 2017.
Morgan Stanley also announced a new share repurchase program that will start during the company’s third quarter of 2017. This program includes $5 billion for the repurchase of common stock and will last through the second quarter of 2018.
MS stock was up 2% as of noon Wednesday and is up 8% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.
