Hodges Capital Management Inc. Sells 2,100 Shares of Morgan Stanley (MS)
Hodges Capital Management Inc. decreased its position in Morgan Stanley (NYSE:MS) by 11.1% during the second quarter, Holdings Channel reports. The fund owned 16,765 shares of the financial services provider’s stock after selling 2,100 shares during the period. Hodges Capital Management Inc.’s holdings in Morgan Stanley were worth $747,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Parkside Financial Bank & Trust boosted its position in Morgan Stanley by 9.1% in the second quarter. Parkside Financial Bank & Trust now owns 2,275 shares of the financial services provider’s stock worth $101,000 after buying an additional 190 shares during the last quarter. V Wealth Management LLC purchased a new position in Morgan Stanley during the second quarter worth approximately $106,000. Invictus RG purchased a new position in Morgan Stanley during the first quarter worth approximately $106,000. FTB Advisors Inc. boosted its position 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 worth $112,000 after buying an additional 196 shares during the last quarter. Finally, State of Alaska Department of Revenue purchased a new position in Morgan Stanley during the first quarter worth approximately $120,000. 85.67% of the stock is currently owned by institutional investors and hedge funds.
Shares of Morgan Stanley (MS) opened at 45.65 on Friday. Morgan Stanley has a 1-year low of $29.31 and a 1-year high of $48.90. The company has a market cap of $83.84 billion, a price-to-earnings ratio of 13.08 and a beta of 1.63. The firm’s 50-day moving average is $46.14 and its 200 day moving average is $44.39.
Morgan Stanley (NYSE:MS) last issued its quarterly earnings data on Wednesday, July 19th. The financial services provider reported $0.87 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.76 by $0.11. The company had revenue of $9.50 billion during the quarter, compared to analysts’ expectations of $9.05 billion. Morgan Stanley had a return on equity of 9.83% and a net margin of 16.77%. The business’s revenue was up 6.7% on a year-over-year basis. During the same period last year, the business earned $0.75 earnings per share. Equities analysts expect that Morgan Stanley will post $3.50 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 15th. Shareholders of record on Monday, July 31st will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, July 27th. This is a boost from Morgan Stanley’s previous quarterly dividend of $0.20. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.19%. Morgan Stanley’s dividend payout ratio (DPR) is presently 28.65%.
Morgan Stanley declared that its Board of Directors has initiated a share buyback plan on Wednesday, June 28th that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the financial services provider to repurchase up to 6.1% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its shares are undervalued.
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A number of research firms have recently commented on MS. Wells Fargo & Company began coverage on shares of Morgan Stanley in a research report on Wednesday. They set a “market perform” rating and a $48.00 target price on the stock. HSBC Holdings plc set a $54.00 target price on shares of Morgan Stanley and gave the stock a “neutral” rating in a research report on Friday. Zacks Investment Research cut shares of Morgan Stanley from a “buy” rating to a “hold” rating in a report on Wednesday, May 24th. J P Morgan Chase & Co reaffirmed a “buy” rating and issued a $53.00 price target on shares of Morgan Stanley in a report on Monday, June 26th. Finally, Credit Suisse Group reaffirmed a “neutral” rating and issued a $49.00 price target (up from $47.00) on shares of Morgan Stanley in a report on Saturday, July 22nd. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $48.02.
In other Morgan Stanley news, Chairman James P. Gorman sold 212,366 shares of Morgan Stanley stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $47.26, for a total transaction of $10,036,417.16. Following the completion of the transaction, the chairman now directly owns 1,602,609 shares of the company’s stock, valued at $75,739,301.34. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Jonathan Pruzan sold 25,767 shares of Morgan Stanley stock in a transaction on Thursday, July 20th. The shares were sold at an average price of $46.68, for a total value of $1,202,803.56. Following the transaction, the chief financial officer now directly owns 196,708 shares of the company’s stock, valued at $9,182,329.44. The disclosure for this sale can be found here. 0.35% of the stock is currently owned by company insiders.
Morgan Stanley Company Profile
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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