Financial services giant Morgan Stanley (
) on Thursday said its fourth quarter profit jumped 88% from last
year on higher revenue, surpassing analyst estimates.
The New York-based company reported fourth quarter net income of
$867 million, or 41 cents per share, compared with $460 million, or
29 cents per share, in the year-ago period.
Revenue rose 14% from last year to $7.8 billion.
On average, Wall Street analysts expected a slightly smaller
profit of 40 cents per share, on smaller revenue of $7.4
CEO James Gorman commented, "Despite this year's challenging
markets, we delivered strong results in investment banking
enhancing our leadership positions in M&A, global equity and
IPOs based on the strength of our banking, capital markets and
Morgan Stanley shares rose 47 cents, or +1.7%, in premarket
The Bottom Line
Shares of Morgan Stanley (
) have a .72% dividend yield, based on last night's closing stock
price of $27.75. The stock has technical support in the $24-$25
price area. If the shares can firm up, we see overhead resistance
around the $29-$30 price levels.
Morgan Stanley (
) is not recommended at this time, holding a Dividend.com DARS™
Rating of 3.2 out of 5 stars.
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