Morgan Stanley (NYSE:MS) shares are trending marginally higher today after the financial services provider posted second-quarter numbers with revenue rising 2.5% year-over-year to $13.46 billion. The figure came in better than estimates by $420 million.
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EPS at $1.24 too comfortably beat expectations by $0.04. While activity in Investment banking remained muted, the Equity and Fixed Income vertical too saw lower client activity. Wealth Management, on the other hand, pulled in $90 billion in net new client assets alongside a record $6.7 billion net revenue. Assets under management in Investment Management were $1.4 trillion with positive net flows.
Additionally, the company has also upped its quarterly dividend by 7.5 cents to $0.85 per share. The dividend is payable on August 15 to investors of record on July 31.
Overall, the Street has a $98.17 consensus price target on Morgan Stanley alongside a Moderate Buy consensus rating. Shares of the company have climbed nearly 9.5% over the past 52 weeks.
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