K.J. Harrison & Partners Inc Invests $1.88 Million in Morgan Stanley (NYSE:MS)
K.J. Harrison & Partners Inc bought a new stake in Morgan Stanley (NYSE:MS) during the second quarter, Holdings Channel reports. The institutional investor bought 42,200 shares of the financial services provider’s stock, valued at approximately $1,880,000.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Egerton Capital UK LLP increased its position in shares of Morgan Stanley by 0.3% in the second quarter. Egerton Capital UK LLP now owns 3,306,055 shares of the financial services provider’s stock valued at $147,318,000 after buying an additional 10,749 shares during the period. Daiwa Securities Group Inc. boosted its stake in shares of Morgan Stanley by 21.1% in the second quarter. Daiwa Securities Group Inc. now owns 83,087 shares of the financial services provider’s stock worth $3,702,000 after buying an additional 14,500 shares in the last quarter. Telos Capital Management Inc. boosted its stake in shares of Morgan Stanley by 6.1% in the second quarter. Telos Capital Management Inc. now owns 56,116 shares of the financial services provider’s stock worth $2,501,000 after buying an additional 3,211 shares in the last quarter. David R. Rahn & Associates Inc. purchased a new stake in shares of Morgan Stanley during the second quarter worth approximately $1,472,000. Finally, Lourd Capital LLC boosted its stake in shares of Morgan Stanley by 6.8% in the second quarter. Lourd Capital LLC now owns 10,071 shares of the financial services provider’s stock worth $449,000 after buying an additional 638 shares in the last quarter. Hedge funds and other institutional investors own 85.67% of the company’s stock.
Shares of Morgan Stanley (NYSE MS) opened at 47.65 on Thursday. The firm has a market capitalization of $87.68 billion, a PE ratio of 13.65 and a beta of 1.63. The stock has a 50 day moving average price of $46.07 and a 200 day moving average price of $44.35. Morgan Stanley has a 52 week low of $28.86 and a 52 week high of $48.90. Morgan Stanley also saw some unusual options trading activity on Monday. Investors purchased 6,765 call options on the stock. This is an increase of 381% compared to the typical volume of 1,407 call options.
Morgan Stanley (NYSE:MS) last announced its quarterly earnings data on Wednesday, July 19th. The financial services provider reported $0.87 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.76 by $0.11. Morgan Stanley had a net margin of 16.77% and a return on equity of 9.83%. The company had revenue of $9.50 billion during the quarter, compared to analysts’ expectations of $9.05 billion. During the same period in the previous year, the company earned $0.75 EPS. The business’s quarterly revenue was up 6.7% compared to the same quarter last year. Equities analysts forecast that Morgan Stanley will post $3.52 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 15th. Stockholders of record on Monday, July 31st will be paid 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 annualized dividend and a dividend yield of 2.10%. Morgan Stanley’s payout ratio is currently 28.65%.
Morgan Stanley declared that its board has authorized a stock buyback plan on Wednesday, June 28th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 6.1% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.
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A number of analysts have commented on the company. Wells Fargo & Company assumed coverage on Morgan Stanley in a research report on Wednesday. They set a “market perform” rating for the company. BMO Capital Markets boosted their price objective on Morgan Stanley from $58.00 to $61.00 and gave the company an “outperform” rating in a report on Thursday, July 20th. Credit Suisse Group reissued a “neutral” rating and issued a $49.00 price objective (up previously from $47.00) on shares of Morgan Stanley in a report on Saturday, July 22nd. Macquarie reissued an “outperform” rating and issued a $52.00 price objective (up previously from $51.00) on shares of Morgan Stanley in a report on Saturday, July 22nd. Finally, Zacks Investment Research raised Morgan Stanley from a “sell” rating to a “hold” rating in a report on Monday, July 24th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Buy” and an average target price of $47.61.
In related news, 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 transaction of $1,202,803.56. Following the transaction, the chief financial officer now owns 196,708 shares in the company, valued at approximately $9,182,329.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman James P. Gorman sold 212,366 shares of Morgan Stanley stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $47.26, for a total transaction of $10,036,417.16. Following the transaction, the chairman now owns 1,602,609 shares in the company, valued at approximately $75,739,301.34. The disclosure for this sale can be found here. 0.35% of the stock is owned by insiders.
About Morgan Stanley
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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