Corebridge Financial Inc. Cuts Stake in Morgan Stanley $MS

Key Points

• Corebridge Financial Inc. reduced its stake in Morgan Stanley by 3.6% during the first quarter, owning 283,810 shares worth approximately $33.1 million.
• Morgan Stanley recently reported a quarterly EPS of $2.13, exceeding estimates, with revenues up 11.8% year-over-year, totaling $16.79 billion.
• The company has declared a dividend increase, raising its quarterly payment to $1.00 per share, representing a 2.7% yield, and initiated a $20 billion share buyback plan.

Corebridge Financial Inc. cut its holdings in shares of Morgan Stanley (NYSE:MS - Free Report) by 3.6% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 283,810 shares of the financial services provider's stock after selling 10,590 shares during the period. Corebridge Financial Inc.'s holdings in Morgan Stanley were worth $33,112,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Meridian Wealth Management LLC lifted its position in shares of Morgan Stanley by 34.3% in the 1st quarter. Meridian Wealth Management LLC now owns 23,869 shares of the financial services provider's stock worth $2,785,000 after purchasing an additional 6,092 shares during the period. Headlands Technologies LLC acquired a new position in shares of Morgan Stanley in the 1st quarter worth approximately $57,000. AGF Management Ltd. lifted its position in shares of Morgan Stanley by 55.9% in the 1st quarter. AGF Management Ltd. now owns 327,978 shares of the financial services provider's stock worth $38,265,000 after purchasing an additional 117,615 shares during the period. Tlwm lifted its position in shares of Morgan Stanley by 1.8% in the 1st quarter. Tlwm now owns 13,863 shares of the financial services provider's stock worth $1,617,000 after purchasing an additional 248 shares during the period. Finally, Alley Investment Management Company LLC lifted its position in shares of Morgan Stanley by 75.0% in the 1st quarter. Alley Investment Management Company LLC now owns 62,469 shares of the financial services provider's stock worth $7,288,000 after purchasing an additional 26,763 shares during the period. Institutional investors and hedge funds own 84.19% of the company's stock.

Morgan Stanley Stock Up 0.2%

Shares of NYSE MS traded up $0.32 during trading on Friday, hitting $150.50. The stock had a trading volume of 3,625,253 shares, compared to its average volume of 6,554,819. Morgan Stanley has a 12 month low of $94.09 and a 12 month high of $150.75. The company has a debt-to-equity ratio of 3.30, a current ratio of 0.78 and a quick ratio of 0.78. The company has a market capitalization of $240.25 billion, a PE ratio of 17.04, a PEG ratio of 1.87 and a beta of 1.32. The firm has a fifty day moving average of $142.69 and a two-hundred day moving average of $129.33.

Morgan Stanley (NYSE:MS - Get Free Report) last posted its earnings results on Wednesday, July 16th. The financial services provider reported $2.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.98 by $0.15. Morgan Stanley had a net margin of 13.06% and a return on equity of 15.20%. The firm had revenue of $16.79 billion during the quarter, compared to analyst estimates of $16.15 billion. During the same quarter in the prior year, the business posted $1.82 EPS. The business's revenue was up 11.8% compared to the same quarter last year. As a group, equities research analysts forecast that Morgan Stanley will post 8.56 EPS for the current fiscal year.

Morgan Stanley Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Thursday, July 31st were paid a $1.00 dividend. This represents a $4.00 annualized dividend and a dividend yield of 2.7%. The ex-dividend date was Thursday, July 31st. This is a positive change from Morgan Stanley's previous quarterly dividend of $0.93. Morgan Stanley's dividend payout ratio (DPR) is currently 45.30%.

Morgan Stanley declared that its Board of Directors has authorized a share buyback program on Tuesday, July 1st that authorizes the company to repurchase $20.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase up to 8.9% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

MS has been the topic of a number of recent analyst reports. Wells Fargo & Company boosted their price target on shares of Morgan Stanley from $120.00 to $145.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 8th. Keefe, Bruyette & Woods upgraded shares of Morgan Stanley from a "market perform" rating to an "outperform" rating and boosted their price target for the stock from $127.00 to $160.00 in a research report on Wednesday, July 9th. Erste Group Bank upgraded shares of Morgan Stanley from a "hold" rating to a "strong-buy" rating in a research note on Saturday, May 24th. The Goldman Sachs Group lifted their price objective on shares of Morgan Stanley from $121.00 to $136.00 and gave the company a "neutral" rating in a research note on Tuesday, June 10th. Finally, Citigroup reiterated a "neutral" rating and issued a $130.00 price objective (up previously from $125.00) on shares of Morgan Stanley in a research note on Wednesday, June 18th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $138.25.

Insider Transactions at Morgan Stanley

In other news, insider Eric F. Grossman sold 12,000 shares of the company's stock in a transaction on Thursday, July 17th. The shares were sold at an average price of $141.12, for a total value of $1,693,440.00. Following the completion of the sale, the insider owned 186,420 shares in the company, valued at $26,307,590.40. This represents a 6.05% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Daniel A. Simkowitz sold 29,000 shares of the company's stock in a transaction on Thursday, July 17th. The stock was sold at an average price of $141.13, for a total transaction of $4,092,770.00. Following the completion of the sale, the insider owned 399,105 shares of the company's stock, valued at approximately $56,325,688.65. The trade was a 6.77% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 148,149 shares of company stock worth $20,841,628. 0.19% of the stock is owned by insiders.

Morgan Stanley Company Profile

Morgan Stanley, a financial holding company, provides various financial products and services to corporations, governments, financial institutions, and individuals in the Americas, Europe, the Middle East, Africa, and Asia. It operates through Institutional Securities, Wealth Management, and Investment Management segments.