Morgan Stanley (NYSE:MS) shares are trading higher Thursday after the company announced its first-quarter financial results.
Morgan Stanley reported first-quarter revenue of $14.8 billion, which was down from $15.72 billion year-over-year. The company reported quarterly earnings of $2.06 per share, which was down from earnings of $2.22 per share in the first quarter of 2021.
Morgan Stanley said Institutional Securities revenue of $7.7 billion reflects strong performance in equity and fixed income on continued strong client engagement. The firm's Wealth Management business added $142 billion of net new assets in the quarter.
"The quarter’s results affirm our sustainable business model is well positioned to drive growth over the long term," said James Gorman, chairman and CEO of Morgan Stanley.
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MS Price Action: Morgan Stanley has traded between $76.25 and $109.73 over a 52-week period.
According to data from Benzinga Pro, the stock was up 2.49% at $86.23 at time of publication.
Photo: Arabani from Flickr.
