Morgan Stanley Looking at New High After Earnings

Before you go, we thought you'd like these...
Before you go close icon

BankMorgan Stanley (NYSE: MS) reported fourth-quarter and full-year 2012 results before markets opened this morning. The bank reported adjusted diluted quarterly earnings per share (EPS) of $0.28 on revenues of $7 billion. In the same period a year ago, Morgan Stanley reported an adjusted EPS loss of $0.13 on revenues of $5.7 billion. This morning's results also compare to the consensus estimates for EPS of $0.27 on revenues of $7.02 billion.

For the full year, the bank reported a net loss of $0.03 per share on revenues of $26.1 billion. A year ago the company reported EPS of $1.26 on revenues of $32.2 billion. The consensus estimate called for a net loss of $0.04 per share on revenues of $26.97 billion.

The bank's CEO said:

After a year of significant challenges, Morgan Stanley has reached a pivot point. We demonstrated meaningful progress in our Wealth Management Joint Venture, reaching the highest pre-tax margin since the inception of the JV.

The JV in question is what used to be called Morgan Stanley Smith Barney, a partnership with Citigroup Inc. (NYSE: C) that Morgan Stanley now controls after a fight with Citi over the brokerage's valuation. Citi wrote down $2.9 billion on the deal, and it probably helped hasten former Citi CEO Vikram Pandit's exit.

Morgan Stanley shares are up about 7% in premarket trading this morning, at $22.30, which would be a new 52-week high if it holds. The current range is $12.26 to $21.19. Thomson Reuters had a consensus analyst price target of around $21.00 before today's results were announced.


Filed under: 24/7 Wall St. Wire, Banking & Finance, Earnings Tagged: C, MS
Read Full Story

Want more news like this?

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

From Our Partners

13 People Recount Their First Kiss Horror Stories 13 People Recount Their First Kiss Horror Stories
Man Suspects His Wife Is Cheating On Him - Then His Daughter Reveals What's Really Going Man Suspects His Wife Is Cheating On Him - Then His Daughter Reveals What's Really Going
Large Numbers Of Horses Are Being Stuffed Into These Crates For A Despicable Reason Large Numbers Of Horses Are Being Stuffed Into These Crates For A Despicable Reason