Reuters
- Morgan Stanley is edging higher in pre-market trading Wednesday after posting better-than-expected results on both the top and bottom lines.
- Wealth management and mergers and acquisitions both provided a boost.
- The bank raised its dividend.
- Watch Morgan Stanley trade in real time here.
Morgan Stanley is up 2.67% in early trading Wednesday after posting better-than-expected second-quarter results.
The bank's revenue came in at $10.6 billion, beating the Wall Street estimate of $10.1 billion. It earned $1.30 a share, better than the $1.11 that analysts surveyed by Bloomberg were expecting.
The bank's wealth management business saw impressive results, posting a pre-tax profit margin of 26.8%. Mergers and acquisitions activity also provided a boost, with revenue from that unit climbing 22.6% to $618 million as a result of high deal volume.
Morgan Stanley was down 3.23% this year through Tuesday.
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