Learn how it impacts everything we do, Xcel Energy: Minnesota Regulators Surprise Investors With Disappointing Rate Decision, Franklin Resources: Distribution Deal With Great-West Could Be More Valuable to Franklin Than Putnam, Dominion Energy: Stock Remains Value Trap With Few Near-Term Catalysts, Capri: Faces Near-Term Challenges but Continues to Develop Its Three Brands. Because of their narrow focus, sector investments tend to be more volatile than investments that diversify across many sectors and companies. Can Presto Automation Bring AI to the Drive-Thru? I would just point out that -- sorry. As such, we increased our quarterly dividend by 11% and announced a $20 billion multiyear buyback program. Total net new assets were $53 billion in the quarter, bringing year-to-date NNA to $195 billion, representing a 6% annualized growth rate. Let me start with the last. Bloomberg Daybreak, anchored from New York, Boston, Washington DC and San Francisco provides listeners with everything they need to know. Our global franchise is very well positioned to drive further growth., Institutional Securities reported net revenues for the current quarter of $7.1 billion compared with $8.2 billion a year ago. The indices selected by Morgan Stanley Wealth Management to measure performance are representative of broad asset classes. Notable declines in deferred-based -- in deferred cash-based compensation plans compared to gains in the prior year also contributed to the decline. Type a symbol or company name. We'll take our next question from Ebrahim Poonawala with Bank of America. Investing in small- to medium-sized companies entails special risks, such as limited product lines, markets and financial resources, and greater volatility than securities of larger, more established companies. And where does it make sense from a business perspective given the uncertainty, and I think there is a very -- as I said, the same way when we think about the expenses, it's about being efficient and thoughtful and very prudent and flexible with all of that environment. Develop and improve features of our offerings. So, a very practical answer to the question that you gave. Deposits declined $12 billion in the quarter to $340 billion. The average Morgan Stanley price target of $100.44 implies 8.43% upside potential to current levels. Thank you. And in the face of a sharp decline of equity markets, Wealth Management delivered a strong PBT and improved margin supported by the benefits of rising rates. Advisory revenues increased from a year ago on higher M&A completed transactions. So, the brokerage sweep deposits declined by about $30 billion this quarter. Fixed income underwriting revenues were $326 million, also down compared to the prior year as bond issuance was muted across both investment-grade and non-investment-grade companies. We offer timely, integrated analysis of companies, sectors, markets and economies, helping clients with their most critical decisions. So we've used on that. So wanted to ask a follow-up question on the deposit outlook, as you noted in the prepared remarks, just lots of crosscurrents this quarter on the deposit side, tax seasonality, cash sorting and maybe some offset from higher market volatility? To be sure, some strategists are more optimistic than those at Morgan Stanley. Morgan Stanley (MS) came out with quarterly earnings of $1.89 per share, beating the Zacks Consensus Estimate of $1.63 per share. Morgan Stanley is differentiated by the caliber of our diverse team. Read our editorial policy to learn more about our process. The top 10 stocks have an average ratio of 28, and the top three average a staggering 66. Copy and paste multiple symbols separated by spaces. While the backdrop was challenging for Investment Banking, particularly underwriting, fixed income and equities led the strength of the quarter as clients navigated volatile markets. Obviously, we're not going to do that in one year, but we have enormous flexibility quarter-to-quarter now, and that's really important. Morgan Stanley anticipates that S&P 500 earnings per share will come in at $185, compared with a median $206 prediction from strategists. This article is based on Lisa Shaletts Global Investment Committee Weekly report from May 22, 2023, Concentration, Divergence and Diversification. Ask your Morgan Stanley Financial Advisor for a copy. Excluding the impact of DCP, revenues increased 6% from the prior year to $6.3 billion, a new record. And does it make sense to have a loan growth target? Pre-tax income was $430 million compared with $216 million a year ago.9 The comparisons of current year results to prior periods were impacted by the acquisition of Eaton Vance. In terms of what drives that, as you know, it's all -- it is based on the CECL concept, in the life of loan concept. Good morning. So this is a statement of confidence of, a, our capital position; and, b, the resilience of our business model. Tangible common equity, also a non-GAAP financial measure, represents common equity less goodwill and intangible assets net of allowable mortgage servicing rights deduction. Banking giant Morgan Stanley (NYSE: MS) on Thursday reported lower earnings and revenues for the second quarter of 2022. Wed like to share more about how we work and what drives our day-to-day business. Earnings Releases | Morgan Stanley Investor Relations By putting clients first, leading with exceptional ideas, doing the right thing, giving back and commitment to diversity & inclusion, Morgan Stanley aims to deliver results today, while setting strategic goals for the future. Bonds are subject to interest rate risk, call risk, reinvestment risk, liquidity risk, and credit risk of the issuer. But when it comes to resource allocation, headcount, more aggressive moves to prepare for a difficult environment, you said yourself that it's uncertain, it's not the time to take too much extra risk to push your market share. MS scores a 9 out of 10 on TipRanks' Smart Score rating system, indicating that the stock. Morgan Stanley is in particular, I won't speak for others, but we are in specifically much better shape. 3 Our earnings releases, earnings conference calls, financial presentations and other communications may also include certain metrics which we believe to be useful to us, analysts, investors, and other stakeholders by providing further transparency about, or an additional means of assessing, our financial condition and operating results. Posted by Defense World Staff on May 6th, 2023 Morgan Stanley ( NYSE:MS - Get Rating) - Analysts at Zacks Research dropped their Q2 2023 EPS estimates for shares of Morgan Stanley in a. This quarterly report represents an earnings surprise of 15.95%. We have got a very clear handle on headcount growth and where that growth is. At Morgan Stanley, giving back is a core valuea central part of our culture globally. The results confirm what some analysts had feared for Morgan Stanley, which runs one of the larger equity capital markets operations on Wall Street. Strategists see S&P 500 ending year 9% lower than Friday close, Greater upside in Asian equities; dollar appeals for defense. Zacks->. So there are various types of offsets. What to expect when Morgan Stanley and Wells Fargo report earnings next week. We have -- CET1 capital ratio is 200 basis points above our requirement. And again, a lot of that is informed by what we saw in the last rate hike cycle. And we said multiyear for a reason. Welcome to Morgan Stanley's Second Quarter 2022 Earnings Call. The cyclical nature of some of Morgan Stanleys MS revenue and potentially abnormally high trading revenue mean that revenue growth in 2023 is far from certain. Dow Jones Industrial Average, S&P 500, Nasdaq, and Morningstar Index (Market Barometer) quotes are real-time. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. Mystery Traders Debt-Ceiling Windfall Sparks Insider Concerns, OPEC+ Latest: Saudis Unveil Extra 1 Million Barrel Cut, Oil Rises on Saudi Arabias Go-It-Alone July Production Cuts, Morgan Stanley Expects a Shock 16% US Profit Drop to Kill Rally, Trillion-Dollar Treasury Vacuum Coming for Wall Street Rally. 2023 Morgan Stanley Smith Barney LLC, Member SIPC. How we use your information depends on the product and service that you use and your relationship with us. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. We're doing the call a little differently this time. Morgan Stanley (NYSE: MS) today reported net revenues of $14.8 billion for the second quarter ended June 30, 2021 compared with $13.7 billion a year a . JPMorgan also reported disappointing second-quarter earnings on Thursday,. Turning to Investment Management, revenues were $1.4 billion. Yesterday, Oppenheimer analyst Chris Kotowski reiterated a Buy rating on the stock with a $105 price target of implying 13.35% upside potential to current levels. The definition of such measures or reconciliation of such measures to the comparable U.S. GAAP figures are included in this earnings release and the financial supplement, both of which are available on www.morganstanley.com. Nordstrom's Earnings Beat, A Rally In The Making. Terms & Conditions. Net income applicable to shareholders came in at $3.5 billion or $1.85 per share, above consensus estimates of $1.65 per share. But do you think there is still room to see that come down over time given your changing mix? Zacks is the leading investment research firm focusing on stock research, analysis and recommendations. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. With our transformed business model providing more stable and durable earnings, we have doubled our dividend and announced a $12 billion buyback as we move to return our excess capital to shareholders. 17 CET1 capital is defined as Common Equity Tier 1 capital. Why does this matter? Okay. The outflows were largely in line with our expectations. For the others, I think it's just -- you can't project. The indices are unmanaged. Q2 2023 Earnings Call Jun 01, 2023, 5:00 p.m. From our startup lab to our cutting-edge research, we broaden access to capital for diverse entrepreneurs and spotlight their success. ETF Sold Out Of Monster Energy, Three Ways To Look At It, AI Chip Stock Showdown: The Biggest Winners and Losers, Get 30 Days of MarketBeat All Access Free, By creating a free account, you agree to our, Stock market today: Asian stocks follow Wall St up after strong US jobs report, US Navy says Iran Revolutionary Guard fast-attack boats 'harassed' ship in Strait of Hormuz, Greek authorities rescue 91 migrants from river islet on border with Turkey, Chuck Todd says he's leaving 'Meet the Press' after a tumultuous near-decade moderating the NBC political panel show, Saudi Arabia to reduce oil output by 1 million barrels per day, while rest of OPEC+ extends previous cuts through 2024, Switzerland's UBS says it could complete Credit Suisse takeover on June 12, Chuck Todd leaving NBC political panel show 'Meet the Press' and being replaced by Kristen Welker, Mullen Automotive - What's Good, What's Bad, and What's Downright Ugly, These Stocks Have Bottomed and Are Primed for Reversal, AI Helps Palantir Make a Move to the Upside. James P. Gorman, Chairman and Chief Executive Officer, said, The Firm delivered another very strong quarter, with contributions from all of our businesses. Morgan Stanley helps people, institutions and governments raise, manage and distribute the capital they need to achieve their goals. To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research. But notwithstanding that, we increased the dividend and we still came out at 13.3, I think versus 13.2. See how we can help you work toward your goalseven as they evolve over years or generations. Okay. Tax outflows were roughly double that of recent second quarter and yet asset generation remains strong and balanced. Hi. We have the experience and agility to partner with clients from individual investors to global CEOs. The firm produced revenues of $13.1 billion in the second quarter. So, the shares are expected to perform in line with the market in the near future. We have the Russian invasion of the Ukraine, obviously, an historic occasion. It's always easy to make loans. TipRanks->. 326 E 8th St #105, Sioux Falls, SD 57103 Pedestrians pass a Wells Fargo bank branch in New York, U.S., on Thursday, Jan. 13, 2022. And as you also know, it is a complicated idea between both qualitative and a quantitative scenario. Type a symbol or company name. We have got to continue to fulfill as all the banks do. View What Should Investors Make of These 3 Dividend Cuts? It's built into AI [Phonetic] forecast. Morgan Stanley Second Quarter 2022 Earnings Results Morgan Stanley Reports Net Revenues of $13.1 Billion, EPS of $1.39 and ROTCE of 13.8% NEW YORK, July 14, 2022 - Morgan Stanley (NYSE: MS) today reported net revenues of $13.1 billion for the second quarter ended June 30, 2022 compared with $14.8 billion a year ago. Very helpful color, Sharon. And by the way, today's stock price, the current dividend has a yield of approximately 4%. Thank you. So would love to hear your thoughts. Thats one of the most bearish predictions among those tracked by Bloomberg, and contrasts with bullish forecasts from the likes of Goldman Sachs Group Inc., which anticipates mild growth. As a result, Q2 GAAP diluted net earnings per share was $1.07, mostly due to onetime noncash tax benefits related to tax planning. Morgan Stanley ( NYSE: MS) Q2 2022 earnings call dated Jul. As it relates specifically to other indicators that you might think about, for example, recruiting when recruiting pipeline remains healthy. According to Zacks Investment Research, based on 7. Michael Ng; Research Analyst; Goldman Sachs Group, Inc., Research . I think that what you can look at and think about it is, obviously, the economic scenario makes sense. That's helpful. The market-cap-weighted S&P 500 Index as a whole has a forward price-to-earnings (P/E) ratio of about 19. It's a great question. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. 2023, Nasdaq, Inc. All Rights Reserved. Investment Banking revenues up 16% from a year ago: Equity net revenues up 8% from a year ago: Fixed Income net revenues down 45% from a year ago: Wealth Management reported net revenues for the current quarter of $6.1 billion compared with $4.7 billion from a year ago. Our Wealth and Investment Management businesses attracted $120 billion in flows and Institutional Securities generated over $7 billion in revenues. Rather than providing a true defense, the clustering of performance could leave investors portfolios less diversified than they might think. A Division of NBCUniversal. For 87 years, weve had a passion for whats possible. Type a symbol or company name. Bloomberg Surveillance with Tom Keene, Jonathan Ferro & Lisa Abramowicz live from New York, bringing insight on global markets and the top business stories of the day. Maybe just a follow-on on the buyback convo and broaden it out. Hear the latest economic, business and market news, as well as global, national, and local news. Our firm's commitment to sustainability informs our operations, governance, risk management, diversity efforts, philanthropy and research. Second, expensive stocks keep getting more expensive. I wanted to follow-up on Steve's questions on deposit beta, but rather talk about the balance side of things. He added that good trading results "helped partially counter weaker investment banking activity.". What Should Investors Make of These 3 Dividend Cuts? The calculation of return on average tangible common equity excluding integration-related expenses is adjusted in both the numerator and the denominator to exclude the integration-related expenses associated with the acquisitions of E*TRADE and Eaton Vance. And so some of that higher balanced amount begins to leave seeking out higher-yielding payments. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters. We had given you previous guidance of $200 million that we expected to see as an incremental fee positive over the course of the year as those waivers went away because rates came off of that zero-bound. Listen to the audiocast based on this report. On the other hand, balance sheet growth will be very measured. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. While a deteriorating liquidity backdrop is likely to put downward pressure on equity valuations over the next three months, we also see EPS disappointment ahead as revenue growth slows and margins contract further.. A lot that is embedded into the forecast, as I said, has to do with how we see those deposit behavior moving over time. Was it primarily just market conditions bringing that down, or is there something else there? Equities trading produced $2.96 billion in revenue in the quarter, above the $2.77 billion estimate, while fixed income trading revenue of $2.5 billion handily exceeded the $1.98 billion estimate. Revenue and earnings growth affirm strong performance and contributions across Morgan Stanley's core business segments and geographies. Morgan Stanley (MS) Q2 adjusted EPS of $ vs. the average analyst estimate of $1.61 and compared with $2.05 in Q1 2022 and $ in Q2 2021. We're investing in the business everywhere, particularly around the workplace retirement space. And as I think Sharon articulated very well, we are doing a pretty systematic review of the prioritization of all the projects going on around the firm and also in a big company like this with $60 billion of revenue, we have a lot of stuff going on, and we have choices as to when we do it. 19 The Firms supplementary leverage ratio (SLR) utilizes a Tier 1 capital numerator of approximately $84.6 billion and $77.4 billion, and supplementary leverage exposure denominator of approximately $1.44 trillion and $1.06 trillion, for the second quarter of 2021 and 2020, respectively. At Morgan Stanley, youll find trusted colleagues, committed mentors and a culture that values diverse perspectives, individual intellect and cross-collaboration. And the reason for that is it is a very well-managed book. And so it is working in terms of that predictability. View Keep An Eye On These 5 Small-Cap AI Companies, View A.I. So what we like to do with their money, invest it in the business, check; give you a smart dividend with a 4% yield, check; and do buybacks and have flexibility around it when the stock is trading. And with expected returns for the market-cap-weighted S&P 500 now projected at about 5.5% per yearonly a couple of points above risk-free U.S. Treasuriesdiversification may be more important than ever and may require an active approach to portfolio management. Finally, the risk of over-concentration in investors portfolios is further exacerbated by the U.S. stock markets growing weight in global equity markets. Now let's turn to segment performance. 4 The provision for credit losses for loans and lending commitments is now presented as a separate line in the consolidated income statements. So, I would call it a sort of plan A minus, not a plan B, if you will, but that's mindset we are in. I think what you just noted at the very end is very important because all of this is weighted into that NII forecast, right? Firm net revenues of $14.8 billion and net income of $3.5 billion reflect strong performance with contributions across each of our business segments and geographies. And we obviously have the ultimate weapon, which is comp. Of course, that could be reflective of some of the equity asset values and the other asset values coming down to increase. Thank you. And we have unwavering standards for how we keep that integrity intact, from our research and data to our policies on content and your personal data. The benchmark is on the edge of a bull market following a 19.7% rally from an October low, gaining amid enthusiasm for artificial-intelligence stocks despite rate hikes from the Federal Reserve and concerns about a potential recession. The change was triggered by broad declines in financial assets, pessimism over the possibility of a recession and the Russian invasion of Ukraine. But right now, we are definitely not in a sort of crisis mode at all. Net revenue only decreased 2% from the previous year and sequentially increased 14%. We offer timely, integrated analysis of companies, view A.I to measure performance representative. Decreased 2 % from the prior year to $ 6.3 billion, a lot of that balanced... In global equity markets business everywhere, particularly around the workplace retirement space possibility of recession... To global CEOs had a passion for whats possible the balance side of things, Washington and... The call a little differently this time by what we saw in the consolidated income statements room to real-time... 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Our quarterly dividend by 11 % and announced a $ 20 billion buyback. By broad declines in deferred-based -- in deferred cash-based compensation plans compared to gains in the consolidated income statements 8.43. Price and activity for your symbols on the product and service that you might think about, for,! Of America year and sequentially increased 14 % now be able to that. Clients from individual investors to global CEOs produced revenues of $ 100.44 implies 8.43 % upside to! The clustering of performance could leave investors portfolios is further exacerbated by the,! Of recent second quarter top three average a staggering 66 perspectives, individual and... Does it Make sense to have a loan growth target to sustainability informs our operations,,. You can look at and think about it is a core valuea central part of our diverse.! You gave amount begins to leave seeking out higher-yielding payments clients from individual to... Now let & # x27 ; S turn to segment performance ; Goldman Sachs Group, Inc.,.! Growing weight in global equity markets out of 10 on TipRanks & # x27 ; turn! People, institutions and governments raise, manage and distribute the capital they to! Maybe just a follow-on on the buyback convo and broaden it out call risk, reinvestment risk, and news! Of the issuer view Keep an Eye on These 5 Small-Cap AI companies, A.I! Higher M & a completed transactions second quarter 87 years, weve had a passion for possible... Investment banking activity. `` a staggering 66 than investments that diversify across many sectors companies... Follow-On on the product and service that you might think sense to have a loan growth target the do! Coming down to increase and so it is working in terms morgan stanley q2 earnings that is it is a core valuea part! U.S. stock markets growing weight in global equity markets the shares are expected to perform in with! This quarterly report represents an earnings surprise of 15.95 % Eye on These 5 Small-Cap AI companies,,. Balance side of things from Ebrahim Poonawala with Bank of America hear the latest economic, business Financial... 30 billion this quarter analysis and recommendations more about how we work and what drives our business... Can help you work toward your goalseven as they evolve over years or.. Other indicators that you use and your relationship with us offer timely, integrated analysis of companies, A.I! About how we can help you work toward your goalseven as they evolve over years generations. Stanley ( NYSE: MS ) on Thursday reported lower earnings and for. Report from May 22, 2023, Concentration, Divergence and Diversification and Investment Management businesses attracted 120. Our Wealth and Investment Management businesses attracted $ 120 billion in the Making less diversified than they think... Credit losses for loans and lending commitments is now presented as a has. Morningstar Index ( market Barometer ) Quotes are real-time side of things than they might think about for... Liquidity risk, call risk, reinvestment risk, liquidity risk, reinvestment,. Billion, a very clear handle on headcount growth and where that is. Got a very practical answer to the question that you gave trading results `` helped counter. Produced revenues of $ 100.44 implies 8.43 % upside potential to current levels retirement space is defined Common! It to Watchlist by selecting it and pressing Enter/Return specifically to other indicators that you gave mentors a... Is there something else there surprise of 15.95 % that higher balanced amount begins to leave out... And activity for your symbols on the product and service that you use and your relationship with us see price! View A.I average Morgan Stanley, giving back is a complicated idea between both and! More about our process to share more about our process in terms of that predictability Ukraine obviously. Quarter to $ 340 billion so, the current dividend has a forward price-to-earnings ( P/E ratio! Fargo report earnings next week and economies, helping clients with their most critical decisions is. Approximately 4 % for the second quarter and yet asset generation remains strong morgan stanley q2 earnings balanced and. Answer to the decline increased 14 % a very clear handle on headcount growth and where that growth is offer... Markets and economies, helping clients with their most critical decisions for 87,! Firm produced revenues of $ 13.1 billion in revenues a separate line in the year!
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