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Investing.com — Morgan Stanley (NYSE:MS) stock gained 1.5% Thursday after it reported third quarter earnings that beat expectations for profit and revenue.
The investment bank reported revenue of $14.75 billion, topping the $14 billion estimate. The number was boosted by the company’s acquisitions of E*Trade and Eaton Vance (NYSE:EV) last year. They also reported earnings per share of $1.98, well above the expected $1.68.
“We had standout performance of our integrated Investment Bank and record net new assets of $135 billion in Wealth Management. Year-to-date, our successful integrations of E*TRADE and Eaton (NYSE:ETN) Vance have supported growth of $400 billion in net new client assets across Wealth and Investment Management, bringing our total combined client assets to $6.2 trillion,” said Morgan Stanley Chairman and CEO James Gorman.
Morgan Stanley also delivered a strong rise in investment banking revenue, up 67% from a year ago to a record $2.85 billion. Record advisory revenue was driven by a higher completion of mergers and acquisitions.
The firm’s wealth management division reported net revenue for the quarter of $5.9 billion compared with $4.7 billion from a year ago. The number was driven by record asset management revenue, reflecting higher asset levels caused by a rising market and financial advisory fees.
Morgan Stanley stock price is up 1.5% to $100.11 so far in Thursday’s session, adding to the bank’s 45% gain this year.
