Morgan Stanley Q3 Dividend Hike Details are here


Morgan Stanley MS announced Monday that it will increase its quarterly common stock dividend to $0.775 per share from its current $0.70 per share, starting with the common stock dividend expected to be announced in the third quarter of 2022.

What happened: Morgan Stanley CEO James Gorman said, “After doubling our dividend last year, we are increasing our dividend by 11%.”

The investment management and financial services company has also approved a new multi-year common stock repurchase program of up to $20 million with no fixed expiration date. The scheme is expected to start in the third quarter of 2022.

Related Link: Looking at Morgan Stanley’s Recent Whale Transactions

“Share repurchases will be conducted from time to time at prices the Company deems appropriate, subject to various considerations, including current market conditions, the Company’s capital position and future economic and earnings prospects,” Morgan Stanley said in a statement.

Why it matters: Morgan Stanley isn’t the only major investment company to announce a dividend hike Monday. Main rival Goldman Sachs said it will increase its dividend by 25% to $2.50 a share, Reuters reported.

Bank of America Corp. BAC increased its dividend by 5% to 22 cents, while Wells Fargo & Co. WFC said it expects to increase its dividend from the current 25 cents to 30 cents, Reuters said.

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This post Morgan Stanley Q3 Dividend Hike Details are here was original published at “https://www.benzinga.com/news/22/06/27874313/morgan-stanley-q3-dividend-details-are-here”

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