Morgan Stanley může těžit z dalšího boomu M&A: oznámené transakce letos vzrostly o 32 % na 1,2 bilionu USD. Morgan Stanley z toho může těžit, už se podílela na obchodech za více než 831 miliard USD.
Morgan Stanley stock has wavered recently, evem as the Wall Street company published strong financial results. MS was trading at $218, a few points below its all-time high of $232. This consolidation may lead to a strong rebound after a major Goldman Sachs prediction.
Morgan Stanley is benefiting from major trends in the US this year. Mega IPOs are rising, and analysts expect that merger and acquisition (M&A) deals will accelerate in the near term.
Morgan Stanley was one of the banks that made a windfall from the recent SpaceX IPO. It is estimated that the company made over $100 million in the process.
The bank will likely benefit from more IPOs, including companies like Anthropic and OpenAI.
Most notably, Goldman Sachs analysts predict that the merger and acquisition boom has more room to run. Announced M&A deals have jumped by 32% this year to $1.2 trillion. The number of announced deals has soared by 12% in then same period.
In a report, the bank said that this trend will continue, helped by a steady economic growth, healthy CEO confidence, and a favorable regulatory backdrop. The bank added that:
“Likely M&A targets should benefit from the ongoing surge in M&A activity, which does not appear to be fully priced in their valuations.”
If this is correct, then Morgan Stanley will be one of the top beneficiaries. Dealogic data estimates that it is the third in the M&A industry this year after Goldman and JPMorgan. It has been involved in deals worth over $831 billion.
The company also ranks third in the equity capital markets (ECM) bookrunning with its deal value rising to $51 billion. It has also become a major player in debt raising industry.
These numbers are confirmed by its recent financial results, which showed that its net revenue jumped by 27% YoY to $21.3 billion. It was a $1 billion increase from the previous quarter.
Institutional securities revenue rose by 44% to $11 billion, while its wealth and investment management rose by 14% and 6%, respectively. These ones rose to $8.8 billion and $1.6 billion. Notably, the provision for credit losses dropped to just $98 million during the quarter. Ted Pick, the CEO said:
“Differentiated content from our Research teams continues to drive high levels of client engagement. Wealth Management added a record $148 billion in net new assets, with total client assets across Wealth and Investment Management reaching the $10 trillion milestone.”
MS stock chart | Source: TradingView
Technically, however, the MS stock price will need to overcome the double-top pattern at $230, and whose neckline is at $230. Also, the stock needs to overcome the mean reversion risk. Mean reversion is a situation where an asset normally moves to its historical averages. In this case, the stock is much higher than the 200-day moving average of $184.
Therefore, there is a risk that it will pull back in the near term because of its weak technicals. On the other hand, a move above the key resistance level of $230 will point to more gains, potentially to the key resistance at $250.
Andra AP fond v 1. čtvrtletí zvýšil podíl v Morgan Stanley o 783,9 % na 173 220 akcií v hodnotě 28,507 milionu USD. Morgan Stanley zároveň oznámila zpětný odkup akcií za 20 miliard USD.
Andra AP fonden grew its position in shares of Morgan Stanley (NYSE:MS – Free Report) by 783.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 173,220 shares of the financial services provider’s stock after purchasing an additional 153,623 shares during the quarter. Andra AP fonden’s holdings in Morgan Stanley were worth $28,507,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Brighton Jones LLC boosted its position in shares of Morgan Stanley by 10.2% during the 4th quarter. Brighton Jones LLC now owns 12,782 shares of the financial services provider’s stock worth $1,607,000 after purchasing an additional 1,185 shares in the last quarter. Main Street Financial Solutions LLC boosted its holdings in Morgan Stanley by 69.0% in the second quarter. Main Street Financial Solutions LLC now owns 8,964 shares of the financial services provider’s stock worth $1,263,000 after acquiring an additional 3,661 shares in the last quarter. Diversify Advisory Services LLC grew its stake in Morgan Stanley by 90.9% in the second quarter. Diversify Advisory Services LLC now owns 16,148 shares of the financial services provider’s stock valued at $2,378,000 after acquiring an additional 7,688 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its holdings in shares of Morgan Stanley by 6.3% during the second quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 263,575 shares of the financial services provider’s stock valued at $37,127,000 after acquiring an additional 15,623 shares in the last quarter. Finally, Jupiter Wealth Management LLC increased its holdings in shares of Morgan Stanley by 7.8% during the second quarter. Jupiter Wealth Management LLC now owns 52,825 shares of the financial services provider’s stock valued at $7,805,000 after acquiring an additional 3,807 shares in the last quarter. Institutional investors and hedge funds own 84.19% of the company’s stock.
Analyst Ratings Changes A number of equities analysts recently issued reports on MS shares. Daiwa Securities Group increased their target price on Morgan Stanley from $175.00 to $198.00 and gave the stock a “neutral” rating in a report on Tuesday, May 5th. CICC Research lifted their price objective on shares of Morgan Stanley from $175.00 to $200.00 and gave the company an “outperform” rating in a report on Tuesday, May 19th. Erste Group Bank raised shares of Morgan Stanley from a “hold” rating to a “buy” rating in a research report on Monday, April 27th. Argus upped their target price on shares of Morgan Stanley from $210.00 to $225.00 and gave the stock a “buy” rating in a report on Thursday, April 16th. Finally, UBS Group raised their price target on shares of Morgan Stanley from $214.00 to $255.00 and gave the company a “buy” rating in a research report on Tuesday, July 7th. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Morgan Stanley has a consensus rating of “Moderate Buy” and an average target price of $222.60.
Check Out Our Latest Stock Report on Morgan Stanley
Morgan Stanley Price Performance MS opened at $210.98 on Tuesday. Morgan Stanley has a fifty-two week low of $136.17 and a fifty-two week high of $232.25. The firm has a 50-day moving average of $212.09 and a 200 day moving average of $189.00. The company has a debt-to-equity ratio of 3.52, a quick ratio of 0.77 and a current ratio of 0.77. The firm has a market cap of $332.78 billion, a P/E ratio of 17.06, a PEG ratio of 1.56 and a beta of 1.23.
Morgan Stanley (NYSE:MS – Get Free Report) last posted its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $3.46 EPS for the quarter, beating the consensus estimate of $2.89 by $0.57. Morgan Stanley had a return on equity of 19.51% and a net margin of 15.65%.The business had revenue of $21.35 billion for the quarter, compared to the consensus estimate of $19.67 billion. During the same quarter in the prior year, the business earned $2.13 earnings per share. Morgan Stanley’s revenue for the quarter was up 27.1% on a year-over-year basis. On average, research analysts expect that Morgan Stanley will post 12.55 EPS for the current year.
Morgan Stanley announced that its Board of Directors has authorized a share repurchase plan on Wednesday, June 24th that authorizes the company to repurchase $20.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 5.6% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
Morgan Stanley Increases Dividend The business also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, July 31st will be paid a $1.15 dividend. The ex-dividend date is Friday, July 31st. This represents a $4.60 annualized dividend and a yield of 2.2%. This is an increase from Morgan Stanley’s previous quarterly dividend of $1.00. Morgan Stanley’s dividend payout ratio is 32.34%.
More Morgan Stanley News Here are the key news stories impacting Morgan Stanley this week:
Positive Sentiment: Morgan Stanley is being recognized as a leader in financing AI-related debt deals, suggesting stronger underwriting and advisory revenue tied to data-center expansion. Morgan Stanley becomes Wall Street’s top bank for AI debt deals Positive Sentiment: New coverage from market outlets also pointed to Morgan Stanley as constructive on broader macro and sector opportunities, including semiconductor and commodity trends, which can help sentiment around its research and client franchise. MarketWatch chip stocks article Neutral Sentiment: Analyst notes and rating updates continued to support expectations for solid earnings, with recent reports raising price targets and forecast estimates for fiscal 2026 and beyond. Morgan Stanley upgraded at Freedom Capital Negative Sentiment: Despite the positive business headlines, the stock was under pressure in a broader risk-off session, which can weigh on large financials even when company-specific news is favorable. Morgan Stanley Profile (Free Report)
Morgan Stanley (NYSE: MS) is a global financial services firm headquartered in New York City. Founded in 1935 by Henry S. Morgan and Harold Stanley, the company provides a broad range of investment banking, securities, wealth management and investment management services to corporations, governments, institutions and individual investors. Leadership has been guided by a senior executive team and board of directors; James P. Gorman has served as the company’s chief executive and chairman in recent years.
The firm’s primary business activities are organized around three principal businesses: Institutional Securities, Wealth Management and Investment Management.
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Key Takeaways Morgan Stanley's second-quarter 2026 delivered record wealth and institutional revenues.Record $148B in net new assets showed workplace ties feeding the advisory pipeline.A 14.8% CET1 ratio supported buybacks, a 15% dividend hike and organic investment. Morgan Stanley’s (MS - Free Report) second-quarter 2026 call centered less on the earnings beat and more on how management sees the firm extending its advantage across wealth, institutional trading and advisory activity. The company reported EPS of $3.46, which topped the Zacks Consensus Estimate of $2.89. It generated revenues of $21.35 billion, beating the Zacks Consensus Estimate of $19.6 billion.
The bigger message was about durability. Executives framed the quarter as proof that the integrated model is gaining traction while client activity, IPO issuance and AI-related capital needs keep expanding.
MS Leans Harder on the Wealth FunnelChairman and CEO Ted Pick said Wealth and Investment Management client assets reached $10 trillion, including $8 trillion in stand-alone wealth assets, as the firm pushes to deepen relationships across adviser-led and E*TRADE channels. Chief financial officer Sharon Yeshaya said Wealth Management posted record revenues of $8.9 billion and pretax profit of $2.7 billion.
The key operating metric was net new assets. Yeshaya said Morgan Stanley gathered a record $148 billion in NNA, with stock plan IPO flows contributing just over half of that total, underscoring how workplace relationships are feeding the advisory pipeline.
In Q&A, a BofA Securities analyst pressed on whether workplace-driven flows are near a peak. Yeshaya argued the opportunity remains broad because the firm serves about 70% of the top 100 unicorns by market cap in its workplace pipeline and is still investing in referrals, product capabilities and adviser matching tools to improve retention and conversion.
Morgan Stanley Sees Broader Market ActivityInstitutional Securities delivered record revenues of $11 billion and pretax profit of $4.3 billion, helped by a standout equities franchise and a firmer investment-banking backdrop. Yeshaya said investment-banking revenues rose 58% year over year to $2.4 billion, with strength across advisory, equity underwriting and fixed income underwriting.
Equities revenues reached a record $6.3 billion, while fixed income produced $2.5 billion. Management tied that performance to stronger client engagement across regions, especially in Asia, as well as multiyear investments in technology, risk management and franchise scale.
When asked by KBW about pipeline depth, Yeshaya said activity is broadening beyond the Americas, with Asia and other regions building. Pick added that improving regulatory conditions, a healthier IPO market and pent-up strategic demand are creating a more favorable backdrop for both M&A and capital raising.
MS Keeps Investing While Holding Margin DisciplineYeshaya said the firm’s year-to-date efficiency ratio was 65%, with operating leverage offsetting higher execution-related costs and continued strategic spending. She said technology-led expense growth reflects infrastructure investment, AI-enabled efficiencies and business expansion.
Within wealth, the pretax margin was 30.5%. Asked whether that level can move structurally higher, Pick said management is not resetting targets midyear and is more focused on driving pretax profit growth than solving for a specific margin number.
That answer carried an important signal. Even after surpassing the 30% benchmark multiple times, management still appears willing to absorb near-term investment costs if they support wallet share gains and extend the runway for fee-based asset growth.
Morgan Stanley Ties AI to Advisory DemandPick used the call to sharpen a broader strategic theme around AI and geopolitics. He said enterprise AI adoption and a more fragmented global order are reshaping supply chains, capital allocation and client demand for advice.
In response to a Wells Fargo analyst, Pick said Morgan Stanley research now sees data-center capital spending reaching about $850 billion in 2026, $1.3 trillion in 2027 and potentially $1.5 trillion in 2028. He said that could leave the industry only 10% to 15% through a much longer AI investment cycle.
His point was not that Morgan Stanley can call the exact size of the cycle, but that the firm expects a meaningful role as adviser, underwriter and capital allocator as companies finance that build-out across private and public markets.
MS Defends Its Competitive Position in the WorkplaceA Wolfe Research analyst asked about rising competition from smaller RIAs in workplace solutions. Yeshaya argued Morgan Stanley’s moat starts with corporate coverage and the integrated-firm model, then extends through financial wellness tools, adviser matching and a broader product set.
She also drew a line between Morgan Stanley’s workplace capabilities and its investment-banking franchise. The firm’s ability to win IPO-related corporate relationships, she said, gives it access to asset flows that smaller competitors cannot easily replicate.
That exchange reinforced a recurring message from the quarter: management views the workplace not as a narrow channel, but as the top of a long-duration acquisition funnel that links corporate relationships, employee assets and advice-based retention.
Morgan Stanley Enters the Back Half With FlexibilityThe other major theme was balance-sheet strength. Morgan Stanley ended the quarter with a standardized CET1 ratio of 14.8%, repurchased $1.5 billion of stock and raised its quarterly dividend 15% to $1.15 per share.
Pick said excess capital gives the firm room to support clients, invest organically and consider selective bolt-on deals, though he emphasized that the bias remains toward organic deployment. The tone throughout the call was confident but disciplined, with management repeatedly stressing higher highs and higher lows through the cycle.
Zacks Signals for MSMS carries a Zacks Rank #3 (Hold) at present, along with a Value Score of D, Growth Score of B, Momentum Score of A and VGM Score of B. That mix points to stronger growth and momentum characteristics than value support, while the VGM Score suggests a relatively balanced profile across styles.
The strongest setups typically pair a Zacks Rank #1 (Strong Buy) or 2 (Buy) with A or B Style Scores, while a Zacks Rank #3 can still be held, but is a less favorable signal. The current rank can also change as earnings estimate revisions adjust following the quarter’s results and management commentary. You can see the complete list of today’s Zacks #1 Rank stocks here.
Americká investiční banka Morgan Stanley zveřejnila výsledky hospodaření za druhé čtvrtletí roku 2026. Celkové výnosy výrazně překonaly průměrný odhad analytiků, k čemuž nejvíce přispěly výnosy z obchodování s akciemi. Nad očekáváním skončily i výnosy z investičního bankovnictví a segmentu správy majetku.
Výsledky společnosti Morgan Stanley (MS) za 2Q 2026 2Q 2026 Konsensus 2Q 2026 2Q 2025 Výnosy (mld. USD) 21,35 19,58 16,79 Čistý zisk (mld. USD) 5,58 -- 3,54 Zisk na akcii (EPS, USD/akcie) 3,46 -- 2,13 Výsledky za 2Q Výnosy meziročně vzrostly o 27 % na 21,35 mld. USD, výrazně nad odhadem 19,58 mld. USD.
Výnosy ze segmentu správy majetku (Wealth Management) dosáhly 8,86 mld. USD, meziročně o 14 % výše a nad odhadem 8,68 mld. USD. Zisk před zdaněním z tohoto segmentu činil 2,70 mld. USD (odhad: 2,6 mld. USD) při marži před zdaněním 30,5 % (odhad: 30 %). Segment zaznamenal rekordní čisté nové klientské prostředky ve výši 148,1 mld. USD, oproti loňským 59,2 mld. USD.
Výnosy z obchodování s akciemi dosáhly 6,30 mld. USD, meziročně o 69 % výše a výrazně nad odhadem 4,47 mld. USD. Výnosy z obchodování s dluhopisy, měnami a komoditami (FICC) činily 2,46 mld. USD (+13 % meziročně), mírně pod odhadem 2,56 mld. USD.
Výnosy z institucionálního investičního bankovnictví dosáhly 2,44 mld. USD, meziročně o 58 % výše a nad odhadem 2,2 mld. USD. Z toho poradenské poplatky činily 798 mil. USD (odhad: 772,9 mil. USD; loni 508 mil. USD), výnosy z upisování akcií 851 mil. USD (odhad: 676,9 mil. USD; loni 500 mil. USD) a výnosy z upisování dluhopisů 788 mil. USD (odhad: 723,9 mil. USD; loni 532 mil. USD).
Čistý úrokový výnos dosáhl 2,78 mld. USD, nad odhadem 2,72 mld. USD. Celkové vklady činily 446,07 mld. USD, nad odhadem 432,75 mld. USD.
Tvorba opravných položek na úvěrové ztráty činila 98 mil. USD, nad odhadem 76,8 mil. USD, ale pod loňskými 196 mil. USD.
Rentabilita vlastního kapitálu (ROE) dosáhla 20,7 %, nad odhadem 17,4 % a výrazně nad loňskými 13,9 %. Rentabilita hmotného kapitálu (ROTCE) činila 26,6 %, nad odhadem 22,1 % a nad loňskými 18,2 %.
Kapitálový poměr CET1 (standardizovaný) dosáhl 14,8 %, v souladu s odhadem, mírně pod loňskými 15,0 %.
Objem spravovaných aktiv (AUM) dosáhl 2,00 bil. USD, nad odhadem 1,94 bil. USD. Čisté přílivy aktiv založených na poplatcích (fee-based) činily 39,1 mld. USD, nad odhadem 32,87 mld. USD. Čisté přílivy do alternativních strategií dosáhly 12,7 mld. USD (odhad: 9,99 mld. USD), zatímco akciové strategie zaznamenaly čistý odliv 12,5 mld. USD (odhad: odliv 5,56 mld. USD). Dluhopisové strategie naopak zaznamenaly čistý příliv 7,3 mld. USD (odhad: 4,68 mld. USD).
Komentář CEO Ted Pick, předseda představenstva a generální ředitel Morgan Stanley, uvedl: „Aktivní trhy a konzistentní exekuce napříč všemi třemi regiony přinesly výjimečné výsledky naší integrované firmě, s rekordními výnosy přes 21 mld. USD a rekordním EPS ve výši 3,46 USD. Vynikající výsledky v segmentu institucionálních cenných papírů byly taženy naší vedoucí franšízou v oblasti akciového obchodování s pokračujícím momentem v investičním bankovnictví a dluhopisech. Diferencovaný obsah našich výzkumných týmů nadále pohání vysokou úroveň klientského zapojení. Wealth Management přidal rekordních 148 mld. USD v čistých nových prostředcích, přičemž celková klientská aktiva napříč Wealth a Investment Management dosáhla milníku 10 bil. USD. Nadále navyšujeme kapitál, což nám dává dodatečnou flexibilitu investovat do našich klíčových byznysů a zároveň generovat silné výnosy pro akcionáře.“
Návrat kapitálu akcionářům Společnost v aktuálním kvartále odkoupila vlastní akcie v hodnotě 1,5 mld. USD (8 mil. akcií za průměrnou cenu 197,64 USD). Představenstvo zároveň znovu schválilo víceletý program zpětného odkupu akcií v objemu až 20 mld. USD bez stanoveného data ukončení, počínaje třetím čtvrtletím 2026, a rozhodlo o zvýšení čtvrtletní dividendy o 15 centů na 1,15 USD na akcii.
Akcie Morgan Stanley Akcie Morgan Stanley (MS) v předburzovní fázi obchodování rostou o 1,68 % na 231,50 USD.
Akcie Morgan Stanley (MS) před výsledky uzavřely na 227,67 USD Ukazatel Ukazatel Kapitalizace (mld. USD) 359,1 P/E 18,3 Vývoj za letošní rok (%) +28,2 Očekávané P/E 18,7 52týdenní minimum (USD) 135,3 Prům. cílová cena (USD) 223,0 52týdenní maximum (USD) 232,1 Dividendový výnos (%) 1,8 Zdroj: Morgan Stanley, Bloomberg
JPMorgan kicked off Q2 2026 earnings season this morning with a blowout earnings report that reset expectations for the entire financial sector. The bank posted $7.70 in diluted EPS versus $5.80 expected and $57.35 billion in revenue, powered by a $4.6 billion Visa share exchange gain and a 27% surge in Commercial & Investment Bank revenue. Jamie Dimon flagged IB fees up 30% to the highest level since 2021 and Markets revenue up 35%.
That combination of trading strength, capital markets reopening, and resilient consumer credit is the read-through driving peer stocks today. Here are the five names most exposed to JPMorgan’s tone-setting report, ranked by the size and directness of the impact.
1. Goldman Sachs (GS) Goldman Sachs (NYSE:GS | GS Price Prediction) is the purest read-through, and it delivered its own bombshell alongside JPM. Goldman posted EPS of $20.98 versus $14.54 expected, a 44.27% beat and its fifth straight beat. Global Banking & Markets revenue jumped 53% to $15.52 billion, with Equities up 72% and Equity Underwriting up 130%. CEO David Solomon said “Momentum has accelerated throughout our businesses… we expect this flywheel of activity to continue.”
Shares were down 0.88% intraday to $1,045.91 despite the beat, suggesting expectations were already elevated after a 20.12% YTD run. The forward catalyst is backlog conversion: management noted the IB backlog grew again versus Q1.
2. Bank of America (BAC) Bank of America (NYSE:BAC) has the closest business mix to JPMorgan, and it also reported this morning. EPS came in at $1.21 versus $1.12 expected, with Equities S&T up 70% to $3.62 billion and investment banking fees up 50%. Net interest income rose 9% YoY, and credit metrics improved with the net charge-off ratio dropping to 0.47% from 0.55%.
Brian Moynihan called it “one of our strongest quarters to date” and noted “pipelines remain strong, and commercial borrowing has picked up.” Shares rallied 2.06% to $60.73, validating the universal-bank thesis JPM anchored.
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3. Morgan Stanley (MS) Morgan Stanley (NYSE:MS) has not yet reported Q2, which makes today’s peer earnings reports a direct sentiment catalyst. The stock is up 4.55% to $231.16, the largest move among the five names. Morgan Stanley’s Q1 already showed 27.1% ROTCE, Advisory up 74%, and $118.4 billion in wealth net new assets. With JPM’s IB fees at their highest since 2021 and Goldman signaling a flywheel, MS’s advisory-heavy franchise inherits the same tailwind. Ted Pick previously described the firm as reporting “a record quarter”, and the read-through raises the bar again.
4. Wells Fargo (WFC) Wells Fargo (NYSE:WFC) is the closest analog to JPM’s core banking franchise, particularly on NII and consumer credit. Shares rose 0.63% to $88.22 as JPM’s 10% NII growth and stable credit card charge-offs of 3.33% supported Wells’ outlook. Wells guided full-year 2026 NII to roughly $50 billion, and its Q1 net interest margin already compressed to 2.47% from 2.67%. The macro backdrop helps: FRED credit card delinquencies eased to 2.92%, and retail sales hit $763.7 billion in May, up 0.9% month over month. WFC remains down 4.92% YTD, so a positive read-through matters most here.
5. Visa (V) Visa (NYSE:V) is the payments proxy for JPM’s consumer spending commentary. Shares climbed 2.52% to $357.75 after JPM highlighted Card Services and Auto revenue up 12% and card annual fees up more than 30%. Visa’s most recent quarter showed payments volume up 8% and cross-border volume up 11%, and JPM’s disclosure that Chase will become the new Apple Card issuer roughly 24 months from December 2025 reinforces network volumes. Ryan McInerney described Visa as “a payments hyperscaler” driven by resilient consumer spending, the exact theme JPM validated today.
Conclusion Three themes anchor today’s cross-company read-through: capital markets have decisively reopened (GS, MS, BAC benefit most), consumer credit is stabilizing rather than deteriorating (WFC, BAC, V), and buyback capacity remains robust, with JPM authorizing a fresh $50 billion program. The primary uncertainties Dimon flagged, “geopolitical tensions and wars, sticky inflation, large global fiscal deficits and elevated asset prices,” remain the swing factors. With Morgan Stanley and Wells Fargo still to report, today’s earnings set a high bar that either extends the sector rally or exposes crowded positioning.
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Key Takeaways MS' Q2 revenues are projected to rise 15.4%, while earnings are expected to jump 35.7%.Strong advisory and underwriting fees are expected to drive a 40% increase in MS' IB income.Higher client activity and volatility may lift MS' equity and fixed-income trading revenues. Morgan Stanley (MS - Free Report) is scheduled to announce second-quarter 2026 earnings on July 15 before market open. The company’s financial results and subsequent management conference call are expected to attract significant attention from analysts and investors seeking insights into how it is navigating the current operating environment.
Morgan Stanley’s first-quarter 2026 performance was impressive, driven by robust trading and deal-making activities. The company’s results in the to-be-reported quarter are likely to have benefited from similar positive factors. The Zacks Consensus Estimate for second-quarter revenues of $19.38 billion suggests 15.4% year-over-year growth.
In the past seven days, the consensus estimate for earnings for the to-be-reported quarter has been revised 4% upward to $2.89. The figure indicates a 35.7% jump from the prior-year quarter.
Estimate Revision Trend
Image Source: Zacks Investment Research
MS has an impressive earnings surprise history. The company’s earnings outpaced the Zacks Consensus Estimate in each of the trailing four quarters, with the average beat being 17.07%.
Earnings Surprise History
Image Source: Zacks Investment Research
Factors to Influence Morgan Stanley’s Q2 ResultsIB Income: After an impressive first-quarter performance, global deal-making activity moderated as geopolitical uncertainty, persistent valuation gaps, slowing economic growth, elevated inflation and interest rates, and a stubbornly high backlog of private equity exits weighed on transaction value. However, strategic buyers remained active, targeting deals that could expand scale, bolster resilience and strengthen supply chain security amid the challenging operating environment.
So, while global mergers and acquisitions (M&As) volume improved year over year, deal value fell as only a handful of big transactions dominated the space. This, along with Morgan Stanley’s position as one of the leading players in the space, is expected to have driven advisory fees in the second quarter. The Zacks Consensus Estimate for advisory fees is pegged at $684.6 million, indicating a year-over-year jump of 34.8%.
The quarter witnessed strong IPO activity and equity issuances. Morgan Stanley’s prominent underwriting role in SpaceX’s mega IPO is likely to have boosted its equity underwriting fees. Further, global bond issuance volume was solid, driven by corporate refinancing and infrastructure builds. So, Morgan Stanley’s equity and fixed income underwriting fees are expected to have increased on a year-over-year basis.
The Zacks Consensus Estimate for equity underwriting fees of $554.4 million suggests year-over-year growth of 10.9%. The consensus estimate for fixed-income underwriting fees is pegged at $704.9 million, indicating a surge of 32.5%. The consensus estimate for total underwriting fees of $1.26 billion implies a jump of 22%.
The Zacks Consensus Estimate for IB income of $2.3 billion indicates a year-over-year jump of 40%.
Trading Revenues: The performance of Morgan Stanley’s trading business (constituting a significant portion of its top line) is expected to have been solid in the second quarter of 2026, supported by increased client activity and market volatility. Trading conditions were shaped by evolving expectations surrounding artificial intelligence, ongoing geopolitical tensions, persistent inflationary pressures and a more hawkish Federal Reserve. These factors contributed to heightened volatility across equities and other asset classes, including commodities, fixed income and foreign exchange.
The Zacks Consensus Estimate for the company’s equity trading revenues is pegged at $4.42 billion, suggesting a rise of 18.7% from the prior-year quarter. The consensus estimate for fixed-income trading revenues of $2.31 billion indicates a gain of 6%.
Net Interest Income (NII): In the to-be-reported quarter, the Fed kept interest rates unchanged, while signaling a hike later in the year because of persistently high inflation. This created a favorable backdrop for Morgan Stanley.
Further, the lending scenario is likely to have improved in the second quarter, which, along with stabilizing funding/deposit costs, is expected to have offered much-needed support. Hence, Morgan Stanley’s NII is likely to have witnessed a decent improvement in the quarter.
The Zacks Consensus Estimate for net interest revenues is pegged at $2.62 billion, suggesting a rise of 11.5% on a year-over-year basis.
For the wealth management segment, management expects NII to rise modestly on a sequential basis.
Expenses: Cost reduction, which has long been Morgan Stanley's primary strategy for remaining profitable, is unlikely to have provided much support in the June-ended quarter. As the company has been investing in franchises, overall costs are likely to have been elevated.
What Our Quantitative Model Unveils for MSMorgan Stanley’s Price PerformanceIn the second quarter, Morgan Stanley’s share performance was impressive as the operating backdrop turned favorable. The stock fared better than the industry as well as its peers, Goldman Sachs (GS - Free Report) and JPMorgan (JPM - Free Report) .
2Q26 Price Performance
Image Source: Zacks Investment Research
Goldman and JPMorgan are scheduled to announce second-quarter 2026 numbers tomorrow.
Over the past seven days, the Zacks Consensus Estimate for Goldman’s second-quarter 2026 earnings has been revised north to $14.47. The consensus estimate for JPMorgan’s second quarter 2026 earnings has been revised upward to $5.59 over the past week. At present, both GS and JPM carry a Zacks Rank #2 (Buy).
Wall Street analysts forecast that Morgan Stanley (MS - Free Report) will report quarterly earnings of $2.89 per share in its upcoming release, pointing to a year-over-year increase of 35.7%. It is anticipated that revenues will amount to $19.38 billion, exhibiting an increase of 15.4% compared to the year-ago quarter.
Over the last 30 days, there has been an upward revision of 3.3% in the consensus EPS estimate for the quarter, leading to its current level. This signifies the covering analysts' collective reconsideration of their initial forecasts over the course of this timeframe.
Before a company reveals its earnings, it is vital to take into account any changes in earnings projections. These revisions play a pivotal role in predicting the possible reactions of investors toward the stock. Multiple empirical studies have consistently shown a strong association between trends in earnings estimates and the short-term price movements of a stock.
While investors usually depend on consensus earnings and revenue estimates to assess the business performance for the quarter, delving into analysts' forecasts for certain key metrics often provides a more comprehensive understanding.
Given this perspective, it's time to examine the average forecasts of specific Morgan Stanley metrics that are routinely monitored and predicted by Wall Street analysts.
The average prediction of analysts places 'Net revenues- Institutional Securities' at $9.29 billion. The estimate indicates a change of +21.5% from the prior-year quarter.
Based on the collective assessment of analysts, 'Revenues- Wealth Management- Net interest income' should arrive at $2.20 billion. The estimate indicates a year-over-year change of +15.2%.
The consensus estimate for 'Revenues- Institutional securities- Investment banking' stands at $2.09 billion. The estimate indicates a year-over-year change of +35.7%.
The combined assessment of analysts suggests that 'Net revenues- Investment Management' will likely reach $1.62 billion. The estimate points to a change of +4.4% from the year-ago quarter.
Analysts' assessment points toward 'Net revenues- Wealth Management' reaching $8.59 billion. The estimate points to a change of +10.6% from the year-ago quarter.
Analysts predict that the 'Revenues- Wealth Management- Asset management' will reach $5.12 billion. The estimate points to a change of +16% from the year-ago quarter.
The collective assessment of analysts points to an estimated 'Net interest Revenue' of $2.62 billion. The estimate indicates a year-over-year change of +11.6%.
The consensus among analysts is that 'Revenues- Institutional securities- Other' will reach $97.00 million. The estimate points to a change of -52% from the year-ago quarter.
Analysts forecast 'Revenues- Institutional securities- Sales and trading- Equity' to reach $4.42 billion. The estimate suggests a change of +18.7% year over year.
According to the collective judgment of analysts, 'Revenues- Investment Management- Performance-based income and other' should come in at $90.45 million. The estimate indicates a change of -23.4% from the prior-year quarter.
It is projected by analysts that the 'Book value per common share' will reach $67.51 . The estimate is in contrast to the year-ago figure of $61.59 .
Analysts expect 'Return on average common equity' to come in at 17.6%. Compared to the present estimate, the company reported 13.9% in the same quarter last year.
View all Key Company Metrics for Morgan Stanley here>>>
Over the past month, shares of Morgan Stanley have returned +4.5% versus the Zacks S&P 500 composite's +2.2% change. Currently, MS carries a Zacks Rank #3 (Hold), suggesting that its performance may align with the overall market in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
Morgan Stanley uvedla, že z Workplace a E*TRADE přešlo do její poradenské správy více než 1 bilion USD klientských peněz. Tato migrace podpořila růst aktiv v poradenském modelu na 1,2 bilionu USD.
That is the pool of client money that has migrated from Morgan Stanley (NYSE:MS | MS Price Prediction) workplace and E*TRADE channels into its adviser-led wealth management strategy, according to CFO Sharon Yeshaya on the Q1 2026 earnings call.
Indeed, this number is the clearest evidence yet that the bank’s decade-long bet on turning brokerage accounts and 401(k) participants into full-service advisory clients is compounding at scale. Yeshaya framed it plainly: “This migration has significantly contributed to more than $1 trillion in total assets within our adviser-led strategy.”
What It Means Wealth management is now the primary earnings engine. Total client assets in Wealth Management reached $7.34 trillion in Q1 2026, with the combined Wealth plus Investment Management pool at over $9 trillion, on the road to $10 trillion plus. Morgan Stanley’s firm gathered $118.40 billion in net new assets in the quarter alone, and generated $54 billion in fee-based flows, described on the call as a record excluding prior acquisitions.
In my view, the economics matter more than the headcount. Wealth Management revenue hit $8.52 billion, up 16% year over year, at a 30.4% pre-tax margin, and adviser-led assets sourced from Workplace and E*TRADE now stand at $1.2 trillion. That’s roughly 20% of the $5.8 trillion adviser-led book, and represents a funnel producing recurring, fee-based revenue, the highest-quality earnings stream a broker-dealer can own.
Bull Case Impressively, Morgan Stanley’s EPS came in well ahead of consensus at $3.43, compared to expectations of $3.03. Net revenues of $20.58 billion rose 16%, net income of $5.57 billion jumped 29%, and ROTCE printed at 27.1%, well above the firm’s 20%+ target. Impressively, the company’s expense efficiency ratio also improved to 65% from 68%.
Importantly, Morgan Stanley’s Institutional Securities side is firing too. Advisory revenue climbed 74% to $978 million, equity trading rose 25% to $5.15 billion, and Asia revenues grew 43%. CEO Ted Pick told analysts, “All three segments are growing at twice the rate of GDP organically, and our market share ranges between 10% and 15%, depending on the area.”
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Capital return is working alongside the growth story. Morgan Stanley repurchased $1.75 billion of stock in Q1 at an average price of $169.15 per share, and paid a $1.00 quarterly dividend. The bank’s CET1 ratio of 15.1% sits over 300 basis points above the 11.8% capital requirement, giving management runway for both buybacks and organic investment. Thus, prediction markets are corroborating the momentum. Currently, Polymarket traders assign a 89.5% probability to Morgan Stanley beating quarterly earnings again, with the Q2 2026 report due around July 15, 2026.
The one caveat long-term holders should register – consumer sentiment is weak. The University of Michigan reading hit 44.8 in May 2026, its lowest in the past 12 months, below the 60 recessionary threshold. If asset accumulation slows across the retail base, net new asset growth could throttle back.
Bottom Line The $1 trillion that moved from workplace and E*TRADE accounts into adviser-led relationships is the payoff on years of platform integration, and it is the reason Morgan Stanley trades at 19x trailing earnings while still growing revenue at double-digit rates.
Analysts carry an average price target of $207.62, which the stock has already cleared. The next test is the Q2 report expected around mid-July 2026, where investment banking revenue is the swing variable. For retirement-focused investors, the setup is straightforward: a capital-light fee engine at record margins, a bank with 1.91% dividend yield, and a management team that keeps compounding client assets toward the $10 trillion mark.
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Morgan Stanley (NYSE:MS) will release its second quarter earnings report before the opening bell on Wednesday, July 15.
Analysts expect the New York-based company to report quarterly earnings of $2.81 per share, up from $2.13 per share in the year-ago period. The consensus estimate for Morgan Stanley’s quarterly revenue is $19.34 billion. It reported $16.79 billion last year, according to Benzinga Pro.
On June 24, Morgan Stanley announced a $20 billion buyback plan.
Shares of Morgan Stanley rose 3.8% to close at $222.10 on Monday.
Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let’s have a look at how Benzinga’s most-accurate analysts have rated the company in the recent period.
Considering buying MS stock? Here’s what analysts think:
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Morgan Stanley získala podmíněný souhlas OCC na založení Morgan Stanley Digital Trust, který má rozšířit její regulované služby pro digitální aktiva. Spuštění je možné až po splnění kapitálových, likviditních a předběžných požadavků.
Key Takeaways Morgan Stanley received conditional OCC approval to establish Morgan Stanley Digital Trust.MS must meet capital, liquidity and pre-opening requirements before beginning operations. MS aims to expand federally regulated custody, staking and digital-asset servicing capabilities. Morgan Stanley (MS - Free Report) has moved closer to building a regulated digital-asset infrastructure after receiving preliminary conditional approval from the Office of the Comptroller of the Currency (“OCC”) to establish Morgan Stanley Digital Trust, National Association.
The proposed national trust bank, headquartered in Purchase, NY, is expected to support Morgan Stanley’s digital-asset custody ambitions under federal oversight. Morgan Stanley Digital Trust is expected to provide custody of certain digital assets and conduct related activities, including the purchase, sale, swap and transfer of digital assets to support client investment activities. It will also facilitate staking of digital assets on a fiduciary basis and act as a collateral administrator for digital-asset lending offered by an affiliate.
The approval is conditional, meaning the trust bank cannot begin operations until it satisfies the OCC's pre-opening requirements and receives final authorization.
As part of the approval, the digital-asset trust must maintain at least $50 million in Tier 1 capital during its first three years of operation, with at least half held as eligible liquid assets. It must maintain additional eligible liquid assets sufficient to cover 180 days of operating expenses. During these three years, the trust is required to assess its capital and liquidity on a quarterly basis and engage an independent external auditor to conduct annual audits.
The trust must obtain the OCC's non-objection before appointing senior executive officers or directors during its first three years. It must also notify the OCC at least 60 days before making any significant changes to its business plan or operations.
Here’s Why This Matters for Morgan StanleyThe charter approval is strategically significant for Morgan Stanley as it strengthens the company’s push into regulated digital-asset services.
For a wealth-management-focused company like Morgan Stanley, client trust, regulatory oversight and operational reliability are critical. Bringing custody capabilities closer to its platform could improve control, reduce external dependency and enhance the client experience as demand for digital-asset exposure grows.
The trust charter provides MS with a clearer regulatory pathway to support crypto-related services such as custody, transfers, trading support and fiduciary staking. It also positions the company to capture fee opportunities across custody, servicing and related activities, while competing more effectively with established players benefiting from the institutionalization of crypto market structure.
The move complements Morgan Stanley’s broader cryptocurrency initiatives, including its partnership with crypto infrastructure provider Zerohash to introduce crypto trading capabilities for E*Trade clients. Establishing a federally regulated trust bank would give MS greater control over asset custody, settlement and operational risk management, making the initiative more than just a crypto expansion.It reflects the company’s effort to build the regulated infrastructure needed to serve investors who increasingly prefer digital-asset exposure through traditional financial institutions.
Crypto custody and related digital-asset services are unlikely to materially change Morgan Stanley’s near-term earnings profile. However, if finalized, the charter would enhance the company’s long-term growth opportunities and help it gain a competitive advantage against traditional financial institutions and crypto-focused custodians.
FinTech Taking Similar Steps as Morgan StanleyIn April 2026, Coinbase Global Inc. (COIN - Free Report) secured conditional approval from the OCC for a national trust company charter, which will help grow its crypto custody business. Once fully approved, the national trust company charter will help COIN to offer custody and related banking services nationwide.
In December 2025, Circle Internet Group’s (CRCL - Free Report) First National Digital Currency Bank, N.A. received conditional OCC approval for a crypto custody bank charter. Once fully approved, the federally regulated national trust bank would operate under OCC oversight and oversee management of the USDC Reserve for CRCL's U.S. issuer, while also supporting institutional-grade digital-asset custody capabilities.
Morgan Stanley’s Price Performance & Zacks RankMS shares have rallied 15% in the past six months, outperforming the industry’s growth of 2.8%.
Image Source: Zacks Investment Research
Currently, Morgan Stanley carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Fed nechal 32 největších bank projít zátěžovým testem a ty okamžitě oznámily vyšší dividendy i odkupy akcií. JPMorgan schválila nový buyback za 50 miliard USD a zvýší dividendu o 10 %.
The Federal Reserve gave the country's largest banks a passing grade on its annual stress test last week, and they wasted little time turning it into cash for shareholders. The results, released June 24, showed all 32 of the lenders the central bank examined staying above their minimum capital requirements -- even in a hypothetical recession severe enough to saddle the group with more than $708 billion in loan losses. Within hours, the biggest names began rolling out dividend increases and share buybacks.
The question for investors is which bank delivered the most, and whether the wave of payouts points to genuine strength across the group. Answering it means looking past the size of each payout to the stress capital buffer (SCB) behind it -- the extra cushion of capital the Fed makes each bank hold on top of the minimum, determined in part based on stress-test results and set at no less than 2.5%.
Image source: Getty Images.
JPMorgan Chase JPMorgan Chase (JPM +0.24%), the largest U.S. bank by assets, announced the biggest buyback authorization of the group.
It intends to raise its quarterly dividend 10% to $1.65 per share in the third quarter, and its board authorized a new $50 billion stock buyback that takes effect July 1. That single program is worth about 6% of JPMorgan's roughly $880 billion market value.
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The bank can be this aggressive because the Fed asks it to hold very little extra capital. Its SCB sits at 2.5% -- the lowest level the regulator allows -- and its current standardized common equity tier 1 capital ratio requirement, including regulatory buffers, is 11.5%.
Goldman Sachs Goldman Sachs (GS +0.06%) leaned on its dividend rather than a headline buyback number. The investment bank plans to raise its quarterly payout by 11% to $5.00 per share -- 25% higher than it paid a year ago. Few large banks have grown their dividend that quickly.
Goldman carries a higher buffer than JPMorgan, at 3.4%. That largely reflects its greater reliance on trading and market businesses, which tend to produce larger modeled losses under the Fed's severe scenario.
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Morgan Stanley Morgan Stanley (MS 0.15%) delivered the biggest percentage dividend increase of the four, raising its quarterly payout 15% to $1.15 per share and reauthorizing a multi-year buyback of up to $20 billion. It did so even though it holds the highest SCB of this group, at 4.3% -- again a reflection of the larger losses the Fed models for its trading-heavy business.
It can still afford to be generous. Morgan Stanley's common equity tier 1 ratio (a core measure of a bank's capital strength) stood at 15.1% at the end of March, well above the 11.8% required by the regulator.
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Wells Fargo Wells Fargo (WFC 0.42%) rounded out the group with an 11% dividend increase, to $0.50 per share, and said it has the capacity to keep buying back stock. Like JPMorgan, it operates with an SCB at the 2.5% floor, putting it among the banks the Fed treats as needing the least extra cushion.
Wells Fargo is also the cheapest of the four. The stock trades at a price-to-earnings ratio of about 13, against about 16 for JPMorgan and roughly 19 for both Goldman Sachs and Morgan Stanley. And after the latest raise, it offers the group's highest dividend yield, at about 2.4%.
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Is the payout wave a green light? Taken together, the announcements are a strong vote of confidence. Each of these banks announced higher dividends, and JPMorgan and Morgan Stanley also announced large buyback authorizations, while the Fed's decision to leave these banks' buffers unchanged gives them room to do so without bumping up against regulatory limits. The test itself showed that even a severe hypothetical downturn wouldn't drag the group below its minimums.
But a bigger payout doesn't automatically make a stock a buy.
JPMorgan announced the biggest buyback authorization, and Morgan Stanley raised its dividend the most, yet both trade at premiums to the group on a price-to-earnings basis. For investors weighing what they pay against what they get back, Wells Fargo's mix of the lowest valuation, the highest yield, and a buffer already at the Fed's floor arguably stands out.
Morgan Stanley Wealth Management rozšířila přístup k PMAX - Balanced, odstranila požadavek na akreditovaného investora a spustila PMAX - Growth. Minimální investice je 10 000 USD.
NEW YORK--(BUSINESS WIRE)--Morgan Stanley Wealth Management announced that it has expanded access to the Morgan Stanley Private Markets and Alternatives Fund ("PMAX") by registering it as PMAX - Balanced. This change removes the accredited investor requirement, lowers minimum investment amounts, and introduces daily subscriptions, making private market strategies accessible to a broader range of clients through a simplified, professionally managed investment vehicle.
Morgan Stanley Wealth Management is also adding to its PMAX product suite with the launch of PMAX - Growth, a fund with a growth-focused allocation, and plans to introduce additional strategies with targeted investment objectives.
Historically, access to private markets was primarily limited to institutions and ultra-high-net-worth investors, but the PMAX fund platform now broadens access to institutional-quality private market investment managers for more clients.
This expansion comes as private markets continue to gain momentum. Global Alternatives AUM is expected to exceed $30 trillion in 2030, up from less than $10 trillion a decade ago, driven by companies staying private longer and increasing investor demand for opportunities beyond public markets.1 Over the same period, the number of public companies has declined significantly, while 84% of companies generating $100 million or more in revenue remain private.2
Morgan Stanley Wealth Management continues to see substantial growth in alternative investments, with over $300 billion in client assets under management.3 This achievement positions the Firm as a leading provider of alternative investment solutions in the wealth management sector and underscores its 45-year history of excellence in this space, extensive resources, and a dedicated team of nearly 350 alternatives professionals.
“Our PMAX platform reflects our commitment to broadening access to private markets through innovative products designed to meet a wider range of client needs,” said Alison Nest, Head of Investment Solutions Products. “By expanding the platform and making it easier to invest, we are giving clients and advisors more ways to build diversified portfolios aligned with their investment objectives.”
PMAX platform overview
PMAX - Balanced, with currently over $1B in AUM4, is a multi-manager portfolio offering diversified exposure across private equity, private credit, real estate and infrastructure through a simplified, single-ticket evergreen vehicle. With a diversified allocation across these strategies, it seeks to offer the potential for risk-adjusted higher returns, income and lower correlation relative to traditional investments.
PMAX - Growth is a growth-oriented private markets approach for clients seeking increased exposure to long-term capital appreciation opportunities. The fund provides diversified exposure to private equity through a curated, multi-manager portfolio across sectors, geographies and vintages, combining growth‑oriented and buyout strategies that seek to pursue long‑term capital appreciation while providing diversification.
The funds require a $10,000 initial investment and $5,000 for subsequent contributions. The funds permit daily purchases and allow clients to benefit from consolidated tax reporting and fully funded exposure without capital calls. Additionally, the streamlined investor experience removes the need for subscription documents, making the process simpler and more efficient for clients.
The funds are closed-end investment companies and do not offer daily redemptions. Liquidity is anticipated only through limited quarterly repurchase offers that occur at the discretion of each fund's Board of Trustees.
“The PMAX platform brings together Morgan Stanley Wealth Management’s scale, alternatives expertise and manager access in a way that is designed to make private markets investing more accessible and more flexible for clients,” said Brian Holzer, Head of Alternative Investments Distribution. “With these offerings, we are continuing to build a differentiated platform that helps advisors deliver institutional-quality private market strategies.”
Investment approach
The funds utilize the intellectual capital of Morgan Stanley Wealth Management’s Global Investment Committee for asset allocation and Global Investment Manager Analysis team for manager selection and due diligence.
PMAX - Balanced targets allocations to private equity, private credit and real assets. This calibrated mix is designed to pursue higher risk-adjusted returns, income and diversification across private market strategies that may have lower correlation to public markets. The strategy also seeks diversification across sub-strategy, geography, sectors and managers, while retaining flexibility to incorporate additional strategies as opportunities arise.
PMAX - Growth targets allocation ranges that emphasize buyout strategies, as a core component, complemented by growth equity and venture capital and other opportunistic strategies. Overall, the approach focuses on diversification within private equity through manager selection, asset allocation, and periodic rebalancing, with the goal of seeking attractive risk‑adjusted returns over time.
About Morgan Stanley Wealth Management
Morgan Stanley Wealth Management, a global leader, provides access to a wide range of products and services to individuals, businesses and institutions, including brokerage and investment advisory services, financial and wealth planning, cash management and lending products, annuities and insurance, retirement and trust services.
About Morgan Stanley
Morgan Stanley (NYSE MS) is a leading global financial services firm providing investment banking, securities, wealth management and investment management services. With offices in more than 41 countries, the Firm’s employees serve clients worldwide including corporations, governments, institutions and individuals. For more information, visit www.morganstanley.com.
Important Information
This press release is for informational purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy any securities, nor does it constitute investment advice or a recommendation of any kind.
The PMAX funds are closed-end investment companies with limited to no liquidity. Shares are not listed on any securities exchange and no secondary market is expected to develop. Shareholders do not have the right to require the funds to redeem their shares. The funds may offer to repurchase shares on a quarterly basis in an amount not to exceed 3% of each fund's net asset value, subject to the discretion of each fund's Board of Trustees. No assurances can be given that a fund will conduct a repurchase in any given quarter and investors should not expect to be able to sell their shares regardless of how a fund performs.
The funds invest primarily in private market strategies for which valuations are generally provided on a quarterly basis by the underlying portfolio fund managers, while the funds calculate their net asset value and offer shares on a daily basis. Accordingly, the daily net asset value of a fund's shares may not fully reflect the current fair value of the fund's underlying investments and may be subject to adjustment as updated valuations become available.
Investing in the funds involves a high degree of risk, including the possible loss of the entire investment. The funds invest in non-traditional, alternative strategies, including private equity, private credit and real assets, that are subject to risks not typically associated with traditional investments, including but not limited to illiquidity, limited transparency, leverage, valuation uncertainty and potential for significant price volatility. Past performance is not indicative of future results, and there can be no assurance that the funds will achieve their investment objectives.
Investors should carefully read the applicable prospectus before investing for a more complete description of the risks involved. Copies of the prospectus may be obtained by contacting your Morgan Stanley Financial Advisor.
The sole purpose of this material is to inform, and it is in no way intended to be an offer or solicitation to purchase or sell any security, other investment or service, or to attract any funds or deposits. Products mentioned herein may not be appropriate for all investors and may be purchased only after an eligible investor has carefully reviewed the Fund’s offering materials and executed any applicable subscription documents. MSWM has not considered the actual or desired investment objectives, goals, guidelines, or factual circumstances of any investor in any fund(s). Before making any investment, each investor should carefully consider the risks associated with the investment, as discussed in the applicable offering materials, and make a determination, based upon their own particular circumstances, that the investment is consistent with their investment objectives and risk tolerance.
Past performance is no guarantee of future results. Actual results may vary. Diversification does not assure a profit or protect against loss in a declining market.
Alternative investments involve complex tax structures, tax inefficient investing, and delays in distributing important tax information. Individual funds have specific risks related to their investment programs that will vary from fund to fund. Clients should consult their own tax and legal advisors as MSWM does not provide tax or legal advice.
Interests in alternative investment products are only made available pursuant to the terms of the applicable offering materials, are distributed by MSWM and certain of its affiliates, and (1) are not FDIC-insured, (2) are not deposits or other obligations of MSWM or any of its affiliates, (3) are not guaranteed by MSWM or any of its affiliates, and (4) involve investment risks, including possible loss of principal. MSWM is a registered broker-dealer, not a bank.
Fedův stresový test prošlo všech 32 velkých bank, včetně JPMorgan. JPM plánuje zvýšit dividendu na 1,65 USD na akcii a spustit odkup akcií za 50 miliard USD.
Key Takeaways All 32 large banks passed the Fed's 2026 stress test despite a severe hypothetical recession.JPM plans to raise its dividend to $1.65 per share and announced a new $50 billion share repurchase program.Stress capital buffers stay frozen until 2027 as the Fed revises its testing framework. The Federal Reserve's 2026 annual stress test reaffirmed the resilience of the U.S. banking system, with all 32 large banks comfortably clearing the regulator's hypothetical recession scenario. The results not only highlighted the sector's strong capital position but also paved the way for several banking giants, including JPMorgan (JPM - Free Report) , Goldman Sachs (GS - Free Report) , Morgan Stanley (MS - Free Report) and Wells Fargo (WFC - Free Report) , to announce plans for higher dividends and fresh share repurchase programs.
Unlike previous years, this year's stress test carries a unique regulatory significance. While the exercise demonstrated the industry's ability to withstand severe economic shocks, the results will not alter banks' stress capital buffer (SCB) requirements until 2027 as the Fed continues to overhaul its stress-testing framework and incorporate public feedback.
Fed's Stress Scenario Tests Banks Against Severe RecessionThe annual stress test, mandated under the Dodd-Frank Act following the 2008 financial crisis, evaluates whether large U.S. banks can continue lending during an extreme economic downturn while maintaining adequate capital levels.
The Fed's 2026 "severely adverse" scenario envisioned a sharp global recession triggered by a sudden collapse in investor risk appetite. Under this hypothetical scenario, U.S. unemployment rises to 10% from 5.5%, while real GDP contracts 4.6%. Residential home prices decline 30%, and commercial real estate prices plunge 39%. At the same time, equity markets tumble nearly 58%.
Despite these severe assumptions, the 32 participating banks, including the above-mentioned banks and Bank of America (BAC - Free Report) , were projected to absorb approximately $708 billion in total loan losses, including roughly $203 billion in credit card losses, $158-$160 billion in commercial and industrial loans, and about $75-$77 billion in commercial real estate losses. Even after these projected losses, aggregate Common Equity Tier 1 (CET1) capital fell only 1.6 percentage points, from 12.8% to 11.2%, remaining comfortably above regulatory minimums.
Fed Vice Chair for Supervision Michelle Bowman said the results underscore the strength of the U.S. banking system while emphasizing the central bank's ongoing efforts to improve transparency and accountability in future stress tests.
Regulatory Overhaul Makes 2026 Stress Test DifferentThis year's exercise differs from prior stress tests because the Fed has frozen SCB requirements through 2027 while it revises the testing methodology.
The decision follows years of criticism from major banks, which argued that the annual exercise lacked transparency and produced volatile capital requirements. The Fed has since proposed publishing more information about its models and scenarios while seeking public comments before implementing revised methodologies.
As a result, banks were not required to wait for revised capital requirements before announcing their capital return plans, allowing many institutions to quickly unveil dividend increases and share repurchase authorizations following the release of the results.
Banks’ Dividend Hikes and Buybacks Take Center StageFollowing the stress test results, major U.S. banks moved quickly to enhance shareholder returns, reflecting confidence in their capital strength. JPMorgan led the pack by announcing a plan to raise its quarterly dividend to $1.65 per share from $1.50 and authorized a massive $50 billion share repurchase program, one of the largest in the industry. CEO Jamie Dimon emphasized the bank’s preparedness for a wide range of economic scenarios, underscoring its robust capital position and earnings power.
Wells Fargo also signaled higher payouts, planning to increase its quarterly dividend by about 11% to 50 cents per share, subject to board approval in July. However, unlike some peers, the bank did not introduce a new buyback program, opting instead to continue repurchases under its existing framework. Similarly, Goldman also announced plans to hike its dividend to $5.00 per share from $4.50. This reflects a strong financial health and a commitment to returning excess capital, though it did not announce a new buyback authorization.
Morgan Stanley combined both strategies and will boost its dividend by 15% to $1.15 per share and reauthorized a $20 billion share repurchase program. This highlights confidence in its capital generation capabilities. In contrast, Bank of America held off on immediate announcements, stating it will finalize its dividend decision after its July board meeting. While it did not update its buyback plans, investors expect continued capital returns supported by its solid capital ratios.
Positive Signal for Bank InvestorsAlthough this year's stress test carries fewer regulatory implications because SCBs remain frozen until 2027, the results reinforce the strong financial position of the U.S. banking industry.
The ability of large banks to absorb more than $708 billion in projected losses while maintaining capital comfortably above regulatory minimums demonstrates the sector's resilience nearly two decades after the global financial crisis prompted the introduction of annual supervisory stress testing.
For investors, the immediate takeaway is clear. Robust capital positions continue to support attractive shareholder distributions. Now, investor attention is likely to shift toward the Fed's ongoing overhaul of the stress-testing framework and the anticipated Basel III Endgame proposals, both of which could further shape capital requirements and shareholder return strategies across the U.S. banking sector in the coming years.
NEW YORK--(BUSINESS WIRE)--Morgan Stanley (NYSE: MS) announced that it will increase its quarterly common stock dividend to $1.15 per share from the current $1.00 per share, beginning with the common stock dividend expected to be declared by the Firm’s Board of Directors in the third quarter of 2026.
In addition, the Firm’s Board of Directors reauthorized a multi-year common equity share repurchase program of up to $20 billion, without a set expiration date, beginning in the third quarter of 2026. The share repurchases will be exercised from time to time at prices the Firm deems appropriate, subject to various considerations, including current market conditions, the Firm’s capital position and future economic and earnings outlook.
Ted Pick, Chairman and Chief Executive Officer of Morgan Stanley, said, “We have a globally scaled business that supports the Firm’s durable returns and strong capital position. Our financial strength gives us ongoing flexibility to invest in growth opportunities across the Integrated Firm while increasing the return of capital to shareholders.”
On June 24, 2026, the Board of Governors of the Federal Reserve System released its CCAR 2026 results which do not impact the Firm’s Stress Capital Buffer (SCB) requirement. On February 4, 2026, the Federal Reserve announced that it expects the Firm will continue to be subject to its current SCB requirement of 4.3% until October 1, 2027, at which time a new SCB requirement may apply based on the results of the supervisory stress test conducted in 2027. Together with other features of the regulatory capital framework, this SCB results in an aggregate U.S. Basel III Standardized Approach Common Equity Tier 1 (CET1) ratio of 11.8%. The Firm’s U.S. Basel III Standardized Approach CET1 ratio was 15.1% as of March 31, 2026.
Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, wealth management and investment management services. With offices in 42 countries, the Firm’s employees serve clients worldwide including corporations, governments, institutions and individuals. For further information about Morgan Stanley, please visit www.morganstanley.com.
Forward-Looking Statements
This Release contains forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made, which reflect management’s current estimates, projections, expectations, assumptions, interpretations or beliefs of Morgan Stanley’s future results, regulatory capital levels and future capital actions, including common stock dividends and common equity share repurchases, and which are subject to risks and uncertainties that may cause actual results to differ materially. Morgan Stanley does not undertake to update the forward-looking statements to reflect the impact of circumstances or events that may arise after the date of forward-looking statements. For a discussion of additional risks and uncertainties that may affect the future results, regulatory capital levels and future capital actions of Morgan Stanley, please see “Forward-Looking Statements” preceding Part I, Item 1, “Competition” and “Supervision and Regulation” in Part I, Item 1, “Risk Factors” in Part I, Item 1A, “Legal Proceedings” in Part I, Item 3, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 and “Quantitative and Qualitative Disclosures about Risk” in Part II, Item 7A, in Morgan Stanley’s Annual Report on Form 10-K for the year ended December 31, 2025 and other items throughout the Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, including any amendments thereto.
