Morgan Stanley beats Street 1Q forecasts
NEW YORK (AP) — Morgan Stanley on Monday reported first-quarter earnings of $2.31 billion.
The New York-based bank said it had earnings of $1.18 per share. Earnings, adjusted for one-time gains and costs, came to 85 cents per share.
The results exceeded Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 79 cents per share.
The investment bank posted revenue of $9.91 billion in the period, also surpassing Street forecasts. Five analysts surveyed by Zacks expected $9.25 billion.
Morgan Stanley shares have fallen slightly more than 5 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed 1 percent. The stock has climbed 19 percent in the last 12 months.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MS at http://www.zacks.com/ap/MS
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