Analysts at Wells Fargo & Company have increased their price target for Morgan Stanley (NYSE: MS) from $177.00 to $189.00, as reported on October 30, 2023. This revised target suggests a potential upside of approximately 1.70% from the current stock price. The firm maintains an “equal weight” rating on the financial services provider’s shares.
This adjustment comes on the heels of a strong earnings report released by Morgan Stanley, which indicated robust financial performance. For the quarter ending on October 15, 2023, the company reported earnings per share (EPS) of $2.80, significantly exceeding analysts’ consensus estimate of $2.07 by $0.73. Morgan Stanley’s revenue for the quarter reached $17.98 billion, surpassing expectations of $16.42 billion. The company experienced an impressive year-over-year revenue growth of 18.5%, compared to $1.88 EPS during the same period last year.
Analysts Weigh In on Morgan Stanley’s Stock
Several other financial analysts have also provided updates on Morgan Stanley’s stock. Keefe, Bruyette & Woods raised their target price from $184.00 to $202.00 and assigned an “outperform” rating. Meanwhile, Zacks Research upgraded the stock from a “hold” to a “strong-buy” rating. Other notable changes include Citigroup, which increased its price target from $155.00 to $170.00, and Goldman Sachs Group, which set a new target of $164.00. UBS Group also raised its target from $156.00 to $165.00, maintaining a “neutral” rating.
Currently, analysts have issued three “Strong Buy” ratings, eight “Buy” ratings, and seven “Hold” ratings for Morgan Stanley. According to data from MarketBeat.com, the average rating for the stock is “Moderate Buy,” with an average price target of $175.69.
Insider Activity and Institutional Trading
In a notable insider transaction, Edward Pick, the CEO of Morgan Stanley, sold 100,000 shares on October 31, 2023, at an average price of $164.34, amounting to a total value of $16,434,000. Following this transaction, Pick’s ownership in the company decreased by 14.82%, leaving him with 574,986 shares valued at approximately $94.5 million.
Recent trading activity among institutional investors has also influenced Morgan Stanley’s stock. CBIZ Investment Advisory Services LLC increased its stake by 111.0% during the first quarter, now owning 211 shares valued at $25,000. Similarly, Princeton Global Asset Management LLC raised its position by an impressive 645.8%, acquiring a total of 179 shares. Hedge funds and other institutional investors currently hold 84.19% of Morgan Stanley’s stock.
Morgan Stanley, headquartered in New York City, has established itself as a leading global financial services firm since its founding in 1935. The company provides a wide array of investment banking, securities, wealth management, and investment management services to various clients, including corporations and individual investors. Under the leadership of CEO James P. Gorman, Morgan Stanley continues to navigate the evolving financial landscape effectively.
As the company advances, market observers will closely monitor its performance and the implications of these analyst ratings and insider activities on investor sentiment.
