Morgan Stanley MS announced Monday that it will raise its quarterly common stock dividend to $0.775 per share from the current $0.70 per share beginning with the common dividend expected to be declared in the third quarter of 2022.
What Happened: Morgan Stanley CEO James Gorman said, “After doubling our dividend last year, we are raising our dividend 11%.”
The investment management and financial services company also authorized a new multi-year common equity share repurchase program of up to $20 million without a set expiration date. The scheme is slated to commence in Q3 2022.
Related Link: Looking At Morgan Stanley's Recent Whale Trades
“The share repurchases will be exercised from time to time at prices the Company deems appropriate, subject to various considerations, including current market conditions, the Firm’s capital position, and future economic and earnings outlook,” Morgan Stanley said in a statement.
Why It Matters: Morgan Stanley isn’t the only large investment firm to announce a hike in dividends on Monday. Chief rival Goldman Sachs said it will increase its dividend by 25% to $2.50 per share, reported Reuters.
Bank of America Corp BAC raised dividends by 5% to 22 cents, while Wells Fargo & Co WFC said it expects to raise dividends to 30 cents from the current 25 cents, according to Reuters.
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