Morgan Stanley (MS) Earnings Q3 2024

Morgan Stanley It topped analysts’ estimates for third-quarter profit on Wednesday as each of its three main divisions posted better-than-expected revenue.

Here’s what the company announced:

• revenue: $1.88 per share vs $1.58 LSEG valuation
• Revenue: $15.38 billion and $14.41 billion estimate

Bank He said Profit rose 32% to $3.2 billion, or $1.88 per share, and revenue rose 16% to $15.38 billion.

Morgan Stanley had several tailwinds in its favor, starting with buoyant markets that helped its massive wealth management business rebound from a dismal 2023 and strong trading activity. The Federal Reserve began cutting rates in the quarter, which should encourage Wall Street firms to invest in financing and merger activity.

“The firm reported a strong third quarter amid a constructive environment across our global footprint,” Morgan Stanley CEO Ted Pick said in the release.

The bank’s shares advanced 3.6% in premarket trading.

The bank’s wealth management division reported a 14% increase in revenue from a year earlier to $7.27 billion, nearly $400 million above Street estimates.

Equity trading revenue rose 21% to $3.05 billion, compared with an estimate of $2.77 billion, while fixed income revenue rose 3% to $2 billion, beating estimates of $1.85 billion.

Investment banking revenue rose 56% from a year earlier to $1.46 billion, beating estimates of $1.36 billion.

The company’s smallest division, investment management, also beat expectations, posting a 9% rise in revenue to $1.46 billion, modestly beating estimates of $1.42 billion.

Morgan Stanley’s Wall Street rivals also posted better-than-expected Wall Street earnings. JP Morgan Chase, Goldman Sachs And Citigroup It topped the ratings on strong earnings from trade and investment banking.

This story is developing. Check back for updates.