Morgan Stanley (NYSE:MS) Achieve New Highs

Reuters

Morgan Stanley's quarterly profit dropped nearly 60 percent on a provision related to the new U. S.

Morgan Stanley's $1.2 billion tax hit was smaller than other banks that have reported results, and most of it came from changes in deferred tax assets, which are future tax benefits that drop in value when the corporate rate falls.

Tax overhaul charges have crimped fourth-quarter results for most big banks.

Like most other big US banks, Morgan Stanley took a fourth-quarter charge due to a USA tax overhaul signed into law in December, but analysts have been looking past those one-time hits to focus on the long-term benefits of lower tax rates.

Investment management revenues grew from $500 million a year ago to $637 million. Analysts on average were looking for 77 cents per share, according to Thomson Reuters I/B/E/S.

Shares in Morgan Stanley rose by 0.6 per cent to $55.65 shortly after the opening bell in NY this morning, valuing the bank at $100 billion. That division, which has been a top priority for the bank for years, reported a pre-tax profit of $1.2 billion compared with $891 million in the same period a year ago. Earnings per share and revenue were$2.88 and $34.63 billion in 2016.

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Its longtime bet on the steady-as-she-goes business continues to bear fruit, assisted by a rising stock market that has lifted the value of client assets and respectively, the fees earned by the bank.

For the past month, Morgan Stanley's stock has been 5.15%, 13.10% for the last quarter, 22.62% for the past six months and 31.32% for the past 52 weeks.

After including adjustments made in connection with the tax reform bill, Morgan Stanley Q4 2017 earnings amounted to 29 cents per share. Wealth management bested its goal of a pretax margin between 23 percent and 25 percent, thanks in part to a compensation ratio that met its targeted level of 56 percent.

The firm took a charge of $990 million or 55 cents per share for a tax provision.

Excluding the tax charge, its return on equity was 9.4 percent past year. This is on par with rival Goldman Sachs, which saw a 50% decline in revenue from its trading unit, a historically bad quarter for bond trading.

Morgan Stanley (NYSE:MS)'s EPS growth this year is 0.20% and the trailing 12-month EPS is $3.62.

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