Morgan Stanley (NYSE:MS) shares are trading higher Tuesday after the company announced a new buyback program of up to $20 billion and raised its quarterly dividend.
Morgan Stanley's board authorized a $20 billion share repurchase program, which is set to begin in the third quarter and does not have an expiration date. The company also increased its quarterly dividend to $0.775 per share, up from the current $0.70 per share.
"The strength and stability of our franchise and our capital cushion provide us the flexibility to continue to invest for future growth while also returning capital to shareholders," said James Gorman, chairman and CEO of Morgan Stanley.
Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, wealth management and investment management services.
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MS Price Action: Morgan Stanley has traded between $109.73 and $72.23 over a 52-week period.
The stock was up 3.8% at $80.38 at press time, according to data from Benzinga Pro.
Photo: courtesy of Morgan Stanley.
