Morgan Stanley (NYSE:MS) CEO and Chairman Ted Pick said Wednesday the investment bank might continue buying back shares at a “slightly higher cadence” after more than $1B worth of repurchases in Q3.
MS shares finished a strong day with a 4.7% climb after the Wall Street bank’s Q3 earnings posted a strong beat, bolstered by robust investment banking and equities activity.
Meanwhile, “the buyback has been opportunistic,” Pick said during an earnings call. “We’ll continue to buy shares back, maybe at a slightly higher cadence.”
In July, after passing the Federal Reserve’s stress tests, Morgan Stanley (NYSE:MS) reauthorized a multi-year buyback program of as much as $20B.