Is Morgan Stanley the Dividend Stock for You?
The Federal Reserve announced last week that the 23 large U.S. banks that took its most recent stress tests passed with flying colors, meaning they had enough capital and liquidity to continue lending in a severe economic downturn (you know, like the one we had last year).
The Fed said that the largest U.S, banks are in good shape and are "strongly positioned to support the ongoing recovery," according to the Fed's vice chair for supervision, Randal Quarles.
This week, most of the large banks responded to the Fed report by announcing dividend increases and share buybacks for the third quarter, as many had been forced to curtail any increases or share repurchase programs due to the pandemic. The bank that made the biggest splash is Morgan Stanley (NYSE: MS), which announced on June 28 that it is doubling its quarterly dividend.
Source Fool.com
