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Morgan Stanley shares close lower on Wednesday, bank raises salary for institutional securities analysts

Morgan Stanley (MS) has raised salaries for starting analysts in its institutional securities division. It has been the latest major bank to increase pay as demand for entry-level workers remains high.

According to a report by Business Insider, the pay change is to take effect in January.

According to the same media, citing a source with knowledge of the matter, Morgan Stanley has increased pay for all starting analysts to $110,000 in its sales and trading, research, investment banking and global capital markets divisions.

The Wall Street bank raised the base salary for first- and second-year bankers in its investment bank and global capital markets divisions in July to at least $100,000 from about $85,000 previously.

Morgan Stanley shares closed lower for the fourth time in the past ten trading sessions in New York on Wednesday. The stock went down 0.11% ($0.12) to $104.31, after touching an intraday high at $105.07. The latter has been a price level not seen since August 30th ($105.81).

Shares of Morgan Stanley have risen 52.21% so far in 2021 compared with a 20.45% gain for the benchmark index, S&P 500 (SPX).

In 2020, Morgan Stanley’s stock went up 34.06%, thus, it again outperformed the S&P 500, which registered a 16.26% gain.

Analyst stock price forecast and recommendation

According to TipRanks, at least 11 out of 15 surveyed investment analysts had rated Morgan Stanley’s stock as “Buy”, while 4 – as “Hold”. The median price target on the stock stands at $104.57.

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