Congressman Michael Burgess Is Trading This Bank Stock
Congressman Michael Burgess, a Republican representing Texas's 26th congressional district, disclosed on Thursday he made two trades in Morgan Stanley (MS: US) shares in early October.
Rep. Burgess was buying Morgan Stanley stock when its closing price was $78.93 on October 07 for the amount that ranged between $15,000 - $50,000. On the same day, Mr. Burgess also sold between $1,000 - $15,000 worth of the bank’s options.
These are the first trades that Michael Burgess made in Morgan Stanley shares. The bank’s stock trades near the $85 handle after jumping from the 3-month low around the $75 mark. It could be said that Mr. Burgess timed his buy trade well. Given that the Congressman sits on the Budget Committee, it is not surprising that he decided to invest in the bank stock.
Republican Burgess doesn’t trade too often. He reported just over 30 trades since October 2021. He most often trades shares of Stryker Corp (SYK: US) by far, followed by Amazon (AMZN: US), and Warren Buffett’s Berkshire Hathaway Inc (BRK: US).
A week after Mr. Borgess invested in Morgan Stanley, the banking giant reported its Q3 earnings. Shares fell on the same day as the bank reported profit and revenue below the consensus.
Weaker-than-expected earnings were driven by a plunge in investment banking revenue, which dropped by 55% to $1.28 billion. Similarly, investment management revenue fell 20% to $1.17 billion as Wall Street’s dealmaking activity remains paralyzed by macroeconomic headwinds.
