Morgan Stanley (MS) reported third-quarter earnings of $1.27 per share on Thursday, beating the analyst consensus estimate of $1.11.

This is an 8.55% increase over earnings of $1.17 per share in the same period last year.

The company reported quarterly sales of $10.03 billion, beating the analyst consensus estimate of $9.6 billion by 4.48%. This is a 1.6% increase over sales of $9.872 billion in the same period last year.

"We delivered strong quarterly earnings despite the typical summer slowdown and volatile markets,” CEO James Gorman said in a statement. 

“Firmwide revenues were over $10 billion for the third consecutive quarter, and we produced an ROE within our target range. Our consistent performance shows the stability of our business model. We remain committed to controlling our expenses and are well-positioned to pursue our growth initiatives."

Morgan Stanley shares were trading 3.76% higher at $44.40 at the time of publication during Thursday's premarket session. The stock has a 52-week high of $48.66 and a 52-week low of $36.74.