Morgan Stanley (MS) co-president Saperstein sells 51,668 shares but keeps large stake

Filing Impact

(Very High)

Filing Sentiment

(Very Negative)

Form Type

Rhea-AI Filing Summary

Morgan Stanley Co-President Andrew M. Saperstein reported selling 51,668 shares of Morgan Stanley common stock in a series of open-market transactions on April 16, 2026. The sales were executed at weighted average prices, with disclosed ranges generally between $186.77 and $192.34 per share.

After these transactions, Saperstein directly holds 282,142.385 shares of Morgan Stanley common stock, so the filing reflects a partial reduction rather than a full exit from his equity position.

Insider Trade Summary

Net Seller: 51,668 shares ($9,744,322)

Net Sell 6 txns

Insider SAPERSTEIN ANDREW M

Role Co-President

Sold 51,668 shs ($9.74M)

Type	Security	Shares	Price	Value
Sale	Common Stock	6,584	$187.2021	$1.23M
Sale	Common Stock	33,541	$188.3662	$6.32M
Sale	Common Stock	6,353	$189.1491	$1.20M
Sale	Common Stock	1,400	$190.4439	$267K
Sale	Common Stock	3,190	$191.2972	$610K
Sale	Common Stock	600	$192.115	$115K

Holdings After Transaction: Common Stock — 327,226.385 shares (Direct)

Footnotes (1)

The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $186.77 to $187.76, inclusive. The Reporting Person undertakes to provide to Morgan Stanley, any security holder of Morgan Stanley, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $187.77 to $188.76, inclusive. The Reporting Person undertakes to provide to Morgan Stanley, any security holder of Morgan Stanley, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $188.77 to $189.63, inclusive. The Reporting Person undertakes to provide to Morgan Stanley, any security holder of Morgan Stanley, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $189.77 to $190.76, inclusive. The Reporting Person undertakes to provide to Morgan Stanley, any security holder of Morgan Stanley, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $190.77 to $191.76, inclusive. The Reporting Person undertakes to provide to Morgan Stanley, any security holder of Morgan Stanley, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $191.80 to $192.34, inclusive. The Reporting Person undertakes to provide to Morgan Stanley, any security holder of Morgan Stanley, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

Key Figures

Shares sold: 51,668 shares Price range (lowest band): $186.77–$187.76 per share Price range (highest band): $191.80–$192.34 per share +5 more

8 metrics

Shares sold 51,668 shares Aggregate open-market sales on April 16, 2026

Price range (lowest band) $186.77–$187.76 per share Weighted average sale price range in one trade band

Price range (highest band) $191.80–$192.34 per share Weighted average sale price range in another band

Post-transaction holdings 282,142.385 shares Direct Morgan Stanley common stock after all reported sales

Single largest sale block 33,541 shares Open-market sale at weighted average price $188.3662

Representative sale price $187.2021 per share Weighted average price for 6,584-share sale block

Another sale price $191.2972 per share Weighted average price for 3,190-share sale block

Approximate stake reduction ≈18% of post-sale holdings 51,668 shares sold vs. 282,142.385 shares remaining

Key Terms

open-market sale, weighted average price, Common Stock, Form 4, +1 more

5 terms

open-market sale financial

"transaction_action: "open-market sale" for each common stock transaction"

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

weighted average price financial

"The price reported in Column 4 is a weighted average price."

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

Common Stock financial

"security_title: "Common Stock" for all reported transactions"

Common stock represents ownership shares in a company, giving investors a stake in its success and a say in important decisions through voting rights. It is the most common type of stock traded on markets and can provide income through dividends, as well as potential for value growth. For investors, holding common stock means sharing in the company’s profits and risks.

Form 4 regulatory

"INSIDER FILING DATA (Form 4)"

Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.

non-derivative financial

"transaction_type: "non-derivative" for each transaction"

Form 4 Insider Transactions: What Each Field Means →

04/17/2026 - 04:38 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

SAPERSTEIN ANDREW M

(Last)

(First)

(Middle)

C/O MORGAN STANLEY

1585 BROADWAY

(Street)

NEW YORK

10036

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
MORGAN STANLEY [ MS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Co-President

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/16/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	04/16/2026		S		6,584	D	$187.2021⁽¹⁾	327,226.385	D
Common Stock	04/16/2026		S		33,541	D	$188.3662⁽²⁾	293,685.385	D
Common Stock	04/16/2026		S		6,353	D	$189.1491⁽³⁾	287,332.385	D
Common Stock	04/16/2026		S		1,400	D	$190.4439⁽⁴⁾	285,932.385	D
Common Stock	04/16/2026		S		3,190	D	$191.2972⁽⁵⁾	282,742.385	D
Common Stock	04/16/2026		S		600	D	$192.115⁽⁶⁾	282,142.385	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $186.77 to $187.76, inclusive. The Reporting Person undertakes to provide to Morgan Stanley, any security holder of Morgan Stanley, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

2. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $187.77 to $188.76, inclusive. The Reporting Person undertakes to provide to Morgan Stanley, any security holder of Morgan Stanley, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

3. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $188.77 to $189.63, inclusive. The Reporting Person undertakes to provide to Morgan Stanley, any security holder of Morgan Stanley, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

4. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $189.77 to $190.76, inclusive. The Reporting Person undertakes to provide to Morgan Stanley, any security holder of Morgan Stanley, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

5. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $190.77 to $191.76, inclusive. The Reporting Person undertakes to provide to Morgan Stanley, any security holder of Morgan Stanley, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

6. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $191.80 to $192.34, inclusive. The Reporting Person undertakes to provide to Morgan Stanley, any security holder of Morgan Stanley, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

Remarks:

	/s/ Martin M. Cohen, Attorney-in-Fact	04/17/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What did Morgan Stanley (MS) Co-President Andrew Saperstein report in this Form 4?

Andrew M. Saperstein reported selling Morgan Stanley common stock in multiple open-market transactions on April 16, 2026. The filing shows an aggregate sale of 51,668 shares while he continues to hold a substantial remaining direct position in the company’s stock.

How many Morgan Stanley (MS) shares did Andrew Saperstein sell and at what prices?

He sold a total of 51,668 Morgan Stanley common shares across several trades. The reported weighted average prices reflect ranges from about $186.77 up to $192.34 per share, based on detailed price bands disclosed in the Form 4 footnotes.

How many Morgan Stanley (MS) shares does Andrew Saperstein hold after these sales?

Following the reported transactions, Andrew M. Saperstein directly holds 282,142.385 shares of Morgan Stanley common stock. This indicates the April 16, 2026 open-market sales reduced, but did not eliminate, his personal equity stake in the company.

Were Andrew Saperstein’s Morgan Stanley (MS) transactions open-market sales?

Yes. Each transaction in the Form 4 is coded “S” and described as an open-market sale or private sale transaction. The shares were sold in multiple trades within specified price ranges, with weighted average prices reported for each line item.

Does this Form 4 show any option exercises or derivative positions for Andrew Saperstein at Morgan Stanley (MS)?

No derivative transactions are listed in this Form 4. The derivative summary shows zero derivative transactions and zero remaining derivative positions, indicating the reported activity relates only to sales of non-derivative Morgan Stanley common stock.