Morgan Stanley hits record high after $20 billion buyback launch, dividend hike

Shares of investment banking giant Morgan Stanley MS.N hit record high in late-morning trading; last up 1%

Morgan Stanley's board approved a new $20 billion share-repurchase program after market hours on Tuesday, without specifying an end date

Company also plans to raise its quarterly dividend to $1/shr

The move comes days after the biggest U.S. banks sailed through the U.S. Federal Reserve's annual health check, setting the stage for billions in stock buybacks and dividends

MS is set to report results later this month, with analysts expecting it to post a higher profit, according to data compiled by LSEG

MS has gained ~13.3% YTD, including session moves