It’s ‘a little bewildering’.

Bloomberg News Morgan Stanley CEO James Gorman has said the firm’s stock price is “the ultimate report card.” Right now, he doesn’t like his grade.

It’s “a little bewildering” that Morgan Stanley’s stock price hasn’t reflected its revenue growth or improvement in return on equity, Gorman said on the bank’s third-quarter conference call with analysts.

“I guess there are smarter investors than myself out there who have this figured out,” he said. “But to me it seems like with the ROE up 40% and the revenue trend that we’ve got, it’s a little hard to reconcile with the stock being down.”

Morgan Stanley’s stock dropped 17 percent this year through Monday, the most of the five biggest U.S. banks.

Morgan Stanley CEO Says This Year’s Share Slump Is ‘Bewildering’

In the meantime, Bloomberg also reports that Wall Street roundly approved of Morgan Stanley earnings.

Buckingham’s James Mitchell said in a note that both Morgan Stanley and Goldman (who also reported Tuesday) handily beat consensus expectations on strong underwriting results and solid expense discipline. He sees Morgan Stanley’s report, however, as likely to be “viewed as higher quality and met with more relief, given broad-based strength across businesses, including better-than-expected sales and trading results.”

Analysts Like Goldman’s Results, But They Love Morgan Stanley’s