Zacks Investment Research upgraded shares of Goldman Sachs Group Inc. (NYSE:GS) from a hold rating to a buy rating in a research note released on Tuesday. Zacks Investment Research currently has $186.00 price objective on the investment management company’s stock.
According to Zacks, “Goldman’s well-diversified business apart from its strong investment banking operations continues to ensure earnings stability. The company also seeks to capitalize on new growth opportunities through several strategic investments including its digital consumer lending platform. Further, venturing into the ETF market will act as a tailwind. We remain optimistic as Goldman received regulators’ approval for its 2016 capital plan demonstrating its financial strength. However, lower client activity levels amid market volatility and global growth concerns continue to weigh on fixed income revenue. Also, litigations and stringent financial reforms remain headwinds.”
Other equities research analysts also recently issued research reports about the company. Deutsche Bank AG restated a hold rating on shares of Goldman Sachs Group in a research report on Saturday, June 4th. Wells Fargo & Co. restated a hold rating on shares of Goldman Sachs Group in a research report on Saturday, July 9th. Berenberg Bank began coverage on Goldman Sachs Group in a research report on Wednesday, July 13th. They set a hold rating and a $140.00 target price for the company. Oppenheimer Holdings Inc. restated an outperform rating and set a $214.00 target price (down previously from $243.00) on shares of Goldman Sachs Group in a research report on Wednesday, July 6th. Finally, Vetr downgraded Goldman Sachs Group from a hold rating to a sell rating and set a $154.43 target price for the company. in a research report on Monday, July 18th. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating and eleven have assigned a buy rating to the company’s stock. The stock has a consensus rating of Hold and a consensus price target of $180.41.
Goldman Sachs Group (NYSE:GS) opened at 168.02 on Tuesday. The firm has a market cap of $71.64 billion, a price-to-earnings ratio of 15.93 and a beta of 1.68. Goldman Sachs Group has a 52-week low of $138.20 and a 52-week high of $199.90. The company has a 50 day moving average price of $166.37 and a 200-day moving average price of $158.47.
Goldman Sachs Group (NYSE:GS) last released its earnings results on Tuesday, July 19th. The investment management company reported $3.72 earnings per share for the quarter, topping analysts’ consensus estimates of $3.00 by $0.72. The company earned $7.93 billion during the quarter, compared to the consensus estimate of $7.58 billion. Goldman Sachs Group had a return on equity of 8.83% and a net margin of 18.12%. During the same quarter in the previous year, the company posted $1.98 earnings per share. Equities research analysts anticipate that Goldman Sachs Group will post $14.28 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, September 29th. Investors of record on Thursday, September 1st will be given a dividend of $0.65 per share. The ex-dividend date is Tuesday, August 30th. This represents a $2.60 annualized dividend and a yield of 1.55%. Goldman Sachs Group’s dividend payout ratio (DPR) is presently 24.60%.
In other Goldman Sachs Group news, insider Sarah G. Smith sold 2,664 shares of the company’s stock in a transaction that occurred on Wednesday, August 31st. The stock was sold at an average price of $170.00, for a total value of $452,880.00. Following the sale, the insider now owns 13,075 shares in the company, valued at $2,222,750. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Edith W. Cooper sold 14,000 shares of the company’s stock in a transaction that occurred on Friday, August 26th. The shares were sold at an average price of $166.11, for a total value of $2,325,540.00. Following the completion of the sale, the executive vice president now owns 33,634 shares in the company, valued at approximately $5,586,943.74. The disclosure for this sale can be found here. Corporate insiders own 2.61% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in the stock. Thomas J. Herzfeld Advisors Inc. acquired a new stake in Goldman Sachs Group during the second quarter valued at about $102,000. Nelson Roberts Investment Advisors LLC raised its stake in Goldman Sachs Group by 26.8% in the second quarter. Nelson Roberts Investment Advisors LLC now owns 710 shares of the investment management company’s stock valued at $105,000 after buying an additional 150 shares in the last quarter. CKW Financial Group raised its stake in Goldman Sachs Group by 33.3% in the second quarter. CKW Financial Group now owns 800 shares of the investment management company’s stock valued at $119,000 after buying an additional 200 shares in the last quarter. Cedar Wealth Management LLC raised its stake in Goldman Sachs Group by 42.9% in the second quarter. Cedar Wealth Management LLC now owns 946 shares of the investment management company’s stock valued at $141,000 after buying an additional 284 shares in the last quarter. Finally, Chicago Partners Investment Group LLC raised its stake in Goldman Sachs Group by 0.5% in the second quarter. Chicago Partners Investment Group LLC now owns 1,042 shares of the investment management company’s stock valued at $155,000 after buying an additional 5 shares in the last quarter. Hedge funds and other institutional investors own 70.77% of the company’s stock.
Goldman Sachs Group Company Profile
The Goldman Sachs Group, Inc is a bank holding company and a financial holding company. The Company operates through four segments: Investment Banking, Institutional Client Services, Investing & Lending, and Investment Management. The Company’s Investment Banking segment provides financial advisory services, which include advisory assignments with respect to mergers and acquisitions, divestitures, corporate defense activities, restructurings, spin-offs and risk management.
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