Goldman Sachs Group Inc. (NYSE:GS) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Monday.
According to Zacks, “Goldman’s well-diversified business apart from its strong investment banking operations continues to ensure earnings stability. The company’s focus to capitalize on new growth opportunities through several strategic investments including its digital consumer lending platform, bolsters its overall business growth. We remain optimistic as Goldman received regulators’ approval for its 2016 capital plan demonstrating its financial strength. However, lower client activity levels amid macroeconomic headwinds continue to weigh on revenue fro several client services division. Also, costs stemming from unresolved litigations and stringent financial reforms remain near to medium-term headwinds.”
A number of other analysts also recently weighed in on the stock. Nomura restated a “buy” rating and issued a $197.00 target price (up from $195.00) on shares of Goldman Sachs Group in a report on Tuesday, July 19th. Berenberg Bank started coverage on shares of Goldman Sachs Group in a report on Wednesday, July 13th. They issued a “hold” rating and a $140.00 target price on the stock. Vetr upgraded shares of Goldman Sachs Group from a “hold” rating to a “buy” rating and set a $153.68 target price on the stock in a report on Tuesday, July 5th. Credit Suisse Group AG upgraded shares of Goldman Sachs Group to a “buy” rating in a report on Tuesday, July 12th. Finally, Oppenheimer Holdings Inc. set a $222.00 target price on shares of Goldman Sachs Group and gave the stock a “buy” rating in a report on Wednesday, August 3rd. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and ten have issued a buy rating to the company’s stock. Goldman Sachs Group has an average rating of “Hold” and an average target price of $180.41.
Shares of Goldman Sachs Group (NYSE:GS) opened at 162.89 on Monday. The stock has a market capitalization of $69.46 billion, a price-to-earnings ratio of 15.44 and a beta of 1.68. The firm has a 50-day moving average of $166.56 and a 200 day moving average of $158.79. Goldman Sachs Group has a one year low of $138.20 and a one year high of $199.90.
Goldman Sachs Group (NYSE:GS) last announced its quarterly earnings results on Tuesday, July 19th. The investment management company reported $3.72 EPS for the quarter, topping the consensus estimate of $3.00 by $0.72. The business had revenue of $7.93 billion for the quarter, compared to analysts’ expectations of $7.58 billion. Goldman Sachs Group had a net margin of 18.12% and a return on equity of 8.83%. During the same quarter in the previous year, the company earned $1.98 EPS. On average, equities research analysts predict that Goldman Sachs Group will post $14.29 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, September 29th. Shareholders of record on Thursday, September 1st will be issued a $0.65 dividend. The ex-dividend date of this dividend is Tuesday, August 30th. This represents a $2.60 dividend on an annualized basis and a dividend yield of 1.60%. Goldman Sachs Group’s dividend payout ratio is currently 24.60%.
In other news, EVP Edith W. Cooper sold 14,000 shares of the stock in a transaction 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 sale, the executive vice president now owns 33,634 shares in the company, valued at $5,586,943.74. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Sarah G. Smith sold 2,664 shares of the stock in a transaction on Wednesday, August 31st. The stock was sold at an average price of $170.00, for a total transaction of $452,880.00. Following the completion of the sale, the insider now owns 13,075 shares in the company, valued at approximately $2,222,750. The disclosure for this sale can be found here. 2.61% of the stock is currently owned by company insiders.
Several hedge funds have recently added to or reduced their stakes in the company. Evercore Wealth Management LLC raised its stake in Goldman Sachs Group by 10.7% in the second quarter. Evercore Wealth Management LLC now owns 2,180 shares of the investment management company’s stock worth $324,000 after buying an additional 210 shares during the last quarter. Macquarie Group Ltd. raised its stake in Goldman Sachs Group by 26.3% in the second quarter. Macquarie Group Ltd. now owns 112,955 shares of the investment management company’s stock worth $16,783,000 after buying an additional 23,529 shares during the last quarter. Carnick & Kubik Group LLC acquired a new stake in Goldman Sachs Group during the second quarter worth $254,000. Kentucky Retirement Systems Insurance Trust Fund acquired a new stake in Goldman Sachs Group during the second quarter worth $2,318,000. Finally, Kentucky Retirement Systems acquired a new stake in Goldman Sachs Group during the second quarter worth $4,881,000. 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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