The Goldman Sachs Group (NYSE:GS) Stock Rating Upgraded by TD Cowen

The Goldman Sachs Group (NYSE:GS) was upgraded by stock analysts at TD Cowen to a “strong-buy” rating in a research report issued to clients and investors on Wednesday, Zacks reports.

Several other research firms have also recently commented on GS. HSBC boosted their target price on The Goldman Sachs Group from $995.00 to $1,007.00 and gave the stock a “hold” rating in a research note on Monday, September 28th. Jefferies Financial Group set a $1,299.00 price objective on The Goldman Sachs Group in a research note on Wednesday, July 15th. Wall Street Zen downgraded The Goldman Sachs Group from a “buy” rating to a “hold” rating in a research report on Sunday, September 13th. UBS Group cut their target price on shares of The Goldman Sachs Group from $1,150.00 to $1,010.00 and set a “neutral” rating on the stock in a research note on Monday. Finally, Barclays raised their target price on shares of The Goldman Sachs Group from $1,048.00 to $1,245.00 and gave the company an “overweight” rating in a report on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $1,055.09.

The Goldman Sachs Group Stock Performance

Shares of GS stock opened at $882.26 on Wednesday. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 3.17. The Goldman Sachs Group has a 52 week low of $740.01 and a 52 week high of $1,153.99. The stock has a market capitalization of $256.89 billion, a PE ratio of 13.62, a P/E/G ratio of 0.97 and a beta of 1.29. The firm has a 50 day moving average of $992.83 and a two-hundred day moving average of $987.89.

The Goldman Sachs Group (NYSE:GS) last posted its quarterly earnings data on Tuesday, July 14th. The investment management company reported $20.98 earnings per share for the quarter, topping analysts’ consensus estimates of $14.47 by $6.51. The business had revenue of $20.34 billion for the quarter, compared to analyst estimates of $16.22 billion. The Goldman Sachs Group had a return on equity of 19.16% and a net margin of 15.53%.The company’s revenue was up 39.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $10.91 earnings per share. On average, research analysts predict that The Goldman Sachs Group will post 67.48 EPS for the current fiscal year.

Institutional Trading of The Goldman Sachs Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new position in The Goldman Sachs Group in the second quarter valued at $24,172,123,000. State Street Corp increased its position in shares of The Goldman Sachs Group by 2.1% during the fourth quarter. State Street Corp now owns 19,564,783 shares of the investment management company’s stock worth $17,197,444,000 after purchasing an additional 394,198 shares in the last quarter. Bank of America Corp DE acquired a new stake in shares of The Goldman Sachs Group during the second quarter worth about $6,756,772,000. Orange County Employees Retirement System purchased a new stake in shares of The Goldman Sachs Group in the 2nd quarter valued at about $69,537,544,000. Finally, Corient Private Wealth LLC lifted its holdings in shares of The Goldman Sachs Group by 1,657.7% in the 4th quarter. Corient Private Wealth LLC now owns 2,596,487 shares of the investment management company’s stock valued at $2,282,312,000 after purchasing an additional 2,448,767 shares during the last quarter. Institutional investors and hedge funds own 71.21% of the company’s stock.

Key Headlines Impacting The Goldman Sachs Group

Here are the key news stories impacting The Goldman Sachs Group this week:

• Positive Sentiment: TD Cowen upgraded GS to “strong buy” and set a $1,050 price target, implying roughly 19% upside from the referenced $882.26 price. The upgrade is the clearest positive catalyst for the stock and suggests the recent selloff has created an attractive entry point.
• Positive Sentiment: TD Cowen’s bullish view follows Goldman’s strong operating performance, including its latest quarterly earnings beat and 39.4% year-over-year revenue growth. Investors are also looking ahead to third-quarter results and key metrics that could support the recovery thesis. Seeking Clues to Goldman Q3 Earnings
• Neutral Sentiment: Goldman reportedly plans more than $500 million in special equity bonuses for senior executives under a five-year performance scheme. The awards recognize outperformance versus rivals, but their size could prompt investor scrutiny over compensation and dilution. Goldman Executives Special Bonuses
• Negative Sentiment: Higher bond yields have pressured financial stocks and contributed to GS losing most of its year-to-date gains, as rising rates can weigh on equity valuations and market activity. Goldman Stock and Rising Bond Yields
• Negative Sentiment: Citi has reportedly moved ahead of Goldman in global IPO underwriting rankings after winning several major listings, raising concerns about Goldman’s leadership and future deal allocation in equity capital markets. Goldman IPO Underwriting Competition

The Goldman Sachs Group Company Profile

The Goldman Sachs Group, Inc is a global financial services company headquartered in New York City. Founded in 1869, the firm provides services to corporations, financial institutions, governments, individuals and other clients through its investment banking, markets, asset management and wealth management businesses.

Goldman Sachs advises clients on mergers and acquisitions, financing and other strategic transactions, and facilitates trading in equities, fixed income, currencies and commodities.