Goldman Sachs Group (GS) Rating Lowered to Hold at Zacks Investment Research
Goldman Sachs Group (NYSE:GS) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday.
According to Zacks, “Shares of Goldman underperformed the industry over the past six months. Yet, the company boasts an impressive earnings surprise history. It has surpassed the Zacks Consensus Estimate for earnings in three of the trailing four quarters. Though several issues, including sluggish global economic growth and lower client activity levels, remain near-to-medium-term headwinds, we believe the company’s well-diversified business and its focus to capitalize on growth opportunities through strategic moves should continue to bolster the overall business. Further, cost control measures are commendable. Additionally, steady capital deployment activities have boosted investors' confidence.”
Several other equities research analysts also recently issued reports on the company. Wells Fargo & Company reiterated an “outperform” rating and issued a $295.00 price objective (up previously from $265.00) on shares of Goldman Sachs Group in a report on Wednesday. Vertical Group upgraded Goldman Sachs Group from a “sell” rating to a “hold” rating in a report on Friday, December 8th. Bank of America upped their price target on Goldman Sachs Group from $290.00 to $300.00 and gave the stock a “buy” rating in a report on Thursday, December 7th. J P Morgan Chase & Co restated a “buy” rating on shares of Goldman Sachs Group in a report on Monday, November 20th. Finally, Royal Bank of Canada restated a “hold” rating and set a $240.00 price target on shares of Goldman Sachs Group in a report on Wednesday, November 15th. Two research analysts have rated the stock with a sell rating, eighteen have given a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. Goldman Sachs Group presently has a consensus rating of “Hold” and a consensus target price of $248.10.
Goldman Sachs Group (NYSE:GS) last posted its quarterly earnings data on Tuesday, October 17th. The investment management company reported $5.02 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $4.17 by $0.85. The firm had revenue of $8.33 billion for the quarter, compared to the consensus estimate of $7.59 billion. Goldman Sachs Group had a return on equity of 11.34% and a net margin of 26.42%. The company’s quarterly revenue was up 2.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $4.88 EPS. sell-side analysts expect that Goldman Sachs Group will post 19.03 EPS for the current fiscal year.
In other news, Director David A. Viniar sold 7,393 shares of the company’s stock in a transaction dated Friday, October 20th. The stock was sold at an average price of $245.18, for a total transaction of $1,812,615.74. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Gregory K. Palm sold 4,620 shares of the company’s stock in a transaction dated Tuesday, November 21st. The shares were sold at an average price of $238.99, for a total value of $1,104,133.80. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 135,177 shares of company stock valued at $32,435,160. Insiders own 2.57% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in GS. Gotham Asset Management LLC boosted its position in shares of Goldman Sachs Group by 90.1% in the 1st quarter. Gotham Asset Management LLC now owns 11,706 shares of the investment management company’s stock valued at $2,689,000 after purchasing an additional 5,548 shares during the period. BlueCrest Capital Management Ltd raised its stake in Goldman Sachs Group by 561.3% during the 1st quarter. BlueCrest Capital Management Ltd now owns 12,088 shares of the investment management company’s stock valued at $2,777,000 after acquiring an additional 10,260 shares during the last quarter. Investment Centers of America Inc. raised its stake in Goldman Sachs Group by 217.6% during the 1st quarter. Investment Centers of America Inc. now owns 3,980 shares of the investment management company’s stock valued at $913,000 after acquiring an additional 2,727 shares during the last quarter. AQR Capital Management LLC raised its stake in Goldman Sachs Group by 94.9% during the 1st quarter. AQR Capital Management LLC now owns 667,743 shares of the investment management company’s stock valued at $153,394,000 after acquiring an additional 325,208 shares during the last quarter. Finally, National Asset Management Inc. raised its stake in Goldman Sachs Group by 109.5% during the 1st quarter. National Asset Management Inc. now owns 2,057 shares of the investment management company’s stock valued at $473,000 after acquiring an additional 1,075 shares during the last quarter. 73.27% of the stock is owned by hedge funds and other institutional investors.
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Goldman Sachs Group Company Profile
The Goldman Sachs Group, Inc is an investment banking, securities and investment management company that provides a range of financial services to corporations, financial institutions, governments and individuals. The Company operates in four business segments: Investment Banking, Institutional Client Services, Investing & Lending, and Investment Management.
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