Goldman Sachs Group (GS) Upgraded by Zacks Investment Research to Buy
Zacks Investment Research upgraded shares of Goldman Sachs Group (NYSE:GS) from a hold rating to a buy rating in a research report sent to investors on Tuesday morning. The brokerage currently has $260.00 price objective on the investment management company’s stock.
According to Zacks, “Shares of Goldman underperformed the industry over the past six months. However, the company boasts an impressive earnings surprise history. It surpassed the Zacks Consensus Estimate for earnings in all the trailing four quarters. Though regulatory issues are concerns, we believe the company’s well-diversified business and focus to capitalize on growth opportunities through strategic moves will continue to strengthen the overall business. Further, its cost-control measures are commendable. Additionally, the company’s steady capital-deployment activities have boosted investors' confidence.”
Other equities research analysts have also issued research reports about the stock. Royal Bank of Canada reaffirmed a neutral rating and set a $265.00 target price on shares of Goldman Sachs Group in a report on Tuesday, April 17th. ValuEngine lowered shares of Goldman Sachs Group from a buy rating to a hold rating in a report on Saturday, April 21st. Morgan Stanley upped their price objective on shares of Goldman Sachs Group from $297.00 to $302.00 and gave the company an overweight rating in a report on Thursday, March 15th. JPMorgan Chase & Co. reissued a buy rating and issued a $280.00 price objective on shares of Goldman Sachs Group in a report on Thursday, March 15th. Finally, Keefe, Bruyette & Woods reissued a hold rating on shares of Goldman Sachs Group in a report on Wednesday, April 18th. Three research analysts have rated the stock with a sell rating, thirteen have given a hold rating and eleven have given a buy rating to the stock. The company has a consensus rating of Hold and an average price target of $265.26.
Goldman Sachs Group (NYSE:GS) last released its earnings results on Tuesday, April 17th. The investment management company reported $6.95 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $5.58 by $1.37. Goldman Sachs Group had a net margin of 14.27% and a return on equity of 12.58%. The business had revenue of $10.04 billion during the quarter, compared to analyst estimates of $8.73 billion. During the same quarter in the prior year, the firm earned $5.15 earnings per share. The company’s revenue for the quarter was up 25.0% compared to the same quarter last year. equities research analysts anticipate that Goldman Sachs Group will post 23.28 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, June 28th. Shareholders of record on Thursday, May 31st will be paid a dividend of $0.80 per share. This represents a $3.20 annualized dividend and a yield of 1.40%. The ex-dividend date of this dividend is Wednesday, May 30th. This is a positive change from Goldman Sachs Group’s previous quarterly dividend of $0.75. Goldman Sachs Group’s dividend payout ratio (DPR) is 16.19%.
In other Goldman Sachs Group news, insider David M. Solomon sold 3,497 shares of the stock in a transaction dated Tuesday, May 15th. The shares were sold at an average price of $244.40, for a total transaction of $854,666.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.71% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of GS. TIAA CREF Investment Management LLC lifted its position in shares of Goldman Sachs Group by 116.3% during the fourth quarter. TIAA CREF Investment Management LLC now owns 2,529,469 shares of the investment management company’s stock worth $644,408,000 after purchasing an additional 1,360,046 shares in the last quarter. Summit Trail Advisors LLC lifted its position in shares of Goldman Sachs Group by 24,200.2% during the first quarter. Summit Trail Advisors LLC now owns 944,790 shares of the investment management company’s stock worth $945,000 after purchasing an additional 940,902 shares in the last quarter. Millennium Management LLC lifted its position in shares of Goldman Sachs Group by 100.6% during the first quarter. Millennium Management LLC now owns 999,532 shares of the investment management company’s stock worth $251,742,000 after purchasing an additional 501,354 shares in the last quarter. Standard Life Aberdeen plc lifted its position in shares of Goldman Sachs Group by 187.6% during the fourth quarter. Standard Life Aberdeen plc now owns 737,276 shares of the investment management company’s stock worth $187,995,000 after purchasing an additional 480,931 shares in the last quarter. Finally, PointState Capital LP acquired a new stake in shares of Goldman Sachs Group during the first quarter worth about $109,184,000. 72.44% of the stock is currently owned by institutional investors and hedge funds.
Goldman Sachs Group Company Profile
The Goldman Sachs Group, Inc operates as an investment banking, securities, and investment management company worldwide. It operates through four segments: Investment Banking, Institutional Client Services, Investing & Lending, and Investment Management. The Investment Banking segment provides financial advisory services, including strategic advisory assignments related to mergers and acquisitions, divestitures, corporate defense activities, restructurings, spin-offs, and risk management; and underwriting services, such as debt and equity underwriting of public offerings and private placements of various securities and other financial instruments, as well as derivative transactions with public and private sector clients.
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