Goldman Sachs Group Inc. (GS) Rating Increased to Buy at Zacks Investment Research
Goldman Sachs Group Inc. (NYSE:GS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday. The brokerage presently has a $186.00 target price on the investment management company’s stock. Zacks Investment Research’s price objective points to a potential upside of 11.91% from the company’s previous close.
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 have also issued research reports about the company. Vetr raised Goldman Sachs Group from a “hold” rating to a “buy” rating and set a $153.68 price objective for the company in a research note on Tuesday, July 5th. Bank of America Corp. reissued a “buy” rating and set a $160.00 price objective (down previously from $185.00) on shares of Goldman Sachs Group in a research note on Wednesday, June 29th. Citigroup Inc. reissued a “buy” rating on shares of Goldman Sachs Group in a research note on Wednesday, June 29th. JPMorgan Chase & Co. set a $163.00 price objective on Goldman Sachs Group and gave the company a “buy” rating in a research note on Monday, June 27th. Finally, Credit Suisse Group AG raised Goldman Sachs Group to a “buy” rating in a research note on Tuesday, July 12th. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eleven have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $179.79.
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Goldman Sachs Group (NYSE:GS) opened at 166.21 on Tuesday. The firm has a 50-day moving average price of $165.54 and a 200-day moving average price of $158.27. Goldman Sachs Group has a one year low of $138.20 and a one year high of $199.90. The firm has a market cap of $70.87 billion, a PE ratio of 15.76 and a beta of 1.68.
Goldman Sachs Group (NYSE:GS) last released its earnings results on Tuesday, July 19th. The investment management company reported $3.72 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $3.00 by $0.72. Goldman Sachs Group had a return on equity of 8.83% and a net margin of 18.12%. The business earned $7.93 billion during the quarter, compared to the consensus estimate of $7.58 billion. During the same period last year, the business posted $1.98 earnings per share. On average, equities analysts expect that Goldman Sachs Group will post $14.24 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, September 29th. Stockholders of record on Thursday, September 1st will be given 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 1.56%. Goldman Sachs Group’s dividend payout ratio is currently 24.60%.
In other news, insider Sarah G. Smith sold 2,664 shares of the business’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 directly owns 13,075 shares of the company’s stock, valued at approximately $2,222,750. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Edith W. Cooper sold 14,000 shares of the business’s stock in a transaction that occurred on Friday, August 26th. The stock was 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 directly owns 33,634 shares in the company, valued at $5,586,943.74. The disclosure for this sale can be found here. 2.61% of the stock is owned by insiders.
Several hedge funds have recently modified their holdings of GS. First Manhattan Co. boosted its position in Goldman Sachs Group by 28.7% in the first quarter. First Manhattan Co. now owns 4,120 shares of the investment management company’s stock valued at $646,000 after buying an additional 919 shares during the period. Quantitative Systematic Strategies LLC boosted its position in Goldman Sachs Group by 17.8% in the first quarter. Quantitative Systematic Strategies LLC now owns 2,955 shares of the investment management company’s stock valued at $462,000 after buying an additional 446 shares during the period. PGGM Investments boosted its position in Goldman Sachs Group by 2.5% in the first quarter. PGGM Investments now owns 37,606 shares of the investment management company’s stock valued at $5,903,000 after buying an additional 916 shares during the period. KR Capital Partners I L P acquired a new position in Goldman Sachs Group during the first quarter valued at about $4,001,000. Finally, Hartwell J M Limited Partnership boosted its position in Goldman Sachs Group by 35.7% in the first quarter. Hartwell J M Limited Partnership now owns 3,800 shares of the investment management company’s stock valued at $597,000 after buying an additional 1,000 shares during the period. 70.78% of the stock is currently owned by hedge funds and other institutional investors.
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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