Goldman Sachs Group Inc. (GS) Upgraded by Zacks Investment Research to Buy
Goldman Sachs Group Inc. (NYSE:GS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday. The firm currently has a $186.00 price target on the investment management company’s stock. Zacks Investment Research’s price target indicates a potential upside of 11.91% from the stock’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.”
A number of other research analysts also recently weighed in on GS. Wells Fargo & Co. reaffirmed a “hold” rating on shares of Goldman Sachs Group in a research report on Saturday, July 9th. Deutsche Bank AG reissued a “hold” rating on shares of Goldman Sachs Group in a research report on Sunday, June 26th. Oppenheimer Holdings Inc. lifted their price objective on shares of Goldman Sachs Group from $222.00 to $223.00 and gave the company an “outperform” rating in a research report on Wednesday, July 27th. BMO Capital Markets reissued an “outperform” rating and issued a $214.00 price objective (up previously from $197.00) on shares of Goldman Sachs Group in a research report on Friday, July 22nd. Finally, Vetr downgraded shares of Goldman Sachs Group from a “hold” rating to a “strong sell” rating and set a $121.96 price objective for the company. in a research report on Tuesday, June 21st. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eleven have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $179.79.
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Goldman Sachs Group (NYSE:GS) opened at 166.21 on Tuesday. The firm has a market cap of $70.87 billion, a price-to-earnings ratio of 15.76 and a beta of 1.68. The company has a 50-day moving average of $165.54 and a 200 day moving average of $158.27. Goldman Sachs Group has a 52-week low of $138.20 and a 52-week high of $199.90.
Goldman Sachs Group (NYSE:GS) last released its earnings results on Tuesday, July 19th. The investment management company reported $3.72 earnings per share for the quarter, beating analysts’ consensus estimates of $3.00 by $0.72. The business earned $7.93 billion during the quarter, compared to the consensus estimate 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 last year, the firm earned $1.98 earnings per share. On average, equities research analysts anticipate that Goldman Sachs Group will post $14.24 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 29th. Shareholders of record on Thursday, September 1st will be paid a $0.65 dividend. This represents a $2.60 annualized dividend and a yield of 1.56%. The ex-dividend date is Tuesday, August 30th. Goldman Sachs Group’s dividend payout ratio (DPR) is 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 shares were sold at an average price of $170.00, for a total value of $452,880.00. Following the completion of the transaction, the insider now directly owns 13,075 shares in the company, valued at approximately $2,222,750. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Edith W. Cooper sold 14,000 shares of the business’s stock in a transaction that occurred on Friday, August 26th. The shares were sold at an average price of $166.11, for a total transaction of $2,325,540.00. Following the completion of the transaction, the executive vice president now owns 33,634 shares of the company’s stock, valued at $5,586,943.74. The disclosure for this sale can be found here. 2.61% of the stock is currently owned by company insiders.
Several institutional investors have recently modified their holdings of the stock. Berkshire Asset Management LLC PA boosted its position in shares of Goldman Sachs Group by 2.7% in the first quarter. Berkshire Asset Management LLC PA now owns 1,855 shares of the investment management company’s stock valued at $291,000 after buying an additional 48 shares during the last quarter. Culbertson A N & Co. Inc. purchased a new position in shares of Goldman Sachs Group during the first quarter valued at approximately $4,141,000. Iberiabank Corp boosted its position in shares of Goldman Sachs Group by 26.3% in the first quarter. Iberiabank Corp now owns 2,726 shares of the investment management company’s stock valued at $428,000 after buying an additional 568 shares during the last quarter. Laurel Grove Capital LLC boosted its position in shares of Goldman Sachs Group by 111.1% in the first quarter. Laurel Grove Capital LLC now owns 3,800 shares of the investment management company’s stock valued at $597,000 after buying an additional 2,000 shares during the last quarter. Finally, Howard Capital Management boosted its position in shares of Goldman Sachs Group by 1.4% in the first quarter. Howard Capital Management now owns 62,082 shares of the investment management company’s stock valued at $9,746,000 after buying an additional 834 shares during the last quarter. Institutional investors own 70.78% of the company’s stock.
About Goldman Sachs Group
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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