Zacks Investment Research upgraded shares of Goldman Sachs Group (NYSE:GS) from a hold rating to a buy rating in a research report released on Thursday. They currently have $198.00 price target on the investment management company’s stock.
According to Zacks, “Shares of Goldman have underperformed the industry over the past three months. Yet, the company boasts an impressive earnings surprise history, surpassing the Zacks Consensus Estimate in all the trailing four quarters. The company’s well-diversified business and focus to capitalize on growth opportunities through strategic moves along with cost-control efforts will continue to strengthen the overall business. Notably, Goldman has been entangled in the recent heightened scandal related to the multibillion-dollar 1Malaysia Development Bhd (1MDB), which is a major concern. While declining revenues from Institutional Client Services division remain hindrance to the bottom-line expansion, the launching of its online retail bank, Marcus with an aim to enter Britain’s cash savings account market will support growth.”
Other analysts have also issued reports about the stock. JPMorgan Chase & Co. reissued a buy rating and set a $285.00 target price on shares of Goldman Sachs Group in a research note on Monday, September 10th. Wolfe Research assumed coverage on shares of Goldman Sachs Group in a research note on Tuesday, September 25th. They set an outperform rating for the company. Wells Fargo & Co reissued a buy rating on shares of Goldman Sachs Group in a research note on Thursday, September 20th. Morgan Stanley lowered shares of Goldman Sachs Group from an overweight rating to an equal weight rating and set a $226.00 target price for the company. in a research note on Wednesday, November 21st. Finally, Bank of America lowered their target price on shares of Goldman Sachs Group to $280.00 in a research note on Sunday, December 2nd. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and nine have assigned a buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus target price of $267.21.
Goldman Sachs Group (NYSE:GS) last posted its quarterly earnings data on Tuesday, October 16th. The investment management company reported $6.28 EPS for the quarter, topping the consensus estimate of $5.38 by $0.90. The company had revenue of $8.65 billion during the quarter, compared to analyst estimates of $8.43 billion. Goldman Sachs Group had a net margin of 16.68% and a return on equity of 14.10%. Goldman Sachs Group’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $5.02 earnings per share. Analysts predict that Goldman Sachs Group will post 25.33 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 28th. Investors of record on Friday, November 30th will be issued a $0.80 dividend. The ex-dividend date is Thursday, November 29th. This represents a $3.20 annualized dividend and a dividend yield of 1.85%. Goldman Sachs Group’s payout ratio is currently 16.19%.
Hedge funds have recently added to or reduced their stakes in the stock. Northwest Quadrant Wealth Management LLC bought a new stake in shares of Goldman Sachs Group in the third quarter valued at about $481,000. Palo Capital Inc. bought a new stake in shares of Goldman Sachs Group in the third quarter valued at about $109,000. Zions Bancorporation bought a new stake in shares of Goldman Sachs Group in the second quarter valued at about $109,000. Asset Advisors Investment Management LLC bought a new stake in shares of Goldman Sachs Group in the third quarter valued at about $115,000. Finally, Investment Partners LTD. bought a new stake in shares of Goldman Sachs Group in the third quarter valued at about $224,000. Hedge funds and other institutional investors own 70.94% of the company’s stock.
About Goldman Sachs Group
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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