Zacks Investment Research upgraded shares of Goldman Sachs Group (NYSE:GS) from a hold rating to a buy rating in a research report report published on Friday morning. They currently have $206.00 price objective 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.”
Several other equities analysts have also weighed in on the stock. Bank of America reduced their target price on shares of Goldman Sachs Group to $280.00 in a report on Sunday, December 2nd. Morgan Stanley lowered shares of Goldman Sachs Group from an overweight rating to an equal weight rating and set a $226.00 target price on the stock. in a report on Wednesday, November 21st. ValuEngine lowered shares of Goldman Sachs Group from a sell rating to a strong sell rating in a report on Thursday, November 15th. BMO Capital Markets boosted their price objective on shares of Goldman Sachs Group from $261.00 to $276.00 and gave the stock a market perform rating in a report on Wednesday, October 17th. They noted that the move was a valuation call. Finally, JPMorgan Chase & Co. reiterated a buy rating and issued a $285.00 price objective on shares of Goldman Sachs Group in a report on Tuesday, October 16th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and nine have issued a buy rating to the company. The stock has an average rating of Hold and a consensus target price of $271.15.
Shares of NYSE:GS traded down $4.42 during midday trading on Friday, hitting $179.67. 3,919,320 shares of the company’s stock traded hands, compared to its average volume of 4,134,521. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 3.04. The firm has a market capitalization of $68.48 billion, a price-to-earnings ratio of 9.09, a PEG ratio of 0.60 and a beta of 1.11. Goldman Sachs Group has a twelve month low of $179.00 and a twelve month high of $275.31.
Goldman Sachs Group (NYSE:GS) last posted its earnings results on Tuesday, October 16th. The investment management company reported $6.28 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $5.38 by $0.90. The business had revenue of $8.65 billion for 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%. The business’s quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $5.02 EPS. On average, analysts predict that Goldman Sachs Group will post 25.33 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 28th. Shareholders 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 dividend on an annualized basis and a yield of 1.78%. Goldman Sachs Group’s dividend payout ratio is currently 16.19%.
Hedge funds have recently modified their holdings of the business. Moneta Group Investment Advisors LLC increased its position in shares of Goldman Sachs Group by 7,719.0% in the 2nd quarter. Moneta Group Investment Advisors LLC now owns 23,457 shares of the investment management company’s stock worth $104,000 after purchasing an additional 23,157 shares during the last quarter. Zions Bancorporation bought a new stake in shares of Goldman Sachs Group in the 2nd quarter worth about $109,000. Palo Capital Inc. bought a new stake in shares of Goldman Sachs Group in the 3rd quarter worth about $109,000. Asset Advisors Investment Management LLC bought a new stake in shares of Goldman Sachs Group in the 3rd quarter worth about $115,000. Finally, Canton Hathaway LLC bought a new stake in shares of Goldman Sachs Group in the 3rd quarter worth about $174,000. 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.
Featured Story: Why is insider trading harmful?
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Goldman Sachs Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Goldman Sachs Group and related companies with MarketBeat.com's FREE daily email newsletter.