Wall Street Zen downgraded shares of The Goldman Sachs Group (NYSE:GS – Free Report) from a buy rating to a hold rating in a research report released on Saturday morning.
GS has been the topic of a number of other reports. Wells Fargo & Company increased their price objective on shares of The Goldman Sachs Group from $1,195.00 to $1,325.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 15th. Morgan Stanley set a $1,145.00 target price on shares of The Goldman Sachs Group in a report on Wednesday, July 15th. BMO Capital Markets boosted their target price on shares of The Goldman Sachs Group from $1,070.00 to $1,190.00 and gave the company a “market perform” rating in a research report on Wednesday, July 15th. Dbs Bank upped their price target on shares of The Goldman Sachs Group from $890.00 to $1,050.00 in a report on Thursday, May 7th. Finally, JPMorgan Chase & Co. increased their price target on shares of The Goldman Sachs Group from $900.00 to $955.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 15th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, The Goldman Sachs Group currently has an average rating of “Moderate Buy” and a consensus target price of $1,062.86.
The Goldman Sachs Group Stock Performance
The Goldman Sachs Group (NYSE:GS – Get Free Report) last released its earnings results on Tuesday, July 14th. The investment management company reported $20.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $14.47 by $6.51. The company had revenue of $20.34 billion for the quarter, compared to analyst estimates of $16.22 billion. The Goldman Sachs Group had a return on equity of 19.16% and a net margin of 15.53%.The Goldman Sachs Group’s quarterly revenue was up 39.4% on a year-over-year basis. During the same period in the prior year, the firm posted $10.91 EPS. As a group, equities analysts anticipate that The Goldman Sachs Group will post 68.89 EPS for the current fiscal year.
The Goldman Sachs Group Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 1st will be paid a $5.00 dividend. This represents a $20.00 annualized dividend and a yield of 1.9%. This is a boost from The Goldman Sachs Group’s previous quarterly dividend of $4.50. The ex-dividend date of this dividend is Tuesday, September 1st. The Goldman Sachs Group’s payout ratio is 27.78%.
Institutional Inflows and Outflows
Institutional investors have recently bought and sold shares of the business. Sky Investment Group LLC lifted its stake in The Goldman Sachs Group by 0.9% in the 2nd quarter. Sky Investment Group LLC now owns 1,168 shares of the investment management company’s stock valued at $1,181,000 after purchasing an additional 10 shares during the last quarter. Warren Street Wealth Advisors LLC grew its stake in shares of The Goldman Sachs Group by 3.9% during the second quarter. Warren Street Wealth Advisors LLC now owns 269 shares of the investment management company’s stock worth $272,000 after buying an additional 10 shares during the last quarter. Optas LLC grew its stake in shares of The Goldman Sachs Group by 0.4% during the fourth quarter. Optas LLC now owns 2,553 shares of the investment management company’s stock worth $2,244,000 after buying an additional 11 shares during the last quarter. Pines Wealth Management LLC increased its holdings in shares of The Goldman Sachs Group by 0.4% during the fourth quarter. Pines Wealth Management LLC now owns 2,566 shares of the investment management company’s stock worth $2,255,000 after buying an additional 11 shares in the last quarter. Finally, Welch & Forbes LLC increased its holdings in shares of The Goldman Sachs Group by 0.8% during the fourth quarter. Welch & Forbes LLC now owns 1,430 shares of the investment management company’s stock worth $1,257,000 after buying an additional 11 shares in the last quarter. Institutional investors and hedge funds own 71.21% of the company’s stock.
The Goldman Sachs Group News Roundup
Here are the key news stories impacting The Goldman Sachs Group this week:
- Positive Sentiment: Goldman’s view that a September rate hike is unlikely helped lift broader risk sentiment and could benefit GS through stronger trading, capital-markets and dealmaking conditions. The firm also said markets may still be too hawkish as inflation cools. Odds of Fed Rate Hike This Year Fall as Goldman Sachs Warns Against Hawkish Bets
- Positive Sentiment: GS remains positioned as a potential earnings outperformer: analysts identified it among five highly ranked stocks expected to beat consensus estimates in upcoming results. That view follows the company’s latest quarterly report, which significantly exceeded earnings and revenue expectations. Looking for Earnings Beat? Buy These 5 Top-Ranked Stocks
- Neutral Sentiment: Goldman’s research highlighted that artificial intelligence was mentioned by 65% of S&P 500 companies during second-quarter earnings calls, but only a small fraction quantified its earnings impact. The finding reinforces GS’s role in AI-related market research while suggesting that near-term corporate profit benefits remain uncertain. 65% of S&P 500 companies mentioned AI on Q2 earnings calls
- Negative Sentiment: Goldman warned that consumer-spending growth could become sluggish as the boost from higher tax refunds fades. A consumer slowdown could weigh on economic activity, credit demand and investor confidence, partially offsetting the benefits of easier financial conditions. Goldman Sachs warns of consumer spending slowdown as tax refund boost fades
The Goldman Sachs Group Company Profile
The Goldman Sachs Group, Inc is a global investment banking and financial services firm headquartered in New York City. Founded in 1869 as a commercial paper business, the company has grown into a diversified financial institution that provides a broad range of services to corporations, financial institutions, governments and individuals. The firm is led by Chief Executive Officer David M. Solomon and operates across major financial centers worldwide.
Goldman Sachs’ core businesses include investment banking, global markets, asset and wealth management, and consumer banking.
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