Zacks Investment Research downgraded shares of Goldman Sachs Group (NYSE:GS) from a buy rating to a hold rating in a research note released on Wednesday morning.
According to Zacks, “Shares of Goldman underperformed the industry over the past six months. Yet, the company boasts an impressive earnings surprise history. It has surpassed the Zacks Consensus Estimate for earnings in three of the trailing four quarters. Though several issues, including sluggish global economic growth and lower client activity levels, remain near-to-medium-term headwinds, we believe the company’s well-diversified business and its focus to capitalize on growth opportunities through strategic moves should continue to bolster the overall business. Further, cost control measures are commendable. Additionally, steady capital deployment activities have boosted investors' confidence.”
A number of other research analysts have also commented on GS. Royal Bank of Canada reissued a hold rating and set a $240.00 price target on shares of Goldman Sachs Group in a report on Thursday, August 31st. TheStreet lowered Goldman Sachs Group from a b rating to a c+ rating in a report on Thursday, September 7th. JMP Securities reaffirmed a market perform rating on shares of Goldman Sachs Group in a report on Wednesday, September 13th. J P Morgan Chase & Co set a $260.00 price objective on Goldman Sachs Group and gave the stock a buy rating in a report on Friday, September 15th. Finally, BMO Capital Markets reissued a hold rating and set a $202.00 price objective on shares of Goldman Sachs Group in a report on Friday, October 6th. Two analysts have rated the stock with a sell rating, eighteen have assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of Hold and a consensus target price of $248.10.
Goldman Sachs Group (NYSE:GS) last issued its earnings results on Tuesday, October 17th. The investment management company reported $5.02 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $4.17 by $0.85. Goldman Sachs Group had a return on equity of 11.34% and a net margin of 26.42%. The firm had revenue of $8.33 billion for the quarter, compared to analyst estimates of $7.59 billion. During the same period last year, the company earned $4.88 earnings per share. The firm’s revenue for the quarter was up 2.0% on a year-over-year basis. equities analysts anticipate that Goldman Sachs Group will post 19.08 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 28th. Stockholders of record on Thursday, November 30th will be paid a dividend of $0.75 per share. The ex-dividend date of this dividend is Wednesday, November 29th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.16%. Goldman Sachs Group’s dividend payout ratio (DPR) is currently 15.58%.
In related news, insider Harvey M. Schwartz sold 25,000 shares of the stock in a transaction that occurred on Friday, October 20th. The stock was sold at an average price of $245.00, for a total transaction of $6,125,000.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider David M. Solomon sold 12,707 shares of the stock in a transaction that occurred on Friday, November 24th. The stock was sold at an average price of $237.94, for a total value of $3,023,503.58. The disclosure for this sale can be found here. In the last quarter, insiders have sold 135,177 shares of company stock worth $32,435,160. 2.57% of the stock is owned by corporate insiders.
Large investors have recently modified their holdings of the stock. Quantbot Technologies LP boosted its holdings in shares of Goldman Sachs Group by 223.8% in the 2nd quarter. Quantbot Technologies LP now owns 39,237 shares of the investment management company’s stock valued at $8,706,000 after purchasing an additional 27,121 shares in the last quarter. Tudor Investment Corp ET AL lifted its stake in shares of Goldman Sachs Group by 29.9% in the 2nd quarter. Tudor Investment Corp ET AL now owns 20,480 shares of the investment management company’s stock valued at $4,545,000 after acquiring an additional 4,714 shares during the last quarter. YorkBridge Wealth Partners LLC lifted its stake in shares of Goldman Sachs Group by 23.8% in the 2nd quarter. YorkBridge Wealth Partners LLC now owns 792 shares of the investment management company’s stock valued at $180,000 after acquiring an additional 152 shares during the last quarter. Bank of Montreal Can lifted its stake in shares of Goldman Sachs Group by 33.1% in the 2nd quarter. Bank of Montreal Can now owns 392,464 shares of the investment management company’s stock valued at $87,090,000 after acquiring an additional 97,532 shares during the last quarter. Finally, Cornerstone Investment Partners LLC bought a new position in shares of Goldman Sachs Group in the 2nd quarter valued at $42,536,000. 73.27% of the stock is currently owned by institutional investors and hedge funds.
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About Goldman Sachs Group
The Goldman Sachs Group, Inc is an investment banking, securities and investment management company that provides a range of financial services to corporations, financial institutions, governments and individuals. The Company operates in four business segments: Investment Banking, Institutional Client Services, Investing & Lending, and Investment Management.
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