Zacks Investment Research Upgrades Goldman Sachs Group Inc (NYSE:GS) to Buy

Zacks Investment Research upgraded shares of Goldman Sachs Group Inc (NYSE:GS) from a hold rating to a buy rating in a report published on Tuesday, November 7th. Zacks Investment Research currently has $273.00 target price on the investment management company’s stock.

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. Goldman’s third-quarter 2017 results surpassed the Zacks Consensus Estimate. Results reflected higher revenues on continued momentum in investment banking business, partially offset by lower fixed-income trading activities and elevated expenses. 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.”

Several other analysts also recently weighed in on the stock. Vertical Group downgraded shares of Goldman Sachs Group from a hold rating to a sell rating in a report on Monday, November 6th. Societe Generale set a $198.00 target price on shares of Goldman Sachs Group and gave the company a sell rating in a report on Thursday, October 19th. Keefe, Bruyette & Woods reaffirmed a hold rating and issued a $240.00 target price on shares of Goldman Sachs Group in a report on Thursday, October 19th. Buckingham Research reissued a neutral rating and set a $250.00 price objective (up previously from $243.00) on shares of Goldman Sachs Group in a report on Wednesday, October 18th. Finally, Morgan Stanley boosted their price objective on shares of Goldman Sachs Group from $265.00 to $287.00 and gave the stock an overweight rating in a report on Wednesday, October 18th. Three research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. Goldman Sachs Group has an average rating of Hold and a consensus price target of $245.06.

Shares of Goldman Sachs Group (NYSE:GS) opened at $235.95 on Tuesday. The company has a debt-to-equity ratio of 2.82, a quick ratio of 0.90 and a current ratio of 0.90. The company has a market cap of $89,000.81, a price-to-earnings ratio of 12.29, a P/E/G ratio of 1.20 and a beta of 1.48. Goldman Sachs Group has a one year low of $209.60 and a one year high of $255.15.

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, beating the Thomson Reuters’ consensus estimate of $4.17 by $0.85. The business had revenue of $8.33 billion for the quarter, compared to the consensus estimate of $7.59 billion. Goldman Sachs Group had a net margin of 26.42% and a return on equity of 11.34%. The business’s quarterly revenue was up 2.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $4.88 earnings per share. analysts predict that Goldman Sachs Group will post 19.03 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 28th. Stockholders of record on Thursday, November 30th will be given a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.27%. The ex-dividend date is Wednesday, November 29th. Goldman Sachs Group’s dividend payout ratio is presently 15.63%.

In related news, VP Gregory K. Palm sold 4,620 shares of the company’s stock in a transaction that occurred on Tuesday, November 21st. The shares were sold at an average price of $238.99, for a total transaction of $1,104,133.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Harvey M. Schwartz sold 25,000 shares of the company’s 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 disclosure for this sale can be found here. In the last three months, insiders sold 122,470 shares of company stock valued at $29,411,656. Company insiders own 2.57% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. grew its stake in Goldman Sachs Group by 3,301.2% during the first quarter. BlackRock Inc. now owns 24,569,536 shares of the investment management company’s stock worth $5,644,114,000 after buying an additional 23,847,154 shares during the period. Vanguard Group Inc. boosted its stake in shares of Goldman Sachs Group by 1.3% in the second quarter. Vanguard Group Inc. now owns 24,072,777 shares of the investment management company’s stock valued at $5,341,749,000 after purchasing an additional 304,400 shares during the period. State Street Corp boosted its stake in shares of Goldman Sachs Group by 2.7% in the first quarter. State Street Corp now owns 22,851,344 shares of the investment management company’s stock valued at $5,249,408,000 after purchasing an additional 603,165 shares during the period. FMR LLC boosted its stake in shares of Goldman Sachs Group by 10.9% in the first quarter. FMR LLC now owns 10,995,425 shares of the investment management company’s stock valued at $2,525,869,000 after purchasing an additional 1,084,624 shares during the period. Finally, Capital World Investors boosted its stake in shares of Goldman Sachs Group by 10.5% in the second quarter. Capital World Investors now owns 7,649,583 shares of the investment management company’s stock valued at $1,697,442,000 after purchasing an additional 726,582 shares during the period. Institutional investors own 74.01% of the company’s stock.

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Goldman Sachs Group Company Profile

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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