The Goldman Sachs Group (NYSE:GS) Price Target Raised to $970.00

The Goldman Sachs Group (NYSE:GS) had its price objective increased by JPMorgan Chase & Co. from $955.00 to $970.00 in a research report sent to investors on Friday morning,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the investment management company’s stock.

Several other research firms also recently commented on GS. Royal Bank Of Canada dropped their target price on The Goldman Sachs Group from $1,220.00 to $1,010.00 and set a “sector perform” rating on the stock in a report on Wednesday, October 14th. Wells Fargo & Company reduced their price target on The Goldman Sachs Group from $1,325.00 to $1,175.00 and set an “overweight” rating for the company in a report on Friday, September 25th. Barclays raised their price target on The Goldman Sachs Group from $1,048.00 to $1,245.00 and gave the company an “overweight” rating in a report on Wednesday, July 15th. Oppenheimer lowered The Goldman Sachs Group from a “market perform” rating to an “underperform” rating in a research report on Tuesday, June 30th. Finally, Keefe, Bruyette & Woods dropped their price target on shares of The Goldman Sachs Group from $1,130.00 to $1,100.00 and set a “market perform” rating on the stock in a research note on Wednesday. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, thirteen have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $1,051.23.

The Goldman Sachs Group Stock Performance

Shares of GS opened at $880.48 on Friday. The company has a quick ratio of 0.63, a current ratio of 1.10 and a debt-to-equity ratio of 2.82. The business’s 50 day moving average price is $974.71 and its 200-day moving average price is $990.62. The Goldman Sachs Group has a 52 week low of $740.01 and a 52 week high of $1,153.99. The stock has a market cap of $256.37 billion, a P/E ratio of 12.66, a P/E/G ratio of 0.85 and a beta of 1.29.

The Goldman Sachs Group (NYSE:GS) last posted its quarterly earnings results on Tuesday, October 13th. The investment management company reported $17.01 earnings per share for the quarter, topping the consensus estimate of $12.86 by $4.15. The Goldman Sachs Group had a return on equity of 19.55% and a net margin of 15.77%. The company had revenue of $18.68 billion for the quarter, compared to the consensus estimate of $16.83 billion. During the same quarter in the prior year, the business posted $12.25 EPS. The firm’s quarterly revenue was up 23.0% compared to the same quarter last year. Equities research analysts anticipate that The Goldman Sachs Group will post 69.57 earnings per share for the current fiscal year.

The Goldman Sachs Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 30th. Investors of record on Wednesday, December 2nd will be issued a $5.00 dividend. This represents a $20.00 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date is Wednesday, December 2nd. The Goldman Sachs Group’s payout ratio is presently 28.76%.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Audent Global Asset Management LLC raised its holdings in shares of The Goldman Sachs Group by 10.1% in the fourth quarter. Audent Global Asset Management LLC now owns 5,238 shares of the investment management company’s stock worth $4,604,000 after buying an additional 479 shares during the period. Wealthfront Advisers LLC bought a new stake in shares of The Goldman Sachs Group during the 2nd quarter worth approximately $53,720,000. Oak Grove Capital LLC bought a new stake in shares of The Goldman Sachs Group during the 4th quarter worth approximately $1,890,000. Envestnet Portfolio Solutions Inc. lifted its stake in shares of The Goldman Sachs Group by 14.7% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 17,422 shares of the investment management company’s stock worth $17,606,000 after acquiring an additional 2,230 shares during the last quarter. Finally, Sax Wealth Advisors LLC boosted its holdings in The Goldman Sachs Group by 148.7% during the 2nd quarter. Sax Wealth Advisors LLC now owns 3,529 shares of the investment management company’s stock valued at $3,569,000 after acquiring an additional 2,110 shares during the period. Hedge funds and other institutional investors 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 Sachs reported third-quarter net revenue of approximately $18.7 billion, its second-highest quarterly total, while earnings increased 39% year over year. Strong equities trading and investment-banking fees supported the results, and financing activities accounted for more than 40% of trading revenue year to date. Zacks Analyst Blog Highlights Goldman Sachs
• Positive Sentiment: TD Cowen initiated coverage of Goldman Sachs with a Buy rating, adding a new bullish view after the company’s strong earnings report. TD Cowen Initiates Coverage
• Positive Sentiment: JPMorgan raised its Goldman Sachs price target from $955 to $970, implying meaningful potential upside from recent levels, although it retained a Neutral rating. JPMorgan Price Target Update
• Neutral Sentiment: Goldman CEO David Solomon said the underlying economy remains solid and capital-markets activity is strong, but abrupt interest-rate movements are creating headwinds. That suggests favorable deal activity may be offset by macroeconomic volatility. Goldman CEO David Solomon Interest Rate Warning
• Negative Sentiment: Analyst actions from RBC and Citigroup lowered expectations for Goldman Sachs, reinforcing concerns that the stock’s strong earnings are already reflected in its valuation. RBC Goldman Sachs Price Target Cut Citigroup Goldman Sachs Expectations
• Negative Sentiment: Goldman Sachs and other banks delivered earnings beats but saw their shares weaken as investors focused on mixed guidance, interest-rate uncertainty and a broader “sell-the-news” reaction. Why Bank Shares Are Falling
• Negative Sentiment: Goldman Sachs data showed hedge funds suffering losses as investors unwound AI-related trades amid inflation concerns and expectations for higher rates, adding to the risk-off environment affecting financial stocks. AI Trade Unwind Hurts Hedge Funds

About The Goldman Sachs Group

The Goldman Sachs Group, Inc is a global financial services company that provides investment banking, securities, asset management and wealth management services to corporations, financial institutions, governments and individual investors. Its investment banking activities include advising on mergers and acquisitions, public and private offerings, restructurings and other strategic transactions.

Through its global markets businesses, Goldman Sachs helps clients buy and sell securities and other financial instruments and provides financing, risk management and market-making services.