The Goldman Sachs Group (NYSE:GS) Reaches New 52-Week High – Here’s Why

The Goldman Sachs Group, Inc. (NYSE:GS)’s stock price reached a new 52-week high on Thursday . The stock traded as high as $843.26 and last traded at $839.8230, with a volume of 352116 shares changing hands. The stock had previously closed at $836.57.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on GS. Daiwa Capital Markets boosted their price objective on shares of The Goldman Sachs Group from $756.00 to $810.00 and gave the company a “neutral” rating in a research report on Wednesday, October 8th. Royal Bank Of Canada reaffirmed a “neutral” rating and issued a $843.00 price target on shares of The Goldman Sachs Group in a research note on Tuesday, October 14th. BMO Capital Markets initiated coverage on shares of The Goldman Sachs Group in a report on Friday, October 3rd. They issued a “market perform” rating and a $785.00 price objective on the stock. Zacks Research downgraded shares of The Goldman Sachs Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 16th. Finally, Citigroup lifted their target price on shares of The Goldman Sachs Group from $700.00 to $765.00 and gave the company a “neutral” rating in a report on Thursday, October 16th. Four equities research analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $786.00.

The Goldman Sachs Group Trading Up 1.9%

The firm’s 50 day moving average price is $790.53 and its 200-day moving average price is $733.25. The stock has a market cap of $256.16 billion, a P/E ratio of 17.35, a P/E/G ratio of 1.11 and a beta of 1.36. The company has a debt-to-equity ratio of 2.53, a current ratio of 0.65 and a quick ratio of 0.65.

The Goldman Sachs Group (NYSE:GS) last announced its quarterly earnings results on Tuesday, October 14th. The investment management company reported $12.25 earnings per share for the quarter, beating the consensus estimate of $10.27 by $1.98. The company had revenue of $15.18 billion during the quarter, compared to the consensus estimate of $13.68 billion. The Goldman Sachs Group had a net margin of 13.18% and a return on equity of 15.29%. The firm’s quarterly revenue was up 19.5% compared to the same quarter last year. During the same quarter last year, the firm earned $8.40 earnings per share. As a group, equities research analysts forecast that The Goldman Sachs Group, Inc. will post 47.12 earnings per share for the current year.

The Goldman Sachs Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 30th. Stockholders of record on Tuesday, December 2nd will be paid a $4.00 dividend. The ex-dividend date is Tuesday, December 2nd. This represents a $16.00 annualized dividend and a dividend yield of 1.9%. The Goldman Sachs Group’s payout ratio is currently 32.50%.

Institutional Investors Weigh In On The Goldman Sachs Group

Several institutional investors have recently modified their holdings of GS. Clal Insurance Enterprises Holdings Ltd bought a new stake in shares of The Goldman Sachs Group in the first quarter worth approximately $25,000. Dogwood Wealth Management LLC lifted its position in The Goldman Sachs Group by 1,800.0% during the second quarter. Dogwood Wealth Management LLC now owns 38 shares of the investment management company’s stock valued at $26,000 after purchasing an additional 36 shares during the period. Harbor Capital Advisors Inc. purchased a new stake in The Goldman Sachs Group in the third quarter worth approximately $26,000. First PREMIER Bank bought a new stake in The Goldman Sachs Group in the 3rd quarter worth approximately $28,000. Finally, Corundum Trust Company INC purchased a new stake in The Goldman Sachs Group during the 3rd quarter valued at $29,000. 71.21% of the stock is owned by hedge funds and other institutional investors.

About The Goldman Sachs Group

The Goldman Sachs Group, Inc, a financial institution, provides a range of financial services for corporations, financial institutions, governments, and individuals worldwide. It operates through Global Banking & Markets, Asset & Wealth Management, and Platform Solutions segments. The Global Banking & Markets segment provides financial advisory services, including strategic advisory assignments related to mergers and acquisitions, divestitures, corporate defense activities, restructurings, and spin-offs; and relationship lending, and acquisition financing, as well as secured lending, through structured credit and asset-backed lending and involved in financing under securities to resale agreements.