Goldman Sachs (GS) Downgraded by Zacks Investment Research

Zacks Investment Research cut shares of Goldman Sachs (NYSE:GS) from a buy rating to a hold rating in a research report sent to investors on Wednesday morning.

According to Zacks, “Shares of Goldman underperformed the industry over the past six months. However, 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 with weak fixed income trading revenues, remain near-to-medium-term headwinds, we believe the company’s well-diversified business and focus to capitalize on growth opportunities through strategic moves will continue to strengthen the overall business. Further, cost-control measures are commendable. Additionally, steady capital-deployment activities have boosted investors' confidence.”

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A number of other research analysts have also recently commented on the company. Wells Fargo set a $330.00 target price on Goldman Sachs and gave the company an outperform rating in a research note on Thursday, March 22nd. JPMorgan Chase & Co. reissued a buy rating and issued a $280.00 price objective on shares of Goldman Sachs in a research note on Thursday, March 15th. Morgan Stanley increased their price objective on Goldman Sachs from $297.00 to $302.00 and gave the stock an overweight rating in a research note on Thursday, March 15th. Vetr cut Goldman Sachs from a hold rating to a sell rating and set a $246.36 price objective on the stock. in a research note on Wednesday, February 14th. Finally, Bank of America reissued a buy rating and issued a $300.00 price objective (up previously from $249.30) on shares of Goldman Sachs in a research note on Monday, February 12th. Three investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of Hold and an average price target of $258.79.

NYSE:GS opened at $251.86 on Wednesday. The company has a market cap of $95,678.34, a PE ratio of 12.72, a price-to-earnings-growth ratio of 0.90 and a beta of 1.33. Goldman Sachs has a one year low of $209.62 and a one year high of $275.31. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 3.09.

Goldman Sachs (NYSE:GS) last released its earnings results on Wednesday, January 17th. The investment management company reported $5.68 EPS for the quarter, beating analysts’ consensus estimates of $4.90 by $0.78. The firm had revenue of $7.83 billion for the quarter, compared to analysts’ expectations of $7.64 billion. Goldman Sachs had a return on equity of 11.66% and a net margin of 13.36%. The company’s quarterly revenue was down 4.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $5.08 earnings per share. equities research analysts predict that Goldman Sachs will post 21.83 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Thursday, March 29th. Shareholders of record on Thursday, March 1st were given a dividend of $0.75 per share. The ex-dividend date of this dividend was Wednesday, February 28th. This represents a $3.00 annualized dividend and a yield of 1.19%. Goldman Sachs’s dividend payout ratio (DPR) is presently 15.18%.

In other Goldman Sachs news, insider David M. Solomon sold 21,252 shares of the stock in a transaction on Monday, January 29th. The stock was sold at an average price of $271.65, for a total transaction of $5,773,105.80. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director David A. Viniar sold 17,500 shares of the stock in a transaction on Thursday, January 18th. The shares were sold at an average price of $251.19, for a total value of $4,395,825.00. The disclosure for this sale can be found here. Insiders have sold a total of 83,548 shares of company stock worth $22,064,172 in the last ninety days. Insiders own 2.57% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Nomura Asset Management Co. Ltd. lifted its holdings in shares of Goldman Sachs by 9.2% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 91,950 shares of the investment management company’s stock valued at $21,810,000 after purchasing an additional 7,736 shares during the last quarter. Commonwealth Bank of Australia lifted its holdings in shares of Goldman Sachs by 5.9% during the 3rd quarter. Commonwealth Bank of Australia now owns 79,023 shares of the investment management company’s stock valued at $18,738,000 after purchasing an additional 4,390 shares during the last quarter. Stillwater Investment Management LLC lifted its holdings in shares of Goldman Sachs by 5.8% during the 4th quarter. Stillwater Investment Management LLC now owns 11,482 shares of the investment management company’s stock valued at $2,925,000 after purchasing an additional 632 shares during the last quarter. Wall Street Access Asset Management LLC lifted its holdings in shares of Goldman Sachs by 65.4% during the 3rd quarter. Wall Street Access Asset Management LLC now owns 2,907 shares of the investment management company’s stock valued at $689,000 after purchasing an additional 1,149 shares during the last quarter. Finally, ETRADE Capital Management LLC lifted its holdings in shares of Goldman Sachs by 43.0% during the 4th quarter. ETRADE Capital Management LLC now owns 3,886 shares of the investment management company’s stock valued at $990,000 after purchasing an additional 1,169 shares during the last quarter. 73.18% of the stock is currently owned by institutional investors and hedge funds.

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About Goldman Sachs

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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