Investors Buy Shares of Goldman Sachs Group Inc. (GS) on Weakness
Investors bought shares of Goldman Sachs Group Inc. (NYSE:GS) on weakness during trading hours on Thursday. $87.74 million flowed into the stock on the tick-up and $71.04 million flowed out of the stock on the tick-down, for a money net flow of $16.70 million into the stock. Of all companies tracked, Goldman Sachs Group had the 23rd highest net in-flow for the day. Goldman Sachs Group traded down ($0.46) for the day and closed at $160.53
A number of brokerages have recently issued reports on GS. Vetr upgraded shares of Goldman Sachs Group from a “hold” rating to a “buy” rating and set a $153.68 price target on the stock in a research note on Tuesday, July 5th. Oppenheimer Holdings Inc. reissued an “outperform” rating and set a $214.00 price objective (down previously from $243.00) on shares of Goldman Sachs Group in a report on Wednesday, July 6th. JPMorgan Chase & Co. reissued a “buy” rating on shares of Goldman Sachs Group in a report on Thursday, March 31st. Societe Generale set a $120.00 price objective on shares of Goldman Sachs Group and gave the stock a “sell” rating in a report on Friday, May 6th. Finally, Berenberg Bank initiated coverage on shares of Goldman Sachs Group in a report on Wednesday, July 13th. They set a “hold” rating and a $140.00 price objective on the stock. Two equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and ten have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $179.71.
The stock has a market capitalization of $68.45 billion and a price-to-earnings ratio of 15.23. The firm’s 50-day moving average is $152.23 and its 200 day moving average is $155.01.
Goldman Sachs Group (NYSE:GS) last announced its earnings results on Tuesday, July 19th. The investment management company reported $3.72 EPS for the quarter, topping the consensus estimate of $3.00 by $0.72. The firm earned $7.93 billion during the quarter, compared to analyst estimates of $7.58 billion. During the same quarter in the previous year, the business earned $1.98 earnings per share. Analysts anticipate that Goldman Sachs Group Inc. will post $14.23 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 29th. Shareholders of record on Thursday, September 1st will be issued a $0.65 dividend. This represents a $2.60 annualized dividend and a dividend yield of 1.62%. The ex-dividend date is Tuesday, August 30th.
Several hedge funds and institutional investors have recently made changes to their positions in GS. Harris Associates L P boosted its position in shares of Goldman Sachs Group by 5.7% in the fourth quarter. Harris Associates L P now owns 4,564,829 shares of the investment management company’s stock valued at $822,720,000 after buying an additional 246,758 shares during the last quarter. Morgan Stanley boosted its stake in Goldman Sachs Group by 4.2% in the fourth quarter. Morgan Stanley now owns 2,961,361 shares of the investment management company’s stock valued at $533,726,000 after buying an additional 118,117 shares in the last quarter. Eaton Vance Management boosted its stake in Goldman Sachs Group by 31.4% in the fourth quarter. Eaton Vance Management now owns 1,441,166 shares of the investment management company’s stock valued at $259,741,000 after buying an additional 344,014 shares in the last quarter. Mizuho Trust & Banking Co. Ltd. boosted its stake in Goldman Sachs Group by 0.3% in the fourth quarter. Mizuho Trust & Banking Co. Ltd. now owns 602,068 shares of the investment management company’s stock valued at $109,582,000 after buying an additional 1,972 shares in the last quarter. Finally, Bank of Montreal Can boosted its stake in Goldman Sachs Group by 11.2% in the fourth quarter. Bank of Montreal Can now owns 372,233 shares of the investment management company’s stock valued at $67,087,000 after buying an additional 37,369 shares in the last quarter.
The Goldman Sachs Group, Inc is a bank holding company and a financial holding company. The Company operates through four segments: Investment Banking, Institutional Client Services, Investing & Lending, and Investment Management. The Company’s Investment Banking segment provides financial advisory services, which include advisory assignments with respect to mergers and acquisitions, divestitures, corporate defense activities, restructurings, spin-offs and risk management.
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