JPMorgan Chase & Co. Forecasts Strong Price Appreciation for The Goldman Sachs Group (NYSE:GS) Stock

Key Points

• JPMorgan raised its price target on Goldman Sachs to $955 from $900, while keeping a neutral rating. The new target still implies about 16.4% downside from the stock’s current price.
• Goldman Sachs reported strong Q2 results, beating estimates with $20.98 EPS and $20.34 billion in revenue, both well above expectations. Revenue also jumped 39.4% from a year earlier.
• The company also raised its quarterly dividend by 11.1% to $5.00 per share, and analysts now have a Hold consensus with a $1,043.81 average price target.

The Goldman Sachs Group (NYSE:GS - Get Free Report) had its price target lifted by equities researchers at JPMorgan Chase & Co. from $900.00 to $955.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has a "neutral" rating on the investment management company's stock. JPMorgan Chase & Co.'s price target would indicate a potential downside of 16.42% from the company's current price.

GS has been the topic of a number of other reports. Royal Bank Of Canada reaffirmed a "neutral" rating on shares of The Goldman Sachs Group in a research report on Monday, April 13th. Daiwa Securities Group increased their price target on The Goldman Sachs Group from $891.00 to $930.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 5th. Dbs Bank raised their price target on The Goldman Sachs Group from $890.00 to $1,050.00 in a research note on Thursday, May 7th. Weiss Ratings upgraded The Goldman Sachs Group from a "hold (c+)" rating to a "buy (b-)" rating in a report on Tuesday, June 30th. Finally, BMO Capital Markets increased their target price on shares of The Goldman Sachs Group from $972.00 to $1,070.00 and gave the stock a "market perform" rating in a report on Monday, June 29th. Ten investment analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, The Goldman Sachs Group has an average rating of "Hold" and a consensus price target of $1,043.81.

The Goldman Sachs Group Stock Up 9.2%

Shares of GS opened at $1,142.58 on Wednesday. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 2.89. The business has a fifty day moving average of $1,024.94 and a 200 day moving average of $941.58. The company has a market cap of $337.07 billion, a PE ratio of 20.88, a P/E/G ratio of 1.34 and a beta of 1.30. The Goldman Sachs Group has a 52-week low of $691.30 and a 52-week high of $1,143.84.

The Goldman Sachs Group (NYSE:GS - Get Free Report) last posted its quarterly earnings data on Tuesday, July 14th. The investment management company reported $20.98 earnings per share for the quarter, beating analysts' consensus estimates of $14.47 by $6.51. The business had revenue of $20.34 billion for the quarter, compared to analysts' expectations of $16.22 billion. The Goldman Sachs Group had a net margin of 14.13% and a return on equity of 16.53%. The business's revenue was up 39.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $10.91 earnings per share. On average, sell-side analysts expect that The Goldman Sachs Group will post 60.44 EPS for the current year.

Insider Buying and Selling

In other news, insider Kathryn H. Ruemmler sold 14,292 shares of the business's stock in a transaction on Wednesday, May 6th. The stock was sold at an average price of $939.07, for a total value of $13,421,188.44. Following the completion of the transaction, the insider directly owned 15,657 shares of the company's stock, valued at approximately $14,703,018.99. The trade was a 47.72% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Alex S. Golten sold 1,116 shares of the company's stock in a transaction on Thursday, April 23rd. The stock was sold at an average price of $936.18, for a total value of $1,044,776.88. Following the sale, the insider owned 2,578 shares of the company's stock, valued at $2,413,472.04. This trade represents a 30.21% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 33,681 shares of company stock valued at $31,737,875. 0.55% of the stock is owned by insiders.

Institutional Trading of The Goldman Sachs Group

Several hedge funds have recently modified their holdings of GS. Ballast Inc. boosted its holdings in shares of The Goldman Sachs Group by 52.7% in the 2nd quarter. Ballast Inc. now owns 965 shares of the investment management company's stock valued at $976,000 after buying an additional 333 shares in the last quarter. Regent Peak Wealth Advisors LLC raised its stake in shares of The Goldman Sachs Group by 7.0% during the 2nd quarter. Regent Peak Wealth Advisors LLC now owns 838 shares of the investment management company's stock worth $848,000 after acquiring an additional 55 shares in the last quarter. Tema ETFs LLC lifted its position in The Goldman Sachs Group by 9.7% during the second quarter. Tema ETFs LLC now owns 6,535 shares of the investment management company's stock valued at $6,609,000 after acquiring an additional 580 shares during the last quarter. West Branch Capital LLC boosted its stake in The Goldman Sachs Group by 9.9% in the second quarter. West Branch Capital LLC now owns 1,423 shares of the investment management company's stock valued at $1,439,000 after acquiring an additional 128 shares in the last quarter. Finally, Canvas Wealth Advisors LLC acquired a new stake in The Goldman Sachs Group in the second quarter valued at approximately $202,000. 71.21% of the stock is owned by hedge funds and other institutional investors.

Key The Goldman Sachs Group News

Here are the key news stories impacting The Goldman Sachs Group this week:

• Positive Sentiment: Goldman Sachs crushed Q2 estimates with record revenue and earnings, driven by strong trading, investment banking, and wealth management results.
• Positive Sentiment: The company raised its quarterly dividend by 11.1% to $5.00 per share, which may appeal to income-focused investors.
• Positive Sentiment: Management’s optimistic commentary on dealmaking and AI-linked capital markets activity suggests momentum could continue. Article Title
• Neutral Sentiment: Several articles noted that Goldman Sachs also benefited from a broader rally in bank stocks and improved sentiment around the financial sector after earnings.

About The Goldman Sachs Group

The Goldman Sachs Group, Inc is a global investment banking and financial services firm headquartered in New York City. Founded in 1869 as a commercial paper business, the company has grown into a diversified financial institution that provides a broad range of services to corporations, financial institutions, governments and individuals. The firm is led by Chief Executive Officer David M. Solomon and operates across major financial centers worldwide.

Goldman Sachs' core businesses include investment banking, global markets, asset and wealth management, and consumer banking.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.