The Goldman Sachs Group (NYSE:GS) Sets New 52-Week High - Here's Why

Key Points

• The Goldman Sachs Group's stock reached a new 52-week high of $728.14, with a trading volume of 308,465 shares.
• Recent analysts' ratings show mixed sentiments, with a consensus rating of "Hold" and a price target averaging $660.00.
• The company announced an increase in its quarterly dividend to $4.00 per share, effective for stockholders on record by August 29th, compared to the previous $3.00 dividend.
• Goldman Sachs reported a strong quarterly earnings performance, with earnings per share of $10.91, exceeding estimates by $1.09.

The Goldman Sachs Group, Inc. (NYSE:GS - Get Free Report) shares reached a new 52-week high on Friday . The stock traded as high as $726.00 and last traded at $728.14, with a volume of 308465 shares traded. The stock had previously closed at $719.18.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Daiwa America cut shares of The Goldman Sachs Group from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 4th. Citigroup upped their target price on shares of The Goldman Sachs Group from $550.00 to $700.00 and gave the stock a "neutral" rating in a research report on Monday. HSBC restated a "reduce" rating and issued a $627.00 target price (up previously from $558.00) on shares of The Goldman Sachs Group in a research report on Tuesday, July 8th. JMP Securities restated a "market perform" rating and issued a $600.00 target price on shares of The Goldman Sachs Group in a research report on Monday, July 14th. Finally, Citizens Jmp reiterated a "market perform" rating on shares of The Goldman Sachs Group in a report on Monday, July 14th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $660.00.

The Goldman Sachs Group Stock Up 0.8%

The firm has a market cap of $222.48 billion, a P/E ratio of 15.99, a P/E/G ratio of 1.52 and a beta of 1.35. The company has a current ratio of 1.12, a quick ratio of 0.68 and a debt-to-equity ratio of 2.26. The business's fifty day moving average price is $655.40 and its two-hundred day moving average price is $604.55.

The Goldman Sachs Group (NYSE:GS - Get Free Report) last posted its quarterly earnings data on Wednesday, July 16th. The investment management company reported $10.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $9.82 by $1.09. The Goldman Sachs Group had a net margin of 12.37% and a return on equity of 13.84%. The company had revenue of $14.58 billion for the quarter, compared to the consensus estimate of $13.53 billion. During the same quarter in the previous year, the firm posted $8.62 EPS. The business's revenue was up 14.5% compared to the same quarter last year. As a group, equities research analysts anticipate that The Goldman Sachs Group, Inc. will post 47.12 EPS for the current year.

The Goldman Sachs Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Friday, August 29th will be given a dividend of $4.00 per share. This is a positive change from The Goldman Sachs Group's previous quarterly dividend of $3.00. This represents a $16.00 annualized dividend and a dividend yield of 2.21%. The ex-dividend date of this dividend is Friday, August 29th. The Goldman Sachs Group's payout ratio is 26.44%.

Hedge Funds Weigh In On The Goldman Sachs Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. OFI Invest Asset Management lifted its position in shares of The Goldman Sachs Group by 10.7% during the second quarter. OFI Invest Asset Management now owns 58,580 shares of the investment management company's stock worth $41,460,000 after purchasing an additional 5,644 shares in the last quarter. Vanguard Personalized Indexing Management LLC raised its stake in shares of The Goldman Sachs Group by 19.2% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 42,207 shares of the investment management company's stock worth $29,886,000 after buying an additional 6,789 shares during the last quarter. Sovereign Financial Group Inc. raised its stake in shares of The Goldman Sachs Group by 17.9% during the second quarter. Sovereign Financial Group Inc. now owns 434 shares of the investment management company's stock worth $307,000 after buying an additional 66 shares during the last quarter. Concurrent Investment Advisors LLC raised its stake in shares of The Goldman Sachs Group by 12.0% during the second quarter. Concurrent Investment Advisors LLC now owns 13,526 shares of the investment management company's stock worth $9,573,000 after buying an additional 1,453 shares during the last quarter. Finally, Johnson Investment Counsel Inc. increased its stake in The Goldman Sachs Group by 6.3% in the second quarter. Johnson Investment Counsel Inc. now owns 4,386 shares of the investment management company's stock valued at $3,104,000 after purchasing an additional 261 shares in the last quarter. 71.21% of the stock is currently owned by institutional investors and hedge funds.

The Goldman Sachs Group Company Profile

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.

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