Traders Buy Goldman Sachs Group (GS) on Weakness

Investors purchased shares of Goldman Sachs Group Inc (NYSE:GS) on weakness during trading on Wednesday. $268.85 million flowed into the stock on the tick-up and $148.08 million flowed out of the stock on the tick-down, for a money net flow of $120.77 million into the stock. Of all stocks tracked, Goldman Sachs Group had the 4th highest net in-flow for the day. Goldman Sachs Group traded down ($0.19) for the day and closed at $237.81

A number of brokerages recently issued reports on GS. Morgan Stanley boosted their price objective on shares of Goldman Sachs Group from $294.00 to $297.00 and gave the company an “overweight” rating in a report on Friday, February 2nd. JPMorgan Chase & Co. reissued a “buy” rating and issued a $280.00 price objective on shares of Goldman Sachs Group in a research report on Thursday, March 15th. Wells Fargo & Co reissued an “outperform” rating and issued a $320.00 price objective on shares of Goldman Sachs Group in a research report on Thursday, January 25th. Zacks Investment Research raised shares of Goldman Sachs Group from a “hold” rating to a “buy” rating and set a $294.00 price target on the stock in a research report on Tuesday, March 20th. Finally, Vetr lowered shares of Goldman Sachs Group from a “hold” rating to a “sell” rating and set a $246.36 price target on the stock. in a research report on Wednesday, February 14th. Three equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and ten have given a buy rating to the company. Goldman Sachs Group currently has a consensus rating of “Hold” and an average price target of $266.78.

The company has a market capitalization of $89.83 billion, a PE ratio of 11.95, a PEG ratio of 0.82 and a beta of 1.38. The company has a debt-to-equity ratio of 3.12, a quick ratio of 0.92 and a current ratio of 0.92.

Goldman Sachs Group (NYSE:GS) last announced its quarterly earnings data on Tuesday, April 17th. The investment management company reported $6.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.58 by $1.37. The firm had revenue of $10.04 billion for the quarter, compared to the consensus estimate of $8.73 billion. Goldman Sachs Group had a net margin of 14.27% and a return on equity of 12.58%. The business’s revenue for the quarter was up 25.0% on a year-over-year basis. During the same period in the prior year, the company posted $5.15 earnings per share. equities research analysts expect that Goldman Sachs Group Inc will post 23.27 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 28th. Stockholders of record on Thursday, May 31st will be issued a $0.80 dividend. The ex-dividend date is Wednesday, May 30th. This represents a $3.20 dividend on an annualized basis and a dividend yield of 1.36%. This is a boost from Goldman Sachs Group’s previous quarterly dividend of $0.75. Goldman Sachs Group’s dividend payout ratio is 15.18%.

In other news, insider David M. Solomon sold 3,497 shares of the stock in a transaction dated Tuesday, May 15th. The shares were sold at an average price of $244.40, for a total value of $854,666.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.57% of the stock is currently owned by corporate insiders.

Hedge funds have recently bought and sold shares of the company. Schwab Charles Investment Management Inc. raised its holdings in Goldman Sachs Group by 0.6% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 1,347,292 shares of the investment management company’s stock valued at $343,213,000 after buying an additional 8,412 shares during the last quarter. Acadian Asset Management LLC bought a new position in Goldman Sachs Group in the 4th quarter valued at approximately $717,000. First Manhattan Co. raised its holdings in Goldman Sachs Group by 9.0% in the 4th quarter. First Manhattan Co. now owns 5,115 shares of the investment management company’s stock valued at $1,303,000 after buying an additional 421 shares during the last quarter. Hennessy Advisors Inc. raised its holdings in Goldman Sachs Group by 69.8% in the 4th quarter. Hennessy Advisors Inc. now owns 10,190 shares of the investment management company’s stock valued at $2,596,000 after buying an additional 4,190 shares during the last quarter. Finally, Cerebellum GP LLC bought a new position in Goldman Sachs Group in the 4th quarter valued at approximately $122,000. 72.42% of the stock is owned by hedge funds and other institutional investors.

About Goldman Sachs Group

The Goldman Sachs Group, Inc operates as an investment banking, securities, and investment management company worldwide. It operates through four segments: Investment Banking, Institutional Client Services, Investing & Lending, and Investment Management. The Investment Banking segment provides financial advisory services, including strategic advisory assignments related to mergers and acquisitions, divestitures, corporate defense activities, restructurings, spin-offs, and risk management; and underwriting services, such as debt and equity underwriting of public offerings and private placements of various securities and other financial instruments, as well as derivative transactions with public and private sector clients.

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