The Goldman Sachs Group (NYSE:GS) Stock Rated Buy in New Coverage at TD Cowen

TD Cowen started coverage on shares of The Goldman Sachs Group (NYSE:GS) in a research report report published on Thursday morning,Benzinga reports. The firm issued a buy rating and a $1,050.00 target price on the investment management company’s stock.

A number of other equities analysts have also recently commented on the company. Weiss Ratings upgraded The Goldman Sachs Group from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, September 25th. Citigroup decreased their price target on The Goldman Sachs Group from $1,200.00 to $1,050.00 and set a “neutral” rating on the stock in a report on Wednesday, September 23rd. HSBC raised their price target on The Goldman Sachs Group from $995.00 to $1,007.00 and gave the stock a “hold” rating in a research report on Monday, September 28th. Evercore reaffirmed an “outperform” rating on shares of The Goldman Sachs Group in a research note on Monday, July 6th. Finally, BMO Capital Markets cut their price objective on shares of The Goldman Sachs Group from $972.00 to $970.00 and set a “market perform” rating on the stock in a research report on Tuesday, October 6th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $1,055.09.

The Goldman Sachs Group Stock Up 1.5%

Shares of NYSE:GS opened at $895.58 on Thursday. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 3.17. The Goldman Sachs Group has a 12 month low of $740.01 and a 12 month high of $1,153.99. The company has a 50-day moving average price of $990.36 and a 200 day moving average price of $987.24. The company has a market cap of $260.77 billion, a price-to-earnings ratio of 13.82, a PEG ratio of 0.98 and a beta of 1.29.

The Goldman Sachs Group (NYSE:GS) last released its quarterly earnings results on Tuesday, July 14th. The investment management company reported $20.98 EPS for the quarter, topping the consensus estimate of $14.47 by $6.51. The Goldman Sachs Group had a return on equity of 19.16% and a net margin of 15.53%. The company had revenue of $20.34 billion during the quarter, compared to analyst estimates of $16.22 billion. During the same quarter last year, the business posted $10.91 earnings per share. The firm’s revenue was up 39.4% on a year-over-year basis. As a group, equities research analysts predict that The Goldman Sachs Group will post 67.48 earnings per share for the current year.

The Goldman Sachs Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 1st were issued a $5.00 dividend. The ex-dividend date was Tuesday, September 1st. This is a positive change from The Goldman Sachs Group’s previous quarterly dividend of $4.50. This represents a $20.00 annualized dividend and a dividend yield of 2.2%. The Goldman Sachs Group’s dividend payout ratio (DPR) is currently 30.87%.

Hedge Funds Weigh In On The Goldman Sachs Group

A number of large investors have recently bought and sold shares of GS. Sky Investment Group LLC grew its stake in The Goldman Sachs Group by 0.9% during the 2nd quarter. Sky Investment Group LLC now owns 1,168 shares of the investment management company’s stock worth $1,181,000 after buying an additional 10 shares during the last quarter. Warren Street Wealth Advisors LLC boosted its holdings in shares of The Goldman Sachs Group by 3.9% during the second quarter. Warren Street Wealth Advisors LLC now owns 269 shares of the investment management company’s stock valued at $272,000 after acquiring an additional 10 shares during the period. First Financial Group Corp boosted its holdings in shares of The Goldman Sachs Group by 4.7% during the first quarter. First Financial Group Corp now owns 246 shares of the investment management company’s stock valued at $208,000 after acquiring an additional 11 shares during the period. Meadow Creek Wealth Advisors LLC grew its position in shares of The Goldman Sachs Group by 1.7% during the first quarter. Meadow Creek Wealth Advisors LLC now owns 673 shares of the investment management company’s stock worth $569,000 after acquiring an additional 11 shares during the last quarter. Finally, DecisionMap Wealth Management LLC increased its holdings in shares of The Goldman Sachs Group by 3.2% in the 2nd quarter. DecisionMap Wealth Management LLC now owns 350 shares of the investment management company’s stock worth $354,000 after acquiring an additional 11 shares during the period. Hedge funds and other institutional investors own 71.21% of the company’s stock.

Key Stories Impacting The Goldman Sachs Group

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

• Positive Sentiment: TD Cowen initiated coverage with a Strong Buy rating, while its broader coverage assigned GS a Buy rating and a $1,050 price target—about 17% above the referenced price. The upgrade provides an additional bullish signal ahead of earnings. Goldman Stock Before Q3 Earnings: Buy Now or Wait for Results?
• Positive Sentiment: Analysts expect third-quarter growth to be supported by resilient equity-trading activity and investment-banking revenue. Goldman is also projected to be a leading contributor to Wall Street’s estimated $19 billion in third-quarter trading revenue. Goldman Sachs expected to lead Wall Street’s trading revenue
• Positive Sentiment: Goldman was reportedly hired by Cinven to help revive a potential $2 billion sale of JLA, highlighting continued investment-banking and advisory activity. Goldman Sachs Hired by Cinven to Revive $2 Billion JLA Sale

The Goldman Sachs Group Company Profile

The Goldman Sachs Group, Inc is a global financial services company headquartered in New York City. Founded in 1869, the firm provides services to corporations, financial institutions, governments, individuals and other clients through its investment banking, markets, asset management and wealth management businesses.

Goldman Sachs advises clients on mergers and acquisitions, financing and other strategic transactions, and facilitates trading in equities, fixed income, currencies and commodities.