The Goldman Sachs Group (NYSE:GS) Releases Earnings Results, Beats Estimates By $6.51 EPS

The Goldman Sachs Group (NYSE:GS) released its earnings results on Tuesday. The investment management company reported $20.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $14.47 by $6.51, FiscalAI reports. The business had revenue of $20.34 billion for the quarter, compared to analyst estimates of $16.22 billion. The Goldman Sachs Group had a return on equity of 16.53% and a net margin of 14.13%.

The Goldman Sachs Group Trading Down 0.8%

Shares of The Goldman Sachs Group stock opened at $1,047.08 on Tuesday. The Goldman Sachs Group has a 12-month low of $691.30 and a 12-month high of $1,125.00. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 2.89. The company has a market capitalization of $308.90 billion, a P/E ratio of 19.14, a price-to-earnings-growth ratio of 1.35 and a beta of 1.30. The stock has a fifty day simple moving average of $1,020.45 and a 200 day simple moving average of $939.94.

Analyst Ratings Changes

Several research firms have recently commented on GS. Wells Fargo & Company upped their target price on The Goldman Sachs Group from $1,000.00 to $1,195.00 and gave the company an “overweight” rating in a research report on Wednesday, June 24th. Morgan Stanley lifted their price target on shares of The Goldman Sachs Group from $1,021.00 to $1,099.00 and gave the stock an “equal weight” rating in a report on Monday, June 29th. JPMorgan Chase & Co. boosted their price target on shares of The Goldman Sachs Group from $826.00 to $900.00 and gave the stock a “neutral” rating in a research report on Friday, June 12th. Oppenheimer downgraded shares of The Goldman Sachs Group from a “market perform” rating to an “underperform” rating in a research note on Tuesday, June 30th. Finally, Evercore reaffirmed an “outperform” rating on shares of The Goldman Sachs Group in a research report on Monday, July 6th. Ten investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, The Goldman Sachs Group currently has an average rating of “Hold” and a consensus target price of $1,005.33.

Key The Goldman Sachs Group News

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

• Positive Sentiment: Goldman Sachs is set to report alongside other major banks as dealmaking activity returns, raising expectations for a strong quarter and potential earnings upside. Wall Street to report bumper quarter as dealmaking returns
• Positive Sentiment: Analysts and market previews suggest big U.S. banks, including Goldman Sachs, may beat consensus estimates thanks to strong capital markets activity, resilient economic conditions, and improving wealth-management flows. US bank earnings could surprise to the upside as Bank of America highlights strong operating backdrop
• Positive Sentiment: Goldman Sachs said its outlook for Indian equities is constructive, forecasting a rebound in the Nifty 50 and highlighting banks, large caps, and value names as attractive themes. Goldman Sachs pegs Nifty target at 26,500 by June 2027; lists 15 stocks from key themes
• Neutral Sentiment: Goldman Sachs’ new Bitcoin Banking Adoption Index placed GS in the middle of the pack on crypto adoption, but the report appears more informational than stock-moving. Bitcoin Adoption by Major Banks ‘Accelerating, But Still Early,’ Says Michael Saylor as New Index Ranks JPMorgan, Goldman Sachs, and Others
• Negative Sentiment: A separate note warned that higher interest rates and inflation pressures could be a headwind for the broader market environment, which may temper enthusiasm heading into earnings. Goldman Sachs drops new warning on interest rate hikes
• Negative Sentiment: One pre-earnings technical commentary said GS has pulled back from its highs and could be vulnerable if results or guidance disappoint. Goldman Sachs stock forms a risky pattern ahead of earnings

Insider Activity

In other news, insider Kathryn H. Ruemmler sold 14,292 shares of the business’s stock in a transaction that occurred 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 transaction, the insider owned 15,657 shares in the company, valued at $14,703,018.99. The trade was a 47.72% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Denis P. Coleman sold 6,857 shares of the business’s stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $973.55, for a total value of $6,675,632.35. Following the completion of the transaction, the chief financial officer directly owned 31,070 shares in the company, valued at approximately $30,248,198.50. This represents a 18.08% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 33,681 shares of company stock valued at $31,737,875 in the last three months. 0.55% of the stock is owned by company insiders.

Institutional Trading of The Goldman Sachs Group

Institutional investors have recently added to or reduced their stakes in the stock. Garton & Associates Financial Advisors LLC bought a new stake in shares of The Goldman Sachs Group during the fourth quarter valued at about $26,000. Graney & King LLC boosted its holdings in The Goldman Sachs Group by 51.5% in the 2nd quarter. Graney & King LLC now owns 50 shares of the investment management company’s stock valued at $35,000 after purchasing an additional 17 shares during the period. Osterweis Capital Management Inc. purchased a new position in shares of The Goldman Sachs Group during the 4th quarter valued at $38,000. JPL Wealth Management LLC bought a new position in shares of The Goldman Sachs Group in the third quarter worth $50,000. Finally, Wilkerson Advisory Group LLC bought a new position in shares of The Goldman Sachs Group in the fourth quarter worth $53,000. Hedge funds and other institutional investors own 71.21% of the company’s stock.

The Goldman Sachs Group Company Profile

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.