Sanford C. Bernstein Initiates Coverage on Goldman Sachs (GS)

Equities research analysts at Sanford C. Bernstein began coverage on shares of Goldman Sachs (NYSE:GS) in a report released on Monday, The Fly reports. The firm set an “outperform” rating on the investment management company’s stock.

Several other brokerages have also recently issued reports on GS. Morgan Stanley lifted their price target on Goldman Sachs from $294.00 to $297.00 and gave the company an “overweight” rating in a research report on Friday, February 2nd. JPMorgan Chase reiterated a “buy” rating and set a $280.00 price target on shares of Goldman Sachs in a research report on Thursday, March 15th. Wells Fargo reiterated an “outperform” rating and set a $320.00 price target on shares of Goldman Sachs in a research report on Thursday, January 25th. Zacks Investment Research upgraded Goldman Sachs 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, Vertical Group upgraded Goldman Sachs from a “hold” rating to a “buy” rating in a report on Friday, December 29th. Three research analysts have rated the stock with a sell rating, fourteen have given a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $258.79.

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Shares of GS stock traded up $2.22 during mid-day trading on Monday, hitting $252.19. 3,253,986 shares of the stock traded hands, compared to its average volume of 3,485,055. Goldman Sachs has a twelve month low of $209.62 and a twelve month high of $275.31. The stock has a market cap of $94,960.35, a PE ratio of 12.76, a price-to-earnings-growth ratio of 0.89 and a beta of 1.36. The company has a debt-to-equity ratio of 3.09, a quick ratio of 0.93 and a current ratio of 0.93.

Goldman Sachs (NYSE:GS) last issued its quarterly earnings results on Wednesday, January 17th. The investment management company reported $5.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.90 by $0.78. Goldman Sachs had a return on equity of 11.66% and a net margin of 13.36%. The company had revenue of $7.83 billion for the quarter, compared to analysts’ expectations of $7.64 billion. During the same period last year, the firm earned $5.08 EPS. The firm’s revenue for the quarter was down 4.2% on a year-over-year basis. equities research analysts predict that Goldman Sachs will post 21.83 earnings per share for the current year.

In other news, Director David A. Viniar sold 17,500 shares of the firm’s stock in a transaction on Thursday, January 18th. The stock was sold at an average price of $251.19, for a total value of $4,395,825.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider David M. Solomon sold 21,252 shares of the firm’s stock in a transaction on Monday, January 29th. The stock was sold at an average price of $271.65, for a total value of $5,773,105.80. The disclosure for this sale can be found here. In the last ninety days, insiders sold 83,548 shares of company stock valued at $22,064,172. 1.71% of the stock is currently owned by insiders.

Institutional investors have recently modified their holdings of the company. Jennison Associates LLC boosted its position in Goldman Sachs by 15.1% during the fourth quarter. Jennison Associates LLC now owns 5,538,407 shares of the investment management company’s stock valued at $1,410,965,000 after purchasing an additional 727,698 shares during the last quarter. The Manufacturers Life Insurance Company boosted its position in Goldman Sachs by 1.5% during the fourth quarter. The Manufacturers Life Insurance Company now owns 3,401,280 shares of the investment management company’s stock valued at $866,510,000 after purchasing an additional 51,853 shares during the last quarter. Boston Partners boosted its position in Goldman Sachs by 4.0% during the fourth quarter. Boston Partners now owns 2,903,004 shares of the investment management company’s stock valued at $739,570,000 after purchasing an additional 112,715 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Goldman Sachs by 1.5% during the third quarter. Dimensional Fund Advisors LP now owns 2,604,091 shares of the investment management company’s stock valued at $617,638,000 after purchasing an additional 37,731 shares during the last quarter. Finally, TIAA CREF Investment Management LLC boosted its position in Goldman Sachs by 116.3% during the fourth quarter. TIAA CREF Investment Management LLC now owns 2,529,469 shares of the investment management company’s stock valued at $644,408,000 after purchasing an additional 1,360,046 shares during the last quarter. 73.18% of the stock is owned by institutional investors and hedge funds.

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Goldman Sachs Company Profile

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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