Goldman Sachs gets license for regional headquarters in Saudi Arabia, source says
Wall Street titan Goldman Sachs has received a license to set up its regional headquarters in Saudi Arabia's Riyadh, according to a person familiar with the matter.
Goldman's David Solomon says Fed unlikely to cut rates this year: ‘We're set up for stickier inflation'
His comments came after Fed policymakers said the central bank should wait several more months to ensure that inflation really is back on track to its 2% target before cutting interest rates.
Wall Street Analysts Think Goldman (GS) Is a Good Investment: Is It?
Investors often turn to recommendations made by Wall Street analysts before making a Buy, Sell, or Hold decision about a stock. While media reports about rating changes by these brokerage-firm employed (or sell-side) analysts often affect a stock's price, do they really matter?
3 Financial Stocks Outperforming as The Fed Dumps Bonds
Are there any safe stocks out there? Investors need to align their portfolios with fundamental factors more than ever as rotating industries pose a new set of risks (and rewards).
3 Financial Stocks Outperforming as The Fed Dumps Bonds
Are there any safe stocks out there? Investors need to align their portfolios with fundamental factors more than ever as rotating industries pose a new set of risks (and rewards).
Just in: Grayscale appoints new CEO as Michael Sonnenshein resigns
Recent reports reveal Michael Sonnenshein has ended his decade-long relationship with Grayscale as he resigned from the role. Meanwhile, the company has appointed Goldman Sachs’s Peter Mintzberg as the new chief. BREAKING‼️: Grayscale CEO Michael Sonnenshein steps down. Grayscale names Peter Mintzberg from Goldman Sachs as new CEO. pic.twitter.com/bjQr5VJi3H— Swan (@Swan) May 20, 2024 Peter has worked at giants such as BlackRock and Apollo Global and held its current position for over 3.5 years. Sonnenshein’s legacies in Grayscale Investments Michael Sonnenshein’s leadership remains evident for everyone to see. Grayscale Investments transformed into a leading digital asset management company under his control. Sonnenshein led the movement that had the US Securities & Exchange Commission authorizing GBTC conversion into a spot Bitcoin exchange-traded funds. Further, he aided Grayscale in defeating the United States SEC. On his departure statement, Sonnenshein stated, “I would like to thank Barry Silbert for his vision and partnership and for entrusting me to lead Grayscale’s business. The crypto asset class is at an important inflection point and this is the right moment for a smooth transition.” Top players leaving the market The crypto world has seen massive changes since the 2021 bull rally, with prominent individuals quitting. Michael Sonnenshein has joined the likes of Changpeng Zhao, who resigned as Binance CEO amid intensified regulatory scrutiny. Also, FTX’s Sam-Bankman Fried will disappear in prison for years, whereas individuals such as Do Kwon and Zhu Su go down in history books. Also, market-moving firms like Celsius and Voyager are long gone, and market players will wait to see Grayscale Investment’s operations as Peter Mintzberg takes over as CEO in August. The post Just in: Grayscale appoints new CEO as Michael Sonnenshein resigns appeared first on Invezz
Q2 2024 Earnings Forecast for The Goldman Sachs Group, Inc. (NYSE:GS) Issued By Zacks Research
The Goldman Sachs Group, Inc. (NYSE:GS – Free Report) – Analysts at Zacks Research boosted their Q2 2024 EPS estimates for The Goldman Sachs Group in a note issued to investors on Friday, May 17th. Zacks Research analyst R. Department now anticipates that the investment management company will earn $8.86 per share for the quarter, up from their prior estimate of $8.79. The consensus estimate for The Goldman Sachs Group’s current full-year earnings is $36.71 per share. Zacks Research also issued estimates for The Goldman Sachs Group’s Q1 2025 earnings at $10.70 EPS and Q1 2026 earnings at $11.33 EPS. Several other equities analysts have also issued reports on GS. JPMorgan Chase & Co. lifted their target price on shares of The Goldman Sachs Group from $424.00 to $433.00 and gave the company an “overweight” rating in a report on Tuesday, April 16th. Daiwa Capital Markets raised shares of The Goldman Sachs Group from a “neutral” rating to an “outperform” rating and raised their price target for the company from $410.00 to $430.00 in a research report on Thursday, March 14th. JMP Securities raised their price target on shares of The Goldman Sachs Group from $440.00 to $460.00 and gave the company a “market outperform” rating in a research report on Tuesday, April 9th. Wells Fargo & Company raised their price target on shares of The Goldman Sachs Group from $450.00 to $504.00 and gave the company an “overweight” rating in a research report on Tuesday, May 7th. Finally, Argus raised shares of The Goldman Sachs Group from a “hold” rating to a “buy” rating and set a $465.00 price target for the company in a research report on Tuesday, April 16th. Six investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $440.57. Get Our Latest Report on GS The Goldman Sachs Group Stock Performance Shares of GS opened at $467.72 on Monday. The company has a 50-day simple moving average of $417.71 and a two-hundred day simple moving average of $386.20. The Goldman Sachs Group has a one year low of $289.36 and a one year high of $468.66. The firm has a market capitalization of $150.82 billion, a PE ratio of 18.26, a price-to-earnings-growth ratio of 1.45 and a beta of 1.40. The company has a debt-to-equity ratio of 2.18, a current ratio of 0.74 and a quick ratio of 0.74. The Goldman Sachs Group (NYSE:GS – Get Free Report) last posted its earnings results on Monday, April 15th. The investment management company reported $11.58 earnings per share for the quarter, topping analysts’ consensus estimates of $8.54 by $3.04. The Goldman Sachs Group had a net margin of 8.17% and a return on equity of 8.86%. The company had revenue of $14.21 billion during the quarter, compared to analyst estimates of $12.94 billion. During the same period in the prior year, the business posted $8.79 earnings per share. The Goldman Sachs Group’s revenue for the quarter was up 16.1% on a year-over-year basis. Institutional Trading of The Goldman Sachs Group Several hedge funds have recently made changes to their positions in the business. Jacobi Capital Management LLC raised its holdings in shares of The Goldman Sachs Group by 1.5% during the first quarter. Jacobi Capital Management LLC now owns 1,564 shares of the investment management company’s stock worth $653,000 after purchasing an additional 23 shares during the last quarter. Pinnacle Wealth Planning Services Inc. raised its holdings in shares of The Goldman Sachs Group by 1.3% during the first quarter. Pinnacle Wealth Planning Services Inc. now owns 1,866 shares of the investment management company’s stock worth $779,000 after purchasing an additional 24 shares during the last quarter. Powell Investment Advisors LLC raised its holdings in shares of The Goldman Sachs Group by 0.7% during the first quarter. Powell Investment Advisors LLC now owns 3,838 shares of the investment management company’s stock worth $1,603,000 after purchasing an additional 25 shares during the last quarter. Dumont & Blake Investment Advisors LLC increased its holdings in The Goldman Sachs Group by 1.1% in the first quarter. Dumont & Blake Investment Advisors LLC now owns 2,259 shares of the investment management company’s stock valued at $944,000 after buying an additional 25 shares in the last quarter. Finally, Optas LLC increased its holdings in The Goldman Sachs Group by 2.4% in the first quarter. Optas LLC now owns 1,072 shares of the investment management company’s stock valued at $448,000 after buying an additional 25 shares in the last quarter. 71.21% of the stock is currently owned by hedge funds and other institutional investors. Insider Transactions at The Goldman Sachs Group In related news, Treasurer Philip R. Berlinski sold 11,650 shares of the company’s stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $390.64, for a total value of $4,550,956.00. Following the completion of the transaction, the treasurer now owns 18,408 shares of the company’s stock, valued at approximately $7,190,901.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other The Goldman Sachs Group news, Director David A. Viniar sold 5,000 shares of the stock in a transaction dated Monday, April 29th. The shares were sold at an average price of $432.25, for a total transaction of $2,161,250.00. Following the completion of the transaction, the director now owns 623,425 shares of the company’s stock, valued at approximately $269,475,456.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Treasurer Philip R. Berlinski sold 11,650 shares of the stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $390.64, for a total transaction of $4,550,956.00. Following the transaction, the treasurer now directly owns 18,408 shares of the company’s stock, valued at approximately $7,190,901.12. The disclosure for this sale can be found here. Insiders have sold 29,330 shares of company stock worth $11,713,578 in the last 90 days. 0.54% of the stock is currently owned by insiders. The Goldman Sachs Group Dividend Announcement The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Thursday, May 30th will be paid a dividend of $2.75 per share. This represents a $11.00 annualized dividend and a dividend yield of 2.35%. The ex-dividend date is Thursday, May 30th. The Goldman Sachs Group’s dividend payout ratio is presently 42.95%. The Goldman Sachs Group Company Profile (Get Free Report) 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.
Goldman (GS) Plans to Expand Private Equity Credit Lines
The Goldman Sachs Group, Inc. (GS Quick QuoteGS - Free Report) plans to ramp up its lending services to private equity and asset managers, per Reuters. The bank also intends to expand internationally, filling the gaps created by the problems at regional banks and the recent sale of Credit Suisse.The private equity market has a strong potential to grow as private equity deals are expected to rise, driven by record-high fundraising. These loans are classified as short-term, typically secured by the assets of the borrowing firms and hence have a lesser risk attached to them. Hence, GS’ focus on the private equity market is a strategic fit.Asset-secured lending will allow GS to expand its financing business in fixed income, currency and commodities (FICC) and equities space. The move is in line with the company’s key focus on enhancing the stability of revenue generation in its global banking and markets divisions.In the past to seven years, Goldman's deposit base experienced tremendous growth. The bank is actively seeking to align its asset growth with this expansion. In 2023, GS took over a loan portfolio worth $15 billion from the failed Signature bank. This portfolio included loans to private equity firms and venture capital funds, which is a crucial part of its client base. These loans help manage a smooth flow of working capital for the bank, also known as capital call facilities or subscription line loans. Once Goldman strengthened its operations in the United States, the bank plans to expand its lending into Europe, the U.K. and Asia. They have already added staff in its Dallas and Bangalore offices to handle these loans.Markedly, Goldman decided to refocus on its core strengths of IB and trading operations while scaling back its consumer banking footprint and hence undertook a major business restructuring initiative. In first-quarter 2024, the company completed the sale of GreenSky, its home-improvement lending platform, to a consortium of investors. In second-half 2023, it sold its Personal Financial Management unit to Creative Planning. These are in line with its decision to focus on and grow core businesses where it showcased encouraging results given its strong leadership position, wide scale of operations and exceptional talent.In the past six months, the company’s shares have rallied 39.6% compared with the industry’s growth of 35.8%.Image Source: Zacks Investment ResearchGS currently sports a Zacks Rank #1 (Strong Buy). Apart from GS, major banks like JPMorgan Chase & Co. (JPM Quick QuoteJPM - Free Report) and The PNC Financial Services Group, Inc. (PNC Quick QuotePNC - Free Report) are also increasing their participation in the market worth $800 billion to $1 trillion. Also, JPM stepped up its lending functions after it acquired First Republic Bank in 2023. Similarly, in October 2023, PNC acquired loan commitments from Signature Bank worth approximately $16 billion. These efforts to further grow its loan balances are expected to offer support to the banks’ financials in the long run. Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time. This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>
4 Reasons to Add Goldman (GS) Stock to Your Portfolio Now
Goldman's (GS) focus on its core strengths of investment banking and trading operations, and efforts to pivot from the consumer banking business will likely drive durable revenues.
