Royal Bank of Canada Reiterates “Sector Perform” Rating for The Goldman Sachs Group (NYSE:GS)

The Goldman Sachs Group (NYSE:GS)‘s stock had its “sector perform” rating reissued by stock analysts at Royal Bank of Canada in a research report issued on Tuesday, Benzinga reports. They currently have a $500.00 target price on the investment management company’s stock. Royal Bank of Canada’s price objective suggests a potential downside of 0.92% from the company’s previous close.

Several other research firms have also commented on GS. Seaport Res Ptn lowered shares of The Goldman Sachs Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 2nd. JPMorgan Chase & Co. raised their price target on The Goldman Sachs Group from $461.00 to $464.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 16th. Wells Fargo & Company lifted their price objective on The Goldman Sachs Group from $504.00 to $550.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 16th. Barclays boosted their price objective on shares of The Goldman Sachs Group from $493.00 to $565.00 and gave the company an “overweight” rating in a research report on Tuesday, July 16th. Finally, Argus raised shares of The Goldman Sachs Group from a “hold” rating to a “buy” rating and set a $465.00 target price on the stock in a research report on Tuesday, April 16th. Six investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $484.59.

The Goldman Sachs Group Stock Performance

GS traded up $11.91 during trading on Tuesday, hitting $504.63. The stock had a trading volume of 242,706 shares, compared to its average volume of 2,294,484. The Goldman Sachs Group has a twelve month low of $289.36 and a twelve month high of $509.48. The firm has a market capitalization of $162.72 billion, a P/E ratio of 19.70, a PEG ratio of 1.01 and a beta of 1.37. The company has a debt-to-equity ratio of 1.97, a quick ratio of 0.74 and a current ratio of 1.12. The company’s 50-day moving average price is $466.64 and its 200 day moving average price is $425.80.

Insider Activity

In related news, major shareholder Goldman Sachs Group Inc sold 4,000,000 shares of the business’s stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $6.34, for a total value of $25,360,000.00. Following the completion of the sale, the insider now directly owns 12,981,022 shares of the company’s stock, valued at $82,299,679.48. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, major shareholder Goldman Sachs Group Inc sold 4,000,000 shares of the firm’s stock in a transaction dated Thursday, June 13th. The shares were sold at an average price of $6.34, for a total value of $25,360,000.00. Following the transaction, the insider now directly owns 12,981,022 shares in the company, valued at approximately $82,299,679.48. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Thomas K. Montag sold 10,000 shares of the stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $505.04, for a total transaction of $5,050,400.00. Following the completion of the transaction, the director now owns 12,450 shares of the company’s stock, valued at approximately $6,287,748. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 4,013,500 shares of company stock worth $32,181,365. 0.54% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On The Goldman Sachs Group

Hedge funds have recently modified their holdings of the company. Chicago Capital LLC purchased a new stake in The Goldman Sachs Group during the fourth quarter valued at about $207,000. Essex Savings Bank grew its holdings in shares of The Goldman Sachs Group by 3.6% during the fourth quarter. Essex Savings Bank now owns 1,859 shares of the investment management company’s stock valued at $717,000 after buying an additional 65 shares in the last quarter. Drive Wealth Management LLC lifted its stake in The Goldman Sachs Group by 14.4% in the 4th quarter. Drive Wealth Management LLC now owns 819 shares of the investment management company’s stock worth $316,000 after acquiring an additional 103 shares in the last quarter. Bell Bank boosted its position in The Goldman Sachs Group by 15.9% during the 4th quarter. Bell Bank now owns 1,037 shares of the investment management company’s stock worth $400,000 after acquiring an additional 142 shares during the period. Finally, Independence Bank of Kentucky grew its stake in The Goldman Sachs Group by 3.8% during the 4th quarter. Independence Bank of Kentucky now owns 1,227 shares of the investment management company’s stock valued at $473,000 after acquiring an additional 45 shares in the last quarter. 71.21% of the stock is currently owned by institutional investors and hedge funds.

About The Goldman Sachs Group

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.