Published: Wed, April 19, 2017
Economy | By Melissa Porter

Goldman Sachs' profits miss forecasts as trading struggled

The 52-week high price of the stock is $255.15 while its 52-week Low price is $136.88. "Reduces Position in Goldman Sachs Group Inc (GS)" was published by Community Financial News and is the property of of Community Financial News. BOKF NA now owns 40,885 shares of the investment management company's stock worth $6,593,000 after buying an additional 7,922 shares in the last quarter.

Goldman Sachs Group (NYSE:GS) opened at 223.32 on Monday. The stock has a 50 day moving average of $238.83 and a 200 day moving average of $220.28.

Goldman Sachs' earnings are disappointing, but there is still reason to be bullish, Chris Kotowski, senior analyst at Oppenheimer, told CNBC's "Power Lunch" on Tuesday.

Net income nearly doubled to $2.26 billion, or $5.15 a share, from $1.14 billion, or $2.68, a year earlier, the company said in the statement.

Goldman's return on equity, a closely watched measure of profitability, stood at 11.4% in the quarter.

Bank of America said today that its trading revenue increased by almost 23 per cent in the first quarter to $4 billion, boosted by a 29 per cent jump in fees from fixed income trading.

"This is a hole, just like past year started in a hole", Devin Ryan, an analyst at JMP Securities, said in a phone interview. The firm's revenue was up 12.3% on a year-over-year basis. The average estimate of 17 analysts surveyed by Bloomberg was for adjusted earnings of $5.34 a share. The dividend will be paid on June 29 to common shareholders as of June 1. (GS) has an annual dividend of $2.6, while its annual dividend yield is 1.16%. The ex-dividend date of this dividend was Tuesday, February 28th. IFC Holdings Incorporated FL increased its stake in Goldman Sachs Group by 5.2% in the third quarter.

Goldman Sachs reported $1.46 billion in net revenue from the Investing and lending department, a large increase from Q1 2016, though unchanged from Q4 2016. If you are accessing this piece on another site, it was copied illegally and republished in violation of USA and global copyright and trademark laws.

A number of equities analysts have weighed in on the stock. That's an improvement over the prior year, when Goldman reported a paltry $2.68 per share profits. Citigroup Inc reaffirmed a "sell" rating and set a $225.00 price objective (up from $200.00) on shares of Goldman Sachs Group in a report on Tuesday, January 10th. The company presently has an average rating of "Hold" and an average target price of $223.77.

Total revenue from the trading unit, known as Institutional Client Services, slid 2% from a year earlier, Goldman said. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

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