Goldman Sachs Group, Inc. (NYSE-GS) is an American multinational financial services company engaged in global investment banking, investment management, securities and other financial services, including asset management, mergers and acquisitions, prime brokerage advisory and underwriting. Goldman Sachs Group, Inc. also sponsors private equity funds, which are market makers and primary dealers in securities in the U.S. Goldman Sachs Group, Inc. also owns GS Bank USA. Goldman Sachs Group, Inc. was founded in 1869 and is headquartered in New York, USA. The company also has offices in international financial centers in more than 30 countries.
Goldman Sachs Group, Inc (NYSE-GS) more than doubled its second-quarter profit, beating analysts’ estimates. The company’s total sales were $12.73 billion. After taxes and deducting all expenses, the company generated a net profit of $3.04 billion. Diluted earnings per common share (EPS ) were $8.62 and average return on equity (ROE) was around 10.9% for the second quarter. The results beat analysts’ estimates, with Goldman reporting earnings 35% higher than the company itself and 56% higher than analysts’ estimates. Goldman’s investment banking fees rose 21% to $1.73 billion in the second quarter. Fees earned for mergers and acquisitions (M&A) advisory work jumped 7%. CEO David Solomon said, “We remain very well positioned to benefit from the continued rebound in activity.” “While capital markets and M&A activity is improving, it remains below historical averages.”
After Goldman Sachs Group, Inc.’s (NYSE-GS) foray into consumer banking failed, it refocused on its traditional pillars – investment banking and trading. This year also marks the 25-year anniversary of its initial public offering and stock exchange listing. Goldman Sachs reports second quarter earnings per common share for 2024 of $8.62 and an annualized return on common equity of 10.9%. David Solomon, Goldman Sachs chairman and CEO, said: “We are pleased with our solid second quarter results and our overall performance in the first half of the year, reflecting strong year-over-year growth in both Global Banking and Markets and Assets. & Wealth Management. Our One Goldman Sachs operational approach allows us to bring the entire firm to our clients, deepen our relationships and serve them in an improving but complex environment.”
Goldman Sachs Group, Inc (NYSE-GS) also pays regular quarterly dividends to its shareholders. The dividend yield is currently 2.46% per annum and the actual dividend amount has been approved by the company’s board of directors at $3.00 per share. According to analysts at brokerage firms and financial strategists at investment banks, the share price can be expected to rise in the short to medium term investment horizon, where the average target share price has been set at USD 515.19 per share.
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