Published: Tue, July 16, 2019
Finance | By Loren Pratt

Goldman Sachs and JP Morgan beat Wall Street expectations

Goldman Sachs and JP Morgan beat Wall Street expectations

Investment Management decreased 14% to $1.59 billion.

Earnings fell 6% to $2.42bn while net revenues slipped 2% year-on-year, to $9.46bn, comfortably ahead of the $8.8bn most analysts had pencilled in. "Credit financing markets remain open, and strategic transactions are getting announced". The business had revenue of $36.54 million for the quarter, compared to analyst estimates of $36.22 million.

Goldman also authorized a $7-billion stock repurchase program, up from $5 billion a year ago.

Profit at S&P 500 companies is likely to dip 0.3%, which would be the first quarterly drop in three years, according to Refinitiv IBES data.

GSBD has been the topic of a number of recent research reports. Zacks Investment Research lowered shares of Metro Bank from a "hold" rating to a "sell" rating in a research note on Tuesday.


JPMorgan, the largest USA bank by assets, beat profit estimates but interest margin, a key measure of profitability, slipped, triggering concerns of lower interest rates hurting bank profits, a day after Citigroup Inc reported a similar drop.

Evercore ISI analyst Glenn Schorr said Goldman had delivered a "pretty good quarter" with most business lines performing "a little better than expected". The consensus price target is $231.38.

Several institutional investors and hedge funds have recently made changes to their positions in GS. Evolution Wealth Advisors LLC lifted its position in shares of Goldman Sachs Group by 12.3% in the second quarter. Toth Financial Advisory Corp now owns 140 shares of the investment management company's stock worth $27,000 after purchasing an additional 70 shares during the last quarter. MML Investors Services LLC now owns 16,112 shares of the financial services provider's stock worth $296,000 after purchasing an additional 2,577 shares during the last quarter.

The firm also recently declared a quarterly dividend, which was paid on Monday, July 15th. CNB Bank now owns 173 shares of the investment management company's stock worth $33,000 after purchasing an additional 90 shares during the last quarter. The company had a trading volume of 80,217 shares, compared to its average volume of 2,204,552. Goldman Sachs Group has a fifty-two week low of $151.70 and a fifty-two week high of $245.08. The business has a 50-day simple moving average of $38.94. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.01.

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