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OFFON

THE GOLDMAN SACHS GROUP, INC.

(GS)
  Report
Real-time Estimate Quote. Real-time Estimate Cboe BZX - 05/17 07:09:53 am
367.34 USD   -0.39%
07:01aMERCK KGAA  : Goldman Sachs maintains a Sell rating
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06:42aClarivate to Acquire Data and Analytics Firm ProQuest for $5.3 Billion
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05:35aRYANAIR HLDGS  : Receives a Buy rating from Goldman Sachs
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Goldman Profit Rises Sharply on Strong Trading, Deal Making -- Update

04/14/2021 | 06:41am EDT

By Peter Rudegeair

Goldman Sachs Group Inc. reported record profit and revenue in the first quarter, benefiting from a turbocharged market and an economic recovery.

Goldman posted a quarterly profit of $6.84 billion, or $18.60 a share, on revenue of $17.7 billion. Both measures were up significantly from a year ago -- when the bank posted profit of $1.2 billion on revenue of $8.7 billion -- and exceeded the expectations of analysts polled by FactSet, who forecast profit of $10.22 a share on revenue of $12.56 billion.

The first three months of 2021 were a frenetic period for banks' capital markets and trading arms. Reddit-reading retail traders sent so-called meme stocks to new heights. Record amounts of money poured into blank-check companies, several of which announced deals during the quarter to bring fast-growing companies including Social Finance Inc. and Lucid Motors Inc. to the public markets.

Goldman thrived in that environment. Trading revenue rose 47% from a year ago to $7.6 billion, thanks to a 31% increase in fixed-income, currency and commodity trading revenue and a 68% increase in stock-trading revenue.

The firm's investment bankers brought in $3.8 billion in fees arranging mergers and securities offerings, up 73% from last year's first quarter and another record high for Goldman. Revenue from underwriting new initial public offerings, special-purpose acquisition companies and other sales of stock more than quadrupled to $1.6 billion.

The unwinding of large positions held by Archegos Capital Management in late March affected Goldman less than other banks, partially because the firm was among the first to offload Archegos's assets when the family office couldn't meet margin calls. Whereas Credit Suisse Group AG reported a $4.7 billion hit related to Archegos's meltdown, Goldman didn't report any material impact in its earnings release.

Shares of Goldman have risen 24% since the start of 2021 and hit an all-time high of $348.81 last month.

The bank's return on equity, a measure of how profitably it uses shareholders' money, was 31% on an annualized basis, its highest in a quarter since 2009.

Revenue in the bank's asset-management division, which includes funds and investments Goldman manages for itself and for clients, rose to $4.6 billion. Revenue in Goldman's consumer and wealth-management division, which includes its Marcus consumer bank as well as its team serving wealthy clients, rose 16% to $1.7 billion.

Operating expenses in the first quarter were $9.4 billion, up 46% from the same period last year. Compensation expenses rose 87% to $6 billion, or roughly 34% of revenue.

Write to Peter Rudegeair at Peter.Rudegeair@wsj.com

(END) Dow Jones Newswires

04-14-21 0841ET

Stocks mentioned in the article
ChangeLast1st jan.
CREDIT SUISSE GROUP AG -0.06% 9.292 Delayed Quote.-18.35%
DJ INDUSTRIAL 1.06% 34382.13 Delayed Quote.11.16%
THE GOLDMAN SACHS GROUP, INC. 2.78% 368.77 Delayed Quote.39.84%
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Financials (USD)
Sales 2021 49 688 M - -
Net income 2021 15 453 M - -
Net Debt 2021 289 B - -
P/E ratio 2021 8,28x
Yield 2021 1,45%
Capitalization 131 B 131 B -
EV / Sales 2021 8,45x
EV / Sales 2022 10,00x
Nbr of Employees 40 300
Free-Float 37,3%
Chart THE GOLDMAN SACHS GROUP, INC.
Duration : Period :
The Goldman Sachs Group, Inc. Technical Analysis Chart | GS | US38141G1040 | MarketScreener
Technical analysis trends THE GOLDMAN SACHS GROUP, INC.
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 25
Average target price 385,22 $
Last Close Price 368,77 $
Spread / Highest target 35,6%
Spread / Average Target 4,46%
Spread / Lowest Target -15,1%
EPS Revisions
Managers and Directors
NameTitle
David Michael Solomon Chairman & Chief Executive Officer
John E. Waldron President & Chief Operating Officer
Stephen M. Scherr Chief Financial Officer & Executive Vice President
Marco Argenti Co-Chief Information Officer
George C. Lee Co-Chief Information Officer
Sector and Competitors