Published: Wed, April 19, 2017
Business | By Sandy Mccarthy

Goldman Sachs quarterly profit surges 80 percent

Goldman Sachs quarterly profit surges 80 percent

(GS) on Tuesday reported first-quarter profit of $2.26 billion.

Goldman Sachs usually outshines rivals when it comes to trading revenue, but not this quarter. Zacks Investment Research lowered shares of Goldman Sachs Group from a "buy" rating to a "hold" rating in a research report on Wednesday, March 22nd.

Companywide revenue rose 27 percent to $8.03 billion, compared with the $8.33 billion average estimate of analysts surveyed by Bloomberg.

Based on the overall performance of the market, with the average stock in the S&P 500 rising almost 5%, Goldman Sachs' excuses just did not wash, and speculators have been leaning that way for a month. Trading revenues in bonds, currencies and commodities was effectively flat in quarter while trading revenues for stocks were down 6 percent from a year earlier. Oil prices were also trading at years-low volatility levels.But the lack of volatility did not hurt competitors and management had a hard time clarifying what went wrong at Goldman Sachs. The stock's 50 day moving average price is $238.83 and its 200 day moving average price is $220.28.

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Goldman's shares fell as much as 4 percent to $217.13 in the early trading in NY. The first quarter is typically the strongest for trading desks, as the investors return from the holidays and reposition their portfolios for the new year. That unit saw 16% year-over-year revenue growth to $1.70 billion, and 15% sequential growth from Q4. Goldman's shares tumbled 4.2 percent to $216.80. During the same quarter in the prior year, the company earned $4.68 EPS. The Goldman Sachs Group Inc. reports earnings Tuesday, April 18, 2017.

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 29th. Global Wealth and Investment Management revenue rose 3% to $4.6 billion as loans and leases grew 7% to $9.3 billion and total client balances rose 5% to nearly $2.6 trillion on the back of higher market valuations.

Until Tuesday, Goldman Sachs stock was arguably the poster child for the Trump Bump: During the stock market rally since the President was elected, the bank had contributed more to the rise of the Dow Jones industrial average than any other company.

The Goldman Sachs Group, Inc is an investment banking, securities and investment management company that provides a range of financial services to corporations, financial institutions, governments and individuals.

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