10 Best Performing Dow Stocks in 2024

06. The Goldman Sachs Group, Inc. (NYSE:GS)

Year to date Share Price Gain: 27.31%

Number of Hedge Fund Holders: 68

The Goldman Sachs Group, Inc. (NYSE:GS) is a leading global investment banking, securities, and investment management firm that serves a broad range of clients, including corporations, financial institutions, governments, and high-net-worth individuals. Year to date, The Goldman Sachs Group, Inc. (NYSE:GS) share price has gained 27.31%, showcasing robust market performance. Hedge fund interest in the stock remains relatively high, with 68 funds holding stakes as of Q2 2024, compared to 72 in the previous quarter.

The Goldman Sachs Group, Inc. (NYSE:GS) posted strong financial results in the second quarter of 2024, beating earnings expectations. The company reported an earnings per share (EPS) of $8.62, surpassing analyst estimates of $8.35. This strong performance was driven by revenue growth across various business segments, particularly in global banking and markets, and asset wealth management.

The firm generated net revenues of $12.7 billion and net earnings of $3 billion during the second quarter. Its return on equity (ROE) stood at 10.9%, while the return on tangible equity (ROTE) was 11.6%, highlighting the efficiency in generating profits relative to shareholder equity. The company’s global banking and markets division produced revenues of $8.2 billion, up 14% year-over-year, driven by a 25% rise in equity underwriting revenues and a 39% increase in debt underwriting revenues. The investment banking backlog saw significant growth, reflecting the company’s ability to capitalize on the recovery in capital markets and mergers & acquisitions (M&A) activity.

The Goldman Sachs Group, Inc. (NYSE:GS) asset wealth management division also achieved impressive results, with revenues rising 27% year-over-year to $3.9 billion. The firm’s assets under supervision reached a record $2.9 trillion, while its total wealth management client assets rose to approximately $1.5 trillion. This segment delivered a 23% pre-tax margin for the first half of 2024, approaching its mid-term target of 25%.

Furthermore, The Goldman Sachs Group, Inc. (NYSE:GS) raised $36 billion year-to-date for its alternatives business and aims to exceed $50 billion in alternatives fundraising by year-end. The firm also returned $4.4 billion to shareholders through stock repurchases and dividends, demonstrating its commitment to enhancing shareholder value. Given its strong fundamentals and ability to capitalize on market opportunities, The Goldman Sachs Group, Inc. (NYSE:GS) remains a solid investment choice for 2024.