New York, November 28, 2025 — Goldman Sachs Group, Inc. (NYSE: GS) is trading close to record territory in Friday’s holiday‑shortened U.S. session, as investors digest record third‑quarter earnings, a calmer macro backdrop and the Wall Street giant’s increasingly visible push into artificial intelligence.
As of early afternoon on Friday, November 28, 2025, Goldman Sachs shares change hands around $826.04, up roughly 1.2% on the day, after opening at $820.34 and trading between an intraday low of $816.12 and a high of $830.59.
That move keeps the stock within touching distance of its 52‑week high near $841, and extends a powerful 2025 rally that has left GS up by more than 40% year‑to‑date, according to recent performance data. [1]
Key Goldman Sachs (GS) numbers today
- Last price: ~$826.04 per share
- Day’s move: +$9.66 (about +1.2%)
- Intraday range: $816.12 – $830.59
- Market cap: ≈ $245 billion [2]
- 52‑week range: $439.38 – $841.28 (current price is only ~2% below the high) [3]
- Trailing P/E ratio: ~16.6, with a PEG ratio around 1.4 [4]
- Dividend: $4.00 per share quarterly ($16 annualized), for a yield around 1.9–2.0% at today’s price [5]
- Beta: ~1.4 vs. the broader market, underscoring above‑average volatility. [6]
U.S. equity markets are operating on a shortened post‑Thanksgiving “Black Friday” schedule, closing at 1 p.m. Eastern time, which typically brings lighter volumes and can amplify intraday swings. [7]
Price action: GS continues to grind higher
Even after this year’s strong advance, Goldman Sachs stock remains in an uptrend:
- The shares trade well above their 50‑day and 200‑day moving averages (around $786.85 and $723.41, respectively), a technical sign of sustained bullish momentum. [8]
- Recent historical data show GS steadily climbing through the week of November 25, with the stock pushing from the high‑$700s into the low‑$800s before today’s further gain. [9]
- Volumes around 800–900k shares midday are not extreme, suggesting the move is driven more by continued accumulation than by a single outsized event.
From a tactical standpoint, many traders will view the $800 level as a key psychological support zone, with resistance clustered near the recent $840–$845 highs. A clear break above that band on solid volume would signal that the rally is entering a new leg, whereas sustained trading back below the 50‑day moving average could indicate a period of consolidation or mean‑reversion.
Record Q3 2025 earnings underpin the rally
The fundamental backdrop for Goldman Sachs’ share price strength is its record third‑quarter 2025 earnings.
In its October 14 earnings release, the bank reported: [10]
- Net revenues: $15.18 billion for Q3 2025
- Net earnings: $4.10 billion
- Diluted EPS: $12.25
- Annualized ROE: 14.2%
Those figures not only set a record for the firm but also beat Wall Street estimates, with one summary noting EPS came in more than 10% above consensus and revenue comfortably ahead of expectations (around $15.2 billion vs. roughly $14.1 billion forecast). [11]
MarketBeat’s breakdown adds more color: [12]
- Q3 revenue rose about 19–20% year‑on‑year, reflecting broad strength across Global Banking & Markets, Asset & Wealth Management, and Platform Solutions.
- Net margin was reported in the low‑teens, and return on equity in the mid‑teens — impressive for a capital‑intensive global bank.
- EPS increased from $8.40 in the same quarter a year earlier to $12.25, implying roughly mid‑40% year‑over‑year earnings growth.
In the firm’s own commentary, CEO David Solomon highlighted that the results reflect “the strength of our client franchise” and the benefits of execution in an “improved market environment,” while also emphasizing that operating more efficiently — including with the help of new AI technologies — is a key strategic priority. [13]
The market’s message so far this year has been clear: double‑digit earnings growth plus mid‑teens ROE deserves a premium multiple, especially for a name that still carries the cachet of Goldman Sachs’ global investment banking and trading platform.
Macro backdrop: calmer volatility supports Wall Street banks
Today’s strength in GS is also occurring against a noticeably calmer macro backdrop.
A fresh note from Goldman Sachs, highlighted by GuruFocus, projects that the S&P 500 index will finish November roughly unchanged, with an estimated 0.2% decline for the month. More importantly, Goldman’s strategists point to clear signs of stabilizing market breadth and declining volatility: [14]
- A five‑day moving average of advancing vs. declining S&P 500 stocks has swung from deeply negative at the start of the month to solidly positive heading into Thanksgiving, suggesting more participation beneath the surface.
- The bank’s proprietary “Volatility Panic Index” has receded toward its three‑year average, signaling that the acute stress seen earlier in November has faded.
Goldman’s models now anticipate net equity buying in December, after an estimated $16 billion in systematic selling in recent weeks. [15]
In parallel, broader market commentary notes that investors are increasingly pricing in the possibility of a Federal Reserve rate cut in December, with some estimates of the odds moving from around 20% to near 80% over November — a powerful tailwind for risk assets and interest‑rate‑sensitive sectors like financials. [16]
For Goldman Sachs specifically, a calmer, trending market environment can be a sweet spot:
- Lower volatility makes it easier for trading desks to manage risk.
- Rising risk appetite supports capital markets activity, from IPOs and secondary offerings to debt issuance and M&A.
- A stable or easing rate outlook can boost asset prices and client engagement across wealth and asset management businesses.
Strategic growth drivers: AI, data and capital solutions
Beyond the quarter‑to‑quarter earnings beats, investors are increasingly focused on Goldman’s longer‑term strategic positioning, particularly around artificial intelligence and capital markets infrastructure.
AI as an internal productivity engine
Business Insider reports that Goldman has earmarked around $6 billion for technology spending this year, with CEO David Solomon stating he would like to push that toward $8 billion over time, even as he balances the need to deliver returns to shareholders. A major share of that spend is aimed at AI initiatives, including: [17]
- Rolling out an internal AI assistant across the firm, designed to help employees summarize documents, draft communications and navigate internal knowledge.
- Partnering with AI companies (for example, leveraging tools akin to AI coding assistants) to dramatically increase developer productivity — case studies suggest standard coding tasks can be completed up to 40% faster with these tools.
- Building an in‑house GS AI Platform that hosts multiple large language models and integrates with Goldman’s codebase and data, with robust security and governance.
A detailed AI case study on Goldman highlights how the bank uses machine learning to: [18]
- Construct “Customer 360” views that aggregate transaction data, portfolios and behavioral signals.
- Power real‑time recommendation engines for products across credit, investments and lending.
- Deliver “next‑best‑action” prompts to relationship managers, boosting engagement and cross‑sell conversion.
Early results cited in that analysis include double‑digit improvements in marketing response rates, higher advisor productivity and measurable uplift in cross‑sell revenue — all of which can support higher, more stable fee income over time.
AI in Asset & Wealth Management
A separate deep‑dive into Goldman Sachs Asset Management (GSAM) describes an ambitious firm‑wide “GS AI” program that embeds AI into portfolio construction, risk management and client servicing. [19]
Highlights include:
- Use of AI‑driven factor models to dynamically rebalance portfolios and manage risk in volatile markets.
- AI‑enhanced risk tools that upgrade value‑at‑risk modeling and scenario analysis.
- Digital platforms like Marcus (consumer) and Marquee (institutional) doubling as testbeds for AI‑driven user behavior analytics, predictive modeling and client service.
The takeaway for GS shareholders is that AI is not just a narrative overlay — it is increasingly embedded in how the bank operates, with potential to raise margins, deepen client relationships and generate differentiated investment performance.
Capital Solutions and the AI infrastructure boom
Goldman is also positioning itself as a lead advisor and underwriter in what it calls the “AI era” of capital formation. Its Capital Solutions Group, formed in early 2025, aims to connect companies building AI infrastructure — from chips to data centers and power — with global capital pools, leveraging Goldman’s top‑tier advisory and origination franchises. [20]
At the same time, Goldman’s own research has flagged the risk that pockets of AI‑exposed stocks may already exhibit bubble‑like characteristics, even as the firm sees long‑term structural opportunity in the theme. [21] That dual stance — enthusiastic operator, but cautious analyst — is worth noting for investors trying to separate cyclical froth from durable growth.
Dividend, valuation and Wall Street sentiment
From an income and valuation perspective, Goldman Sachs looks like a mature, cash‑generative franchise valued at a moderate premium to many traditional banks:
- The company currently pays a $4.00 quarterly dividend, or $16.00 annually, implying a dividend yield around 1.9–2.0% at today’s share price. [22]
- MarketBeat data place Goldman’s trailing P/E at about 16.6 and its price‑to‑earnings‑growth (PEG) ratio at roughly 1.4, levels that many investors would consider reasonable for a firm delivering mid‑teens ROE and strong earnings growth. [23]
- The balance sheet shows a debt‑to‑equity ratio around 2.2, with quick and current ratios in line with a large, well‑capitalized investment bank. [24]
On the Street, however, enthusiasm is measured rather than euphoric:
- MarketBeat’s analyst survey shows an average rating of “Hold”, with 4 Buys, 16 Holds and 1 Sell, and an average price target around $786, which actually sits below the current share price. [25]
- Consensus forecasts call for full‑year EPS near $47, implying a forward P/E in the high‑teens at today’s levels — not extreme, but no longer “cheap” either. [26]
Recent institutional activity underscores how professional investors are navigating this setup. GM Advisory Group LLC, for example, boosted its stake in Goldman by more than 600% in the second quarter, and institutional holders overall control more than 70% of the float. [27] That mix of cautious analyst targets and steady institutional accumulation captures the current mood: Goldman is widely respected, but expectations are rising.
Key risks to the Goldman Sachs story
Even near its highs, GS is not a one‑way bet. Investors focused on today’s move should keep several risks in mind:
- Cyclical earnings sensitivity
Investment banking, trading and asset management revenues are all tied to market sentiment, deal activity and risk appetite. A sharp reversal in markets or a failed soft‑landing could hit Goldman’s revenues across multiple segments at once. - Regulatory and capital headwinds
Large global banks face ongoing pressure around capital buffers, stress‑testing requirements, trading rules and consumer‑protection regulations. Changes in capital rules or resolution frameworks could force Goldman to carry more capital or adjust business lines, potentially weighing on returns. [28] - AI execution and compliance risk
While AI offers huge productivity potential, missteps around model risk, data privacy, hallucinations or algorithmic bias could result in reputational damage or regulatory action. Internal and external analyses of GSAM’s AI rollout emphasize the importance of explainability, robust cybersecurity and careful governance — areas where the cost of failure could be high. [29] - Valuation and expectations
With GS trading close to its 52‑week high and above the average analyst target, any earnings miss, regulatory shock or macro disappointment could trigger a sharp correction as investors reassess growth and return assumptions. [30]
What today’s move could mean for GS investors
Putting it all together, Goldman Sachs enters the final month of 2025 with:
- A stock price hovering just below all‑time highs
- Record earnings, double‑digit EPS growth and solid mid‑teens ROE
- A visible, multi‑year push into AI and digital platforms that could lift margins and deepen client relationships
- A macro backdrop that, for now, features calmer volatility and rising hopes of Fed rate cuts
Against that backdrop, some investors will view GS as a high‑quality franchise riding a structural upgrade story, where AI, capital solutions and wealth management can sustain attractive returns even as traditional trading and investment banking remain cyclical. Others may focus on the elevated expectations baked into the current valuation and prefer to wait for better entry points if markets wobble or AI enthusiasm cools.
Either way, the message from today’s price action is clear: Goldman Sachs is firmly back in the market’s good graces, and barring an abrupt macro shock, it is likely to remain a central way for investors to express a view on global deal‑making, trading activity and the monetization of AI across Wall Street.
Disclaimer: This article is for informational and educational purposes only and does not constitute investment, tax or legal advice. Stock prices and other figures are based on intraday data as of November 28, 2025 and may change. Always do your own research or consult a qualified financial advisor before making investment decisions.
References
1. finance.yahoo.com, 2. www.marketbeat.com, 3. www.marketbeat.com, 4. www.marketbeat.com, 5. www.marketbeat.com, 6. www.marketbeat.com, 7. 247wallst.com, 8. www.marketbeat.com, 9. finance.yahoo.com, 10. www.goldmansachs.com, 11. www.investing.com, 12. www.marketbeat.com, 13. www.goldmansachs.com, 14. www.gurufocus.com, 15. www.gurufocus.com, 16. 247wallst.com, 17. www.businessinsider.com, 18. digitaldefynd.com, 19. www.linkedin.com, 20. www.goldmansachs.com, 21. www.goldmansachs.com, 22. www.marketbeat.com, 23. www.marketbeat.com, 24. www.marketbeat.com, 25. www.marketbeat.com, 26. www.marketbeat.com, 27. www.marketbeat.com, 28. www.goldmansachs.com, 29. www.linkedin.com, 30. www.marketbeat.com
