NEW YORK, July 4, 2026, 12:04 EDT
- U.S. equity markets were closed Friday for the Independence Day holiday. Goldman last closed at $1,021.00 on Thursday.
- The stock ended the holiday-shortened week up 0.14% from last Friday’s close. That comes after new numbers showed Goldman led EMEA M&A by value in the first half.
- Goldman was trading at 18.65 times earnings, topping JPMorgan, Bank of America and Citigroup in the latest finance feed.
Goldman Sachs NYSE:GS heads into next week still trading around $1,000 after new deal figures put the firm on top in first-half EMEA league tables. U.S. markets on the NYSE were shut Friday for Independence Day observed, so Thursday marked the last full regular session.
Goldman finished Thursday’s session at $1,021.00, up $1.39, or 0.14%. Volume came in at 1.54 million shares, running 28.5% under its 65-day average. Shares were just 0.14% up from the June 26 close at $1,019.61, barely moved in a week that included new deal share gains.
Markets see Goldman’s deals turning, but investors want to see it in the numbers. Shares finished Thursday 9.2% off the 52-week high of $1,125.00 from June 18.
| Latest available quote | Last price | Last move | P/E | Market value |
|---|---|---|---|---|
| The Goldman Sachs Group, Inc. NYSE:GS | $1,021.00 | up 0.14% | 18.65x | $314.5 bln |
| JPMorgan Chase & Co. NYSE:JPM | $334.47 | edged up 0.04% | 16.56x | $925.7 bln |
| Morgan Stanley NYSE:MS | $213.93 | gained 0.96% | 19.38x | $337.2 bln |
| Bank of America Corporation NYSE:BAC | $58.73 | rose 0.57% | 14.57x | $435.6 bln |
| Citigroup Inc. NYSE:C | $139.97 | slipped 0.13% | 17.30x | $248.6 bln |
Goldman’s P/E traded roughly 10% higher than the average of four other big banks. The ratio sat below Morgan Stanley, but ahead of JPMorgan, Bank of America and Citigroup. That’s key, since valuation was already a sticking point before the new M&A numbers dropped.
EMEA M&A hit $676 billion for the first half, Reuters reported Friday, citing LSEG data. The total is more than double 2025 and marks a 19-year high. Goldman Sachs worked on 111 deals, or 44% of deal value in the region. That’s up from 42% a year ago and its best first-half showing since 2018. Based on those numbers, deals tied to Goldman in EMEA added up to about $297 billion.
| First-half EMEA M&A adviser | Deals | Share by value | Investor read |
|---|---|---|---|
| Goldman Sachs | 111 | 44% | Best first-half value share in six years |
| JPMorgan | 99 | 35% | Goldman ahead by nine percentage points |
| Rothschild | 163 | Not given | Top by number of deals, not value share |
Goldman’s edge came from bigger deals. Reuters reported the bank worked on 15 out of the 20 largest EMEA transactions, like Unilever’s food unit sale to McCormick, worth about $45 billion, and TK Elevator’s $34 billion deal with Kone. Carsten Woehrn, Goldman’s EMEA M&A co-head, said companies are making “long-term strategic” moves. Valeria Vitkova at Bayes Business School said this was a “sustained competitive advantage” for the firm. Reuters
The timing matters here. Advisory rank alone doesn’t bring in earnings until deals actually close, and Reuters pointed out league tables can change if deals collapse and disappear. That’s the gap in focus—investors look at market share for now, but the fees show up later.
Reuters reported June 30 that valuation was an issue. Oppenheimer cut its rating on big U.S. investment banks, including Goldman and Morgan Stanley, downgrading them to underperform from perform. The note cited little room left for upside even with what it called a strong operating environment. Goldman shares dropped about 1% early after that move.
Goldman’s private-credit numbers gave a clearer look at asset and wealth management. GS Credit said second-quarter repurchase requests hit 3.24% of shares, which is under its 5% quarterly limit. Other funds in the sector saw requests come in much higher, from 10% up to almost 17%. The fund’s non-accrual rate stood at 0.2% as of March 31. That compares to a 0.4% to 2.4% range for rival non-traded BDCs.
| Private-credit stress marker | GS Credit | Peer / cap comparison |
|---|---|---|
| Q2 repurchase requests | 3.24% of shares | Under 5% cap |
| Peer repurchase requests | — | Range from about 10% up to nearly 17% |
| Non-accrual rate | 0.2% | Peers post 0.4% to about 2.4% |
| Q2 gross inflows | About $275 mln | No peer number listed |
Capital return is the other line investors are watching. Goldman said its stress capital buffer stays at 3.4% until Sept. 30, 2027, with its standardized CET1 ratio requirement also unchanged at 11.4%. The company is set to bump its common dividend to $5.00 a share from $4.50 starting July 1, if the board signs off. CEO David Solomon called the move evidence of the firm’s “continued strength of our earnings and capital position.” Goldman Sachs
Banks are facing a mixed rates environment. According to Reuters on Thursday, U.S. job growth came in softer than forecasts for June, and traders now put the odds of a Fed rate hike around 60%, down from roughly 75% before the data. Easing rate pressure can support deal appetite, but banks still need to see revenue growth follow through.
This week looks set up for positioning rather than earnings. Goldman Sachs is set to report second-quarter numbers Tuesday, July 14. The bank said results will hit around 7:30 a.m. ET, followed by a call at 9:30 a.m. ET.
Related articles: NYSE:GS
