dick bove

Pair Trade: Long

Pair Trade: Long

Pair Trade: Long GS, Short JPM Fundamental Commentary The Goldman Sachs Group, Inc. (GS) The Goldman Sachs Group, Inc., a bank holding company, is a global investment banking and securities firm specializing in investing banking, trading an principal investments, asset management and securities services. The Company provides services to corporations, financial institutions, governments, and high-net worth individuals. Yesterday Goldman announced that it had agreed to pay $550 million – the largest penalty ever imposed on an investment bank – to settle civil fraud charges over its incomplete disclosure to investors who lost billions of dollars as a result of collateralized debt obligations. The settlement resolves Goldman of all SEC inquiries into its conduct regarding the CDOs, including the fact that it failed to disclose that hedge fund manager John Paulson was on the short side of the same CDOs that Goldman was selling to its clients. The settlement also agrees that Goldman neither admits nor denies any wrongdoing in the matter. Nonetheless, Goldman has since acknowledged that they made a “mistake” and “regret” the disclosure omission. Analysts reactions to the settlement for the most part have been positive. On CNBC yesterday there were price targets given between $175 and $200. Here’s what Dick Bove had to say on CNBC yesterday: “I think that Goldman Sachs is one of the best companies ever created in the United States. It really understands its businesses and that it operates them properly. And if you believe that money supply over time constatnly goes higher–and money of course is the raw material of thsi company–then you have a company whose …

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Dick Bove Slashes Price Target for Bank of New York Mellon (BK)

Filed in dick bove, dividend, Gold, Gold Bullion prices, shares by on June 9, 2010 0 Comments
Dick Bove Slashes Price Target for Bank of New York Mellon (BK)

The Bank of New York Mellon Corporation ( BK ) saw its price target cut on Wednesday by famous analyst Dick Bove of Rochdale Securities. Bove lowered his price target on BK shares, which had closed at $25.41 on Tuesday, to $35 from $42. Still, he maintained his “Buy” rating on the stock. Bank of New York Mellon shares rose 14 cents, or +0.6%, in premarket trading Wednesday. The Bottom Line We have avoided shares of Bank of NY Mellon since we initiated coverage back in early June 2008, when shares were trading at $41.15. The company has a dividend yield of 1.42%, based on last night’s closing stock price of $25.41. The stock has near-term technical support in the $22 price area. If the shares can firm up, we see overhead resistance around the $28-$29 price levels. We would remain on the sidelines for now. The Bank of New York Mellon Corporation ( BK ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.0 out of 5 stars. Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

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Goldman Sachs’ Price Target Cut by Dick Bove (GS)

Goldman Sachs’ Price Target Cut by Dick Bove (GS)

Financial services juggernaut Goldman Sachs Group, Inc. ( GS ) saw its price target cut on Monday by famous analyst Dick Bove of Rochdale Securities. Bove lowered his one-year price target for GS to $182 from $200. The new price target represents about a 27% upside from the stock’s Friday closing price of $142.25. The analyst maintained his “Buy” rating on the stock, noting that the price target cut had nothing to do with the recent SEC investigation into Goldman’s alleged fraudulent activities. Instead, Bove cited the overall “weak” business environment for the downgrade. Additionally, he lowered its full-year 2010 EPS estimate for the company from $18.72 to $17.17, which is well below the average Wall Street forecast of $19.54. Goldman Sachs shares were mostly flat in premarket trading Monday. The Bottom Line We had removed shares of GS from our recommended list back on Nov.17, when the stock was trading at $177.25. The company has a .98% dividend yield, based on Friday’s closing stock price of $142.25. The stock has near-term technical support in the $136-$137 price area. If the shares can stabilize, we see near-term overhead resistance up around the $150-$154 price levels. We would remain on the sidelines

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Citigroup (NYSE:C) Rises on Analyst Upgrade

Filed in citigroup, dick bove, Gold Prices, silver, upgrade by on March 22, 2010 0 Comments

Dick Bove Upgrades Citigroup Rochdale analyst Dick Bove gave Citigroup (NYSE:C) another boost as he upgraded the stock from neutral to buy, citing the government selling its 7.7 billion shares in the company will give it a huge boost. Citigroup has moved up strongly almost every time mention is made of the government selling its shares and Citigroup removing that weight off of them in order to

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