Goldman Sachs shares close lower on Monday, bank acquires NN Investment Partners for 1.7 billion euros

Goldman Sachs Group Inc (GS) announced on Monday the acquisition of Netherlands-based asset manager NN Investment Partners in a deal valued at EUR 1.7 billion ($1.9 billion).

Previously part of NN Group, NN Investment Partners will be integrated into Goldman Sachs Asset Management.

The acquisition of NN Investment Partners is to bring Goldman Sachs’s assets under supervision to nearly $2.8 trillion.

The acquisition of NN Investment Partners, which employs over 900 people, is expected to bolster Goldman’s growth in products such as European equity and investment-grade credit, sustainable investments as well as “green” bonds.

“This acquisition advances our commitment to put sustainability at the heart of our investment platform. It adds scale to our European client franchise and extends our leadership in insurance asset management,” David Solomon, Chairman and Chief Executive Officer of Goldman Sachs, was quoted as saying by Reuters.

Goldman Sachs shares closed lower for the seventh time in the past ten trading sessions in New York on Monday. The stock edged down 0.20% ($0.63) to $320.76, after touching an intraday high at $328.90. The latter has been a price level not seen since April 5th ($329.74).

Shares of Goldman Sachs Group Inc have retreated 16.15% so far in 2022 compared with a 7.42% loss for the benchmark index, S&P 500 (SPX).

In 2021, Goldman Sachs Group’s stock went up 45.06%, thus, it outperformed the S&P 500, which registered a 26.89% gain.

Analyst stock price forecast and recommendation

According to TipRanks, at least 10 out of 15 surveyed investment analysts had rated Goldman Sachs Group Inc’s stock as “Buy”, while 5 – as “Hold”. The median price target on the stock stands at $434.36.