Goldman Sachs Group Inc. (NYSE: GS) reported its fourth-quarter financial results before the markets opened on Wednesday. The company had $1.27 in earnings per share (EPS) on $7.27 billion in revenues. Consensus estimates from Thomson Reuters had called for $3.54 in EPS on revenue of $7.07 billion. In the same period of the previous year, the big bank posted EPS of $4.38 and $7.59 billion in revenue.

Net revenues in Investment Banking were $1.55 billion for the fourth quarter of 2015, 7% higher than the same quarter in 2014 and essentially unchanged sequentially. Net revenues in Financial Advisory were $879 million, 27% higher than the year-ago quarter, reflecting an increase in client activity in the United States. Net revenues in Underwriting were $668 million, 11% lower than the fourth quarter of 2014, due to significantly lower net revenues in equity underwriting, reflecting lower client activity. This decrease was partially offset by higher net revenues in debt underwriting, reflecting higher net revenues from investment-grade activity. The firm’s investment banking transaction backlog increased compared with the end of the third quarter of 2015.

Book value per common share was $171.03 and tangible book value per common share was $161.64, both 5% higher compared with the end of 2014 and essentially unchanged compared with the end of the third quarter of 2015.

During the year, the firm repurchased 22.1 million shares of its common stock at an average cost per share of $189.41, for a total cost of $4.20 billion, including 8.9 million shares during the fourth quarter.

The firm also noted that its Standardized Common Equity Tier 1 ratio reflecting the applicable transitional provisions was 13.6% as of December 31, 2015, compared with 11.3% as of December 31, 2014, and 12.4% as of September 30, 2015. Separately, the Basel III Advanced Common Equity Tier 1 ratio was 12.4% for this quarter, compared with 12.2% at the end of the same period from last year, and 12.7% sequentially.

Chairman and Chief Executive Officer Lloyd C. Blankfein commented on earnings:

We are pleased that our diversified business mix allowed us to deliver solid results in a year characterized by uneven global economic activity. Looking ahead, we believe our strong global client franchise leaves us well positioned to generate superior returns over the long term.

Shares of Goldman Sachs closed Tuesday up 0.8% at $156.82, with a consensus analyst price target of $205.71 and a 52-week trading range of $153.81 to $218.77. Following the release of the earnings report, the stock was down 1.6% at $154.30.

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