(Bloomberg) -- Goldman Sachs Group Inc. shares rose to a record on Tuesday, eclipsing their previous closing high set more than two years ago.

The investment banking giant reported first-quarter earnings last week that included a massive profit beat, which one analyst heralded as a “near-perfect print.” Optimism for a dealmaking revival has helped bolster the stock this year as it rallied past its prior high-water mark set in November 2021, when Goldman produced a record year of profit. 

The stock climbed 1.6% to $423.91, a record close for the 155-year-old company that went public a quarter-century ago.

Helmed by Chief Executive Officer David Solomon, Goldman is reorienting itself to be a simpler firm after last year was marked by criticism amid the dealmaking downturn and the scaling back of its consumer efforts.

“The market is accepting, or likes, the message of going back to” what Goldman is good at, HSBC analyst Saul Martinez said in an interview. If you overlay the outlook “for an improving investment banking backdrop, you have the potential for a really strong improvement in earnings power and profitability.”

Goldman’s first-quarter results included rising net income as traders scored a windfall, with its return-on-equity improving. Oppenheimer analyst Chris Kotowski dubbed the bank’s results as being nearly perfect.

Read More: David Solomon Gets Mojo Back With Goldman’s ‘Near-Perfect Print’

The biggest US bank stocks have rallied this year, outperforming regional peers amid optimism for regulatory plans that are less severe than initially expected, as well as for a soft landing and a reopening of capital markets. JPMorgan Chase & Co. reached a record high in January.

Read More: The US IPO Engine Looks Ready to Speed Ahead in Second Quarter

Goldman went public nearly 25 years ago, in a closely watched May 1999 initial public offering at $53 per share. The Wall Street titan’s stock has soared eight-fold since.

--With assistance from Felice Maranz.

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