Sterling Investment Management LLC Decreases Holdings in The Goldman Sachs Group, Inc. (NYSE:GS)

Sterling Investment Management LLC reduced its stake in shares of The Goldman Sachs Group, Inc. (NYSE:GSFree Report) by 1.3% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 5,169 shares of the investment management company’s stock after selling 68 shares during the period. The Goldman Sachs Group comprises 1.3% of Sterling Investment Management LLC’s investment portfolio, making the stock its 24th biggest position. Sterling Investment Management LLC’s holdings in The Goldman Sachs Group were worth $1,667,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Norges Bank purchased a new position in shares of The Goldman Sachs Group during the 4th quarter valued at $759,531,000. Envestnet Asset Management Inc. lifted its position in shares of The Goldman Sachs Group by 608.2% during the 1st quarter. Envestnet Asset Management Inc. now owns 2,390,752 shares of the investment management company’s stock valued at $114,359,000 after buying an additional 2,053,162 shares during the last quarter. Morgan Stanley lifted its position in shares of The Goldman Sachs Group by 40.0% during the 4th quarter. Morgan Stanley now owns 5,936,351 shares of the investment management company’s stock valued at $2,038,425,000 after buying an additional 1,696,350 shares during the last quarter. Moneta Group Investment Advisors LLC raised its position in shares of The Goldman Sachs Group by 168,772.3% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 1,244,589 shares of the investment management company’s stock valued at $427,367,000 after purchasing an additional 1,243,852 shares during the period. Finally, Franklin Resources Inc. raised its position in shares of The Goldman Sachs Group by 1,226.0% in the first quarter. Franklin Resources Inc. now owns 875,239 shares of the investment management company’s stock valued at $286,299,000 after purchasing an additional 809,232 shares during the period. 69.06% of the stock is owned by institutional investors.

The Goldman Sachs Group Stock Down 0.7 %

NYSE GS traded down $2.43 during mid-day trading on Tuesday, reaching $340.89. The stock had a trading volume of 225,137 shares, compared to its average volume of 2,450,127. The company has a fifty day moving average price of $335.98 and a 200 day moving average price of $330.61. The company has a debt-to-equity ratio of 2.18, a current ratio of 0.81 and a quick ratio of 0.81. The stock has a market cap of $112.38 billion, a PE ratio of 14.65, a price-to-earnings-growth ratio of 1.34 and a beta of 1.40. The Goldman Sachs Group, Inc. has a 1 year low of $287.75 and a 1 year high of $389.58.

The Goldman Sachs Group (NYSE:GSGet Free Report) last issued its earnings results on Wednesday, July 19th. The investment management company reported $3.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.25 by ($0.17). The Goldman Sachs Group had a return on equity of 8.27% and a net margin of 9.74%. The firm had revenue of $10.90 billion during the quarter, compared to the consensus estimate of $10.61 billion. During the same period last year, the firm posted $7.73 earnings per share. The company’s revenue for the quarter was down 8.1% compared to the same quarter last year. On average, research analysts expect that The Goldman Sachs Group, Inc. will post 25.55 earnings per share for the current year.

The Goldman Sachs Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 28th. Investors of record on Thursday, August 31st will be issued a dividend of $2.75 per share. The ex-dividend date is Wednesday, August 30th. This represents a $11.00 dividend on an annualized basis and a yield of 3.23%. This is a boost from The Goldman Sachs Group’s previous quarterly dividend of $2.50. The Goldman Sachs Group’s payout ratio is presently 46.93%.

Insider Activity at The Goldman Sachs Group

In other news, CEO David M. Solomon sold 4,200 shares of The Goldman Sachs Group stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $356.28, for a total value of $1,496,376.00. Following the transaction, the chief executive officer now directly owns 124,782 shares in the company, valued at approximately $44,457,330.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, major shareholder Goldman Sachs Group Inc sold 1,145,486 shares of the firm’s stock in a transaction dated Friday, June 30th. The stock was sold at an average price of $11.73, for a total transaction of $13,436,550.78. Following the sale, the insider now directly owns 50,099,392 shares of the company’s stock, valued at $587,665,868.16. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO David M. Solomon sold 4,200 shares of the stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $356.28, for a total transaction of $1,496,376.00. Following the sale, the chief executive officer now directly owns 124,782 shares in the company, valued at $44,457,330.96. The disclosure for this sale can be found here. Insiders sold 1,159,686 shares of company stock worth $18,390,027 in the last 90 days. 0.54% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages have recently weighed in on GS. Oppenheimer reduced their price target on The Goldman Sachs Group from $483.00 to $461.00 and set an “outperform” rating for the company in a research report on Friday, August 18th. HSBC assumed coverage on shares of The Goldman Sachs Group in a research report on Thursday, September 7th. They issued a “buy” rating and a $403.00 price objective for the company. BMO Capital Markets raised their price objective on shares of The Goldman Sachs Group from $407.00 to $411.00 and gave the company an “outperform” rating in a research report on Thursday, July 20th. JMP Securities restated a “market outperform” rating and issued a $450.00 price objective on shares of The Goldman Sachs Group in a research report on Tuesday, September 12th. Finally, Societe Generale downgraded The Goldman Sachs Group from a “buy” rating to a “hold” rating in a research report on Monday, July 10th. Seven research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $396.04.

Check Out Our Latest Stock Analysis on The Goldman Sachs Group

About The Goldman Sachs Group

(Free Report)

The Goldman Sachs Group, Inc, a financial institution, provides a range of financial services for corporations, financial institutions, governments, and individuals worldwide. It operates through Global Banking & Markets, Asset & Wealth Management, and Platform Solutions segments. The Global Banking & Markets segment provides financial advisory services, including strategic advisory assignments related to mergers and acquisitions, divestitures, corporate defense activities, restructurings, and spin-offs; and relationship lending, and acquisition financing, as well as secured lending, through structured credit and asset-backed lending and involved in resale agreements.

Further Reading

Institutional Ownership by Quarter for The Goldman Sachs Group (NYSE:GS)

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