Covenant Asset Management LLC Has $4.37 Million Stock Holdings in The Goldman Sachs Group, Inc. $GS

Covenant Asset Management LLC boosted its holdings in shares of The Goldman Sachs Group, Inc. (NYSE:GS) by 517.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,178 shares of the investment management company’s stock after purchasing an additional 5,177 shares during the period. Covenant Asset Management LLC’s holdings in The Goldman Sachs Group were worth $4,372,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the stock. Canada Pension Plan Investment Board lifted its holdings in shares of The Goldman Sachs Group by 28.6% during the first quarter. Canada Pension Plan Investment Board now owns 524,296 shares of the investment management company’s stock valued at $286,418,000 after acquiring an additional 116,535 shares during the period. Clear Creek Financial Management LLC bought a new position in The Goldman Sachs Group during the 1st quarter valued at about $321,000. Blueshift Asset Management LLC lifted its holdings in The Goldman Sachs Group by 161.8% during the 1st quarter. Blueshift Asset Management LLC now owns 1,055 shares of the investment management company’s stock valued at $576,000 after purchasing an additional 652 shares during the last quarter. Adams Diversified Equity Fund Inc. boosted its position in The Goldman Sachs Group by 41.5% in the first quarter. Adams Diversified Equity Fund Inc. now owns 49,800 shares of the investment management company’s stock valued at $27,205,000 after buying an additional 14,600 shares in the last quarter. Finally, Terra Nova Asset Management LLC bought a new stake in The Goldman Sachs Group during the first quarter worth about $1,643,000. 71.21% of the stock is currently owned by institutional investors.

The Goldman Sachs Group Stock Up 1.0%

NYSE GS opened at $802.91 on Monday. The stock has a market capitalization of $243.06 billion, a P/E ratio of 17.69, a price-to-earnings-growth ratio of 1.67 and a beta of 1.41. The Goldman Sachs Group, Inc. has a 52 week low of $439.38 and a 52 week high of $825.25. The company has a debt-to-equity ratio of 2.57, a quick ratio of 0.67 and a current ratio of 0.67. The stock has a fifty day moving average of $747.32 and a 200-day moving average of $648.04.

The Goldman Sachs Group (NYSE:GS) last issued its quarterly earnings results on Wednesday, July 16th. The investment management company reported $10.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $9.82 by $1.09. The business had revenue of $14.58 billion for the quarter, compared to analyst estimates of $13.53 billion. The Goldman Sachs Group had a return on equity of 14.32% and a net margin of 12.37%.The firm’s revenue for the quarter was up 14.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $8.62 earnings per share. On average, equities research analysts forecast that The Goldman Sachs Group, Inc. will post 47.12 EPS for the current year.

The Goldman Sachs Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Friday, August 29th will be paid a $4.00 dividend. This is a boost from The Goldman Sachs Group’s previous quarterly dividend of $3.00. The ex-dividend date of this dividend is Friday, August 29th. This represents a $16.00 annualized dividend and a dividend yield of 2.0%. The Goldman Sachs Group’s payout ratio is 35.26%.

Insider Buying and Selling at The Goldman Sachs Group

In related news, COO John E. Waldron sold 9,000 shares of the business’s stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $750.51, for a total transaction of $6,754,590.00. Following the completion of the sale, the chief operating officer directly owned 106,268 shares of the company’s stock, valued at $79,755,196.68. The trade was a 7.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP John F.W. Rogers sold 6,008 shares of the firm’s stock in a transaction that occurred on Wednesday, July 23rd. The shares were sold at an average price of $717.39, for a total transaction of $4,310,079.12. Following the completion of the transaction, the executive vice president directly owned 65,761 shares in the company, valued at approximately $47,176,283.79. The trade was a 8.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 38,323 shares of company stock worth $28,111,828 in the last 90 days. Corporate insiders own 0.55% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Royal Bank Of Canada reiterated a “sector perform” rating on shares of The Goldman Sachs Group in a research note on Thursday, July 10th. Keefe, Bruyette & Woods raised their price target on The Goldman Sachs Group from $771.00 to $790.00 and gave the company a “market perform” rating in a report on Thursday, July 17th. Citigroup boosted their price objective on The Goldman Sachs Group from $550.00 to $700.00 and gave the stock a “neutral” rating in a research note on Monday, July 21st. Hsbc Global Res lowered The Goldman Sachs Group from a “hold” rating to a “moderate sell” rating in a research note on Tuesday, July 8th. Finally, Evercore ISI set a $715.00 price target on The Goldman Sachs Group and gave the company an “outperform” rating in a report on Thursday, July 10th. Five analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $665.00.

The Goldman Sachs Group Company Profile

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 financing under securities to resale agreements.