Providence First Trust Co reduced its position in The Goldman Sachs Group, Inc. (NYSE:GS – Free Report) by 33.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,260 shares of the investment management company’s stock after selling 633 shares during the quarter. Providence First Trust Co’s holdings in The Goldman Sachs Group were worth $1,134,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also bought and sold shares of the company. Wealthfront Advisers LLC acquired a new stake in shares of The Goldman Sachs Group during the second quarter worth $53,720,000. Envestnet Portfolio Solutions Inc. grew its holdings in shares of The Goldman Sachs Group by 14.7% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 17,422 shares of the investment management company’s stock valued at $17,606,000 after buying an additional 2,230 shares during the last quarter. IPG Investment Advisors LLC increased its position in shares of The Goldman Sachs Group by 21.3% in the 2nd quarter. IPG Investment Advisors LLC now owns 7,250 shares of the investment management company’s stock valued at $7,332,000 after acquiring an additional 1,272 shares during the period. Sax Wealth Advisors LLC increased its position in shares of The Goldman Sachs Group by 148.7% in the 2nd quarter. Sax Wealth Advisors LLC now owns 3,529 shares of the investment management company’s stock valued at $3,569,000 after acquiring an additional 2,110 shares during the period. Finally, First Citizens Bank & Trust Co. increased its position in shares of The Goldman Sachs Group by 76.4% in the 3rd quarter. First Citizens Bank & Trust Co. now owns 5,976 shares of the investment management company’s stock valued at $5,381,000 after acquiring an additional 2,588 shares during the period. 71.21% of the stock is owned by hedge funds and other institutional investors.
The Goldman Sachs Group Stock Performance
Shares of NYSE:GS traded down $3.07 during midday trading on Friday, reaching $865.88. The company’s stock had a trading volume of 2,481,265 shares, compared to its average volume of 2,283,557. The company has a quick ratio of 0.63, a current ratio of 1.10 and a debt-to-equity ratio of 2.82. The stock has a fifty day moving average of $932.40 and a 200 day moving average of $956.58. The Goldman Sachs Group, Inc. has a twelve month low of $754.00 and a twelve month high of $1,153.99. The firm has a market capitalization of $252.12 billion, a PE ratio of 12.45, a P/E/G ratio of 0.85 and a beta of 1.29.
The Goldman Sachs Group (NYSE:GS – Get Free Report) last posted its earnings results on Tuesday, October 13th. The investment management company reported $17.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $12.86 by $4.15. The Goldman Sachs Group had a net margin of 15.77% and a return on equity of 19.55%. The company had revenue of $18.68 billion during the quarter, compared to the consensus estimate of $16.83 billion. During the same period in the previous year, the firm posted $12.25 earnings per share. The firm’s quarterly revenue was up 23.0% on a year-over-year basis. On average, equities analysts expect that The Goldman Sachs Group, Inc. will post 71.49 EPS for the current fiscal year.
The Goldman Sachs Group Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 30th. Stockholders of record on Wednesday, December 2nd will be issued a $5.00 dividend. This represents a $20.00 annualized dividend and a dividend yield of 2.3%. The ex-dividend date of this dividend is Wednesday, December 2nd. The Goldman Sachs Group’s payout ratio is 28.76%.
Insider Activity
In other news, insider Ericka Leslie sold 250 shares of the company’s stock in a transaction dated Thursday, October 22nd. The stock was sold at an average price of $890.25, for a total value of $222,562.50. Following the sale, the insider owned 10,710 shares in the company, valued at $9,534,577.50. This represents a 2.28% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO David Solomon sold 12,000 shares of the firm’s stock in a transaction dated Tuesday, October 27th. The stock was sold at an average price of $910.72, for a total value of $10,928,640.00. Following the sale, the chief executive officer directly owned 159,180 shares in the company, valued at approximately $144,968,409.60. This trade represents a 7.01% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 12,500 shares of company stock valued at $11,380,508. Insiders own 0.55% of the company’s stock.
Key The Goldman Sachs Group News
Here are the key news stories impacting The Goldman Sachs Group this week:
- Positive Sentiment: Bank of America Securities maintained its Buy rating and $1,050 price target, citing stronger client relationships, growth investments and resilient fee income. Goldman Sachs Earns Buy Rating
- Positive Sentiment: ETFs were reported to have bought a net $108.5 million of GS shares on Nov. 4, indicating institutional fund demand, though flows can fluctuate. ETFs Bought Goldman Shares
- Neutral Sentiment: The Supreme Court agreed to consider Goldman’s bid over whether bankruptcy courts can override arbitration agreements. The decision could affect the enforceability of arbitration agreements, but the outcome and financial implications are not yet known. Supreme Court to Hear Goldman Sachs’ Bankruptcy Arbitration Bid
- Negative Sentiment: Goldman’s trading desk reportedly saw buyers disappear during a sharp technology-led market selloff. That broad risk-off backdrop may weigh on the shares regardless of company-specific fundamentals. Goldman Sachs’ Trading Desk Sees Buyers Disappear During Selloff
Analyst Upgrades and Downgrades
A number of brokerages recently issued reports on GS. JPMorgan Chase & Co. raised their target price on The Goldman Sachs Group from $955.00 to $970.00 and gave the stock a “neutral” rating in a research note on Friday, October 16th. Keefe, Bruyette & Woods dropped their price target on The Goldman Sachs Group from $1,130.00 to $1,100.00 and set a “market perform” rating on the stock in a research note on Wednesday, October 14th. UBS Group cut their price objective on The Goldman Sachs Group from $1,010.00 to $1,000.00 and set a “neutral” rating on the stock in a report on Monday, November 2nd. Bank of America raised their price objective on The Goldman Sachs Group from $1,150.00 to $1,300.00 and gave the stock a “buy” rating in a research note on Thursday, July 16th. Finally, Wall Street Zen cut The Goldman Sachs Group from a “buy” rating to a “hold” rating in a research note on Saturday. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, thirteen have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, The Goldman Sachs Group has a consensus rating of “Hold” and a consensus price target of $1,052.04.
Read Our Latest Research Report on GS
The Goldman Sachs Group Profile
The Goldman Sachs Group, Inc is a global financial services firm founded in 1869 and headquartered in New York City. It serves corporations, financial institutions, governments and individuals across major financial markets worldwide.
The company’s businesses include investment banking, global markets, and asset and wealth management. Its services include advising on mergers and acquisitions and other strategic transactions, helping clients raise capital, facilitating trading and risk management, and managing investments and wealth for institutions and individuals.
Goldman Sachs also provides consumer financial products and digital financial services.
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