The Goldman Sachs Group, Inc. (NYSE:GS – Get Free Report) shares saw strong trading volume on Wednesday following a dividend announcement from the company. 2,831,235 shares traded hands during trading, an increase of 9% from the previous session’s volume of 2,593,403 shares.The stock last traded at $341.85 and had previously closed at $337.27.
The newly announced dividend which will be paid on Thursday, September 28th. Stockholders of record on Thursday, August 31st will be given a dividend of $2.75 per share. This represents a $11.00 dividend on an annualized basis and a dividend yield of 3.23%. This is an increase from The Goldman Sachs Group’s previous quarterly dividend of $2.50. The Goldman Sachs Group’s payout ratio is presently 35.60%.
Analyst Ratings Changes
A number of research analysts have issued reports on the company. JMP Securities decreased their target price on The Goldman Sachs Group from $470.00 to $450.00 in a research note on Monday, July 10th. Credit Suisse Group restated an “outperform” rating and set a $410.00 price objective on shares of The Goldman Sachs Group in a research note on Tuesday, April 11th. StockNews.com initiated coverage on The Goldman Sachs Group in a report on Thursday, May 18th. They issued a “hold” rating on the stock. JPMorgan Chase & Co. cut their target price on The Goldman Sachs Group from $415.00 to $398.00 in a report on Friday, July 7th. Finally, UBS Group raised The Goldman Sachs Group from a “neutral” rating to a “buy” rating in a research report on Tuesday, April 11th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $387.73.
The Goldman Sachs Group Price Performance
The Goldman Sachs Group (NYSE:GS – Get Free Report) last announced 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 $3.16 by ($0.08). The business had revenue of $10.90 billion for the quarter, compared to analysts’ expectations of $10.61 billion. The Goldman Sachs Group had a net margin of 13.23% and a return on equity of 9.84%. The firm’s quarterly revenue was down 8.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $7.73 earnings per share. As a group, analysts anticipate that The Goldman Sachs Group, Inc. will post 25.74 earnings per share for the current fiscal year.
Insiders Place Their Bets
In other news, major shareholder Goldman Sachs Group Inc sold 9,000,000 shares of the stock in a transaction that occurred on Monday, June 12th. The shares were sold at an average price of $11.73, for a total transaction of $105,570,000.00. Following the transaction, the insider now directly owns 51,676,439 shares in the company, valued at $606,164,629.47. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, major shareholder Goldman Sachs Group Inc sold 9,000,000 shares of The Goldman Sachs Group stock in a transaction on Monday, June 12th. The shares were sold at an average price of $11.73, for a total transaction of $105,570,000.00. Following the completion of the sale, the insider now directly owns 51,676,439 shares in the company, valued at $606,164,629.47. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Brian J. Lee sold 3,000 shares of The Goldman Sachs Group stock in a transaction on Tuesday, May 2nd. The stock was sold at an average price of $337.66, for a total transaction of $1,012,980.00. Following the sale, the insider now owns 15,052 shares of the company’s stock, valued at $5,082,458.32. The disclosure for this sale can be found here. Insiders have sold 34,967,959 shares of company stock worth $656,368,342 in the last three months. Corporate insiders own 0.54% of the company’s stock.
Institutional Trading of The Goldman Sachs Group
A number of institutional investors and hedge funds have recently modified their holdings of GS. Cetera Advisor Networks LLC increased its position in shares of The Goldman Sachs Group by 17.8% in the 4th quarter. Cetera Advisor Networks LLC now owns 37,848 shares of the investment management company’s stock valued at $12,996,000 after purchasing an additional 5,725 shares during the last quarter. Capital Asset Advisory Services LLC grew its position in The Goldman Sachs Group by 45.8% during the 4th quarter. Capital Asset Advisory Services LLC now owns 2,456 shares of the investment management company’s stock worth $845,000 after purchasing an additional 771 shares during the last quarter. Thrivent Financial for Lutherans grew its position in The Goldman Sachs Group by 2.7% during the 4th quarter. Thrivent Financial for Lutherans now owns 16,529 shares of the investment management company’s stock worth $5,676,000 after purchasing an additional 430 shares during the last quarter. Aviva PLC lifted its stake in shares of The Goldman Sachs Group by 41.3% in the 4th quarter. Aviva PLC now owns 85,716 shares of the investment management company’s stock worth $981,000 after acquiring an additional 25,038 shares during the period. Finally, PDS Planning Inc acquired a new stake in shares of The Goldman Sachs Group in the 4th quarter worth $210,000. Hedge funds and other institutional investors own 76.90% of the company’s stock.
About The Goldman Sachs Group
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.
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