The Goldman Sachs Group, Inc. (NYSE:GS) Stake Lessened by Congress Wealth Management LLC DE

Posted by Defense World Staff on Sep 24th, 2023

Congress Wealth Management LLC DE lessened its stake in The Goldman Sachs Group, Inc. (NYSE:GS – Free Report) by 7.2% in the second quarter, Holdings Channel reports. The institutional investor owned 2,404 shares of the investment management company’s stock after selling 186 shares during the quarter. Congress Wealth Management LLC DE’s holdings in The Goldman Sachs Group were worth $775,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Norges Bank acquired a new position in The Goldman Sachs Group in the fourth quarter worth $759,531,000. Envestnet Asset Management Inc. boosted its holdings in The Goldman Sachs Group by 608.2% in the first quarter. Envestnet Asset Management Inc. now owns 2,390,752 shares of the investment management company’s stock worth $114,359,000 after purchasing an additional 2,053,162 shares during the period. Morgan Stanley boosted its holdings in The Goldman Sachs Group by 40.0% in the fourth quarter. Morgan Stanley now owns 5,936,351 shares of the investment management company’s stock worth $2,038,425,000 after purchasing an additional 1,696,350 shares during the period. Moneta Group Investment Advisors LLC boosted its holdings in shares of The Goldman Sachs Group by 168,772.3% during 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 acquiring an additional 1,243,852 shares during the period. Finally, Franklin Resources Inc. boosted its holdings in shares of The Goldman Sachs Group by 1,226.0% during the first quarter. Franklin Resources Inc. now owns 875,239 shares of the investment management company’s stock valued at $286,299,000 after acquiring an additional 809,232 shares during the period. Institutional investors own 69.06% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. Odeon Capital Group raised shares of The Goldman Sachs Group from a “hold” rating to a “buy” rating and set a $355.75 price target for the company in a report on Thursday, July 13th. Citigroup reduced their price target on shares of The Goldman Sachs Group from $400.00 to $380.00 and set a “neutral” rating for the company in a report on Thursday. JMP Securities reissued a “market outperform” rating and set a $450.00 price target on shares of The Goldman Sachs Group in a report on Tuesday, September 12th. Atlantic Securities raised shares of The Goldman Sachs Group from an “underweight” rating to a “neutral” rating and boosted their price target for the company from $330.00 to $351.00 in a report on Tuesday, August 1st. Finally, HSBC began coverage on shares of The Goldman Sachs Group in a report on Thursday, September 7th. They set a “buy” rating and a $403.00 price target for the company. Seven research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $394.93.

View Our Latest Research Report on The Goldman Sachs Group

Insiders Place Their Bets

In other The Goldman Sachs Group news, major shareholder Goldman Sachs Group Inc sold 1,145,486 shares of the business’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 owns 50,099,392 shares in the company, valued at approximately $587,665,868.16. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, CEO David M. Solomon sold 10,000 shares of the company’s stock in a transaction dated Thursday, July 20th. The stock was sold at an average price of $345.71, for a total value of $3,457,100.00. Following the transaction, the chief executive officer now owns 128,982 shares in the company, valued at approximately $44,590,367.22. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Goldman Sachs Group Inc sold 1,145,486 shares of the company’s stock in a transaction dated Friday, June 30th. The shares were sold at an average price of $11.73, for a total value of $13,436,550.78. Following the completion of the transaction, the insider now owns 50,099,392 shares in the company, valued at approximately $587,665,868.16. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,159,686 shares of company stock worth $18,390,027. Company insiders own 0.54% of the company’s stock.

The Goldman Sachs Group Price Performance

Shares of The Goldman Sachs Group stock opened at $327.89 on Friday. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 2.18. The company’s 50-day moving average price is $337.20 and its two-hundred day moving average price is $330.30. The Goldman Sachs Group, Inc. has a 52 week low of $287.75 and a 52 week high of $389.58. The stock has a market cap of $108.10 billion, a PE ratio of 13.99, a price-to-earnings-growth ratio of 1.29 and a beta of 1.40.

The Goldman Sachs Group (NYSE:GS – Get Free Report) last issued its quarterly earnings results on Wednesday, July 19th. The investment management company reported $3.08 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 business had revenue of $10.90 billion during the quarter, compared to the consensus estimate of $10.61 billion. During the same quarter last year, the firm posted $7.73 earnings per share. The Goldman Sachs Group’s revenue was down 8.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that The Goldman Sachs Group, Inc. will post 25.55 EPS for the current fiscal year.

The Goldman Sachs Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 28th. Shareholders of record on Thursday, August 31st will be issued a dividend of $2.75 per share. This represents a $11.00 annualized dividend and a yield of 3.35%. The ex-dividend date of this dividend is Wednesday, August 30th. 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 46.93%.

The Goldman Sachs Group Profile

(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.