Bank of New York Mellon Corp Sells 336,603 Shares of The Goldman Sachs Group, Inc. $GS

Bank of New York Mellon Corp trimmed its holdings in The Goldman Sachs Group, Inc. (NYSE:GS) by 10.0% in the 3rd quarter, HoldingsChannel reports. The firm owned 3,043,297 shares of the investment management company’s stock after selling 336,603 shares during the quarter. Bank of New York Mellon Corp’s holdings in The Goldman Sachs Group were worth $2,423,530,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in GS. Norges Bank bought a new position in shares of The Goldman Sachs Group during the second quarter worth $2,138,031,000. Ninety One UK Ltd purchased a new stake in The Goldman Sachs Group in the 2nd quarter worth $408,780,000. AGF Management Ltd. grew its position in shares of The Goldman Sachs Group by 2,429.6% during the second quarter. AGF Management Ltd. now owns 485,375 shares of the investment management company’s stock valued at $343,524,000 after purchasing an additional 466,187 shares in the last quarter. Laurel Wealth Advisors LLC grew its position in shares of The Goldman Sachs Group by 100,678.6% during the second quarter. Laurel Wealth Advisors LLC now owns 404,122 shares of the investment management company’s stock valued at $286,017,000 after purchasing an additional 403,721 shares in the last quarter. Finally, Ameriprise Financial Inc. increased its holdings in shares of The Goldman Sachs Group by 18.2% in the second quarter. Ameriprise Financial Inc. now owns 1,895,752 shares of the investment management company’s stock worth $1,345,924,000 after purchasing an additional 291,280 shares during the last quarter. 71.21% of the stock is owned by hedge funds and other institutional investors.

The Goldman Sachs Group Trading Down 0.3%

GS stock opened at $929.34 on Wednesday. The Goldman Sachs Group, Inc. has a twelve month low of $439.38 and a twelve month high of $984.70. The stock has a market capitalization of $278.74 billion, a price-to-earnings ratio of 18.12, a price-to-earnings-growth ratio of 1.14 and a beta of 1.33. The company has a quick ratio of 0.65, a current ratio of 1.13 and a debt-to-equity ratio of 2.29. The firm’s fifty day simple moving average is $888.46 and its two-hundred day simple moving average is $805.03.

The Goldman Sachs Group (NYSE:GS) last released its quarterly earnings results on Thursday, January 15th. The investment management company reported $13.55 EPS for the quarter, topping analysts’ consensus estimates of $11.52 by $2.03. The firm had revenue of $15.71 billion during the quarter, compared to analysts’ expectations of $14.30 billion. The Goldman Sachs Group had a net margin of 13.73% and a return on equity of 15.19%. The firm’s revenue for the quarter was down 3.0% compared to the same quarter last year. During the same period in the previous year, the company earned $11.95 EPS. As a group, analysts anticipate that The Goldman Sachs Group, Inc. will post 47.12 earnings per share for the current year.

The Goldman Sachs Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 30th. Stockholders of record on Monday, March 2nd will be paid a dividend of $4.50 per share. This is a positive change from The Goldman Sachs Group’s previous quarterly dividend of $4.00. This represents a $18.00 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend is Monday, March 2nd. The Goldman Sachs Group’s payout ratio is currently 35.09%.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on GS. HSBC set a $604.00 price target on The Goldman Sachs Group in a report on Wednesday, January 7th. Rothschild & Co Redburn raised their target price on shares of The Goldman Sachs Group from $608.00 to $748.00 and gave the company a “neutral” rating in a report on Friday, December 12th. Bank of America upped their price target on shares of The Goldman Sachs Group from $1,050.00 to $1,100.00 and gave the company a “buy” rating in a research note on Friday, January 16th. BNP Paribas Exane increased their price objective on shares of The Goldman Sachs Group from $775.00 to $970.00 and gave the company a “neutral” rating in a research report on Friday, January 16th. Finally, Dbs Bank boosted their target price on shares of The Goldman Sachs Group from $800.00 to $890.00 and gave the stock a “buy” rating in a report on Thursday, November 13th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, fifteen have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, The Goldman Sachs Group currently has a consensus rating of “Hold” and an average target price of $898.00.

Key The Goldman Sachs Group News

Here are the key news stories impacting The Goldman Sachs Group this week:

• Positive Sentiment: Goldman Sachs promoted seven partners into its management/leadership group, signaling organizational depth and stronger management bench that can support growth across wealth, asset management and investment banking. Goldman Sachs Adds Seven Partners to Top Leadership Group
• Positive Sentiment: RBC Capital labeled GS a “preeminent global investment bank,” which supports valuation and analyst sentiment around GS’s franchise strength. RBC Capital—Preeminent Global Investment Bank
• Positive Sentiment: Coverage and corporate actions: Goldman Sachs BDC priced a $400M notes offering — shows activity in its credit/BDC unit and access to capital for deployments. Also covered in media: GS and peers have been part of recent dividend-raise conversations. GS BDC Prices $400M Notes Offering
• Neutral Sentiment: GS research is active and visible: the firm is publishing views on metals (why gold is rising; silver outlook) and macro risk appetite (saying investor appetite for risk is at a multi-year high). These items underline trading/research revenue exposure but are indirect drivers of the stock. Why Gold Prices Are Rising — Goldman Sachs View
• Neutral Sentiment: Goldman also published outlooks on silver volatility and reiterated thematic research (including a reaffirmation of preference for Nvidia within AI compute), which highlights the strength of its equity research but has mixed near-term P&L implications. Why Silver Prices Are Down — Goldman Sachs Predicts
• Negative Sentiment: Insider selling: multiple senior insiders disclosed sizable share sales (treasurer Carey Halio, CAO Sheara Fredman and Kathryn Ruemmler among others) last week, each reducing their positions substantially — a near-term negative for sentiment given scale and timing. Insider Sale SEC Filing (example)

Insiders Place Their Bets

In related news, CAO Sheara J. Fredman sold 4,863 shares of the firm’s stock in a transaction that occurred on Friday, January 23rd. The stock was sold at an average price of $923.75, for a total transaction of $4,492,196.25. Following the completion of the sale, the chief accounting officer directly owned 10,301 shares of the company’s stock, valued at approximately $9,515,548.75. This trade represents a 32.07% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Kathryn H. Ruemmler sold 9,589 shares of the company’s stock in a transaction on Friday, January 23rd. The shares were sold at an average price of $927.51, for a total value of $8,893,893.39. Following the completion of the transaction, the insider directly owned 18,533 shares in the company, valued at $17,189,542.83. This trade represents a 34.10% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 84,395 shares of company stock valued at $80,824,289. Corporate insiders own 0.55% of the company’s stock.

The Goldman Sachs Group Company Profile

The Goldman Sachs Group, Inc is a global investment banking and financial services firm headquartered in New York City. Founded in 1869 as a commercial paper business, the company has grown into a diversified financial institution that provides a broad range of services to corporations, financial institutions, governments and individuals. The firm is led by Chief Executive Officer David M. Solomon and operates across major financial centers worldwide.

Goldman Sachs’ core businesses include investment banking, global markets, asset and wealth management, and consumer banking.