Goldman Sachs Group Inc (GS) Stake Lessened by Wealthsource Partners LLC
Wealthsource Partners LLC cut its stake in Goldman Sachs Group Inc (NYSE:GS) by 53.7% during the third quarter, HoldingsChannel reports. The institutional investor owned 1,057 shares of the investment management company’s stock after selling 1,227 shares during the quarter. Wealthsource Partners LLC’s holdings in Goldman Sachs Group were worth $237,000 at the end of the most recent reporting period.
Other institutional investors also recently modified their holdings of the company. Palo Capital Inc. purchased a new position in Goldman Sachs Group in the 3rd quarter valued at about $109,000. Zions Bancorporation acquired a new stake in Goldman Sachs Group in the 2nd quarter valued at about $109,000. Asset Advisors Investment Management LLC acquired a new stake in Goldman Sachs Group in the 3rd quarter valued at about $115,000. Investment Partners LTD. acquired a new stake in Goldman Sachs Group in the 3rd quarter valued at about $224,000. Finally, Canton Hathaway LLC acquired a new stake in Goldman Sachs Group in the 3rd quarter valued at about $174,000. 70.94% of the stock is currently owned by hedge funds and other institutional investors.
A number of analysts have commented on the stock. JPMorgan Chase & Co. reiterated a “buy” rating and issued a $285.00 price objective on shares of Goldman Sachs Group in a report on Monday, September 10th. Zacks Investment Research upgraded shares of Goldman Sachs Group from a “hold” rating to a “buy” rating and set a $206.00 price objective for the company in a report on Friday. Credit Suisse Group cut their price objective on shares of Goldman Sachs Group from $280.00 to $258.00 and set an “outperform” rating for the company in a report on Friday. Wolfe Research assumed coverage on shares of Goldman Sachs Group in a report on Tuesday, September 25th. They issued an “outperform” rating for the company. Finally, Wells Fargo & Co reiterated a “buy” rating on shares of Goldman Sachs Group in a report on Thursday, September 20th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and nine have assigned a buy rating to the stock. Goldman Sachs Group currently has an average rating of “Hold” and a consensus target price of $271.15.
Goldman Sachs Group (NYSE:GS) last announced its quarterly earnings results on Tuesday, October 16th. The investment management company reported $6.28 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $5.38 by $0.90. The business had revenue of $8.65 billion during the quarter, compared to the consensus estimate of $8.43 billion. Goldman Sachs Group had a net margin of 16.68% and a return on equity of 14.10%. The business’s revenue was up 3.8% compared to the same quarter last year. During the same quarter last year, the firm earned $5.02 EPS. On average, sell-side analysts expect that Goldman Sachs Group Inc will post 25.33 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 28th. Stockholders of record on Friday, November 30th will be issued a dividend of $0.80 per share. The ex-dividend date of this dividend is Thursday, November 29th. This represents a $3.20 dividend on an annualized basis and a dividend yield of 1.78%. Goldman Sachs Group’s dividend payout ratio is currently 16.19%.
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Goldman Sachs Group Profile
The Goldman Sachs Group, Inc operates as an investment banking, securities, and investment management company worldwide. It operates through four segments: Investment Banking, Institutional Client Services, Investing & Lending, and Investment Management. The Investment Banking segment provides financial advisory services, including strategic advisory assignments related to mergers and acquisitions, divestitures, corporate defense activities, restructurings, spin-offs, and risk management; and underwriting services, such as debt and equity underwriting of public offerings and private placements of various securities and other financial instruments, as well as derivative transactions with public and private sector clients.
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