Abacus Wealth Partners LLC Buys New Stake in The Goldman Sachs Group, Inc. $GS

Key Points

• Abacus Wealth Partners disclosed a new fourth-quarter stake in Goldman Sachs, buying 1,261 shares valued at about $1.1 million.
• Goldman Sachs posted strong quarterly results, with EPS of $17.55 beating estimates and revenue rising 14.4% year over year to $17.23 billion.
• The company declared a $4.50 quarterly dividend payable June 29, while analysts currently have a consensus Hold rating with an average price target of $942.24.

Abacus Wealth Partners LLC bought a new stake in The Goldman Sachs Group, Inc. (NYSE:GS - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 1,261 shares of the investment management company's stock, valued at approximately $1,108,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Acropolis Investment Management LLC boosted its stake in shares of The Goldman Sachs Group by 1.8% during the 4th quarter. Acropolis Investment Management LLC now owns 630 shares of the investment management company's stock worth $554,000 after acquiring an additional 11 shares during the period. Walkner Condon Financial Advisors LLC lifted its holdings in The Goldman Sachs Group by 2.0% during the 4th quarter. Walkner Condon Financial Advisors LLC now owns 574 shares of the investment management company's stock worth $505,000 after purchasing an additional 11 shares during the last quarter. Optas LLC lifted its holdings in The Goldman Sachs Group by 0.4% during the 4th quarter. Optas LLC now owns 2,553 shares of the investment management company's stock worth $2,244,000 after purchasing an additional 11 shares during the last quarter. Pines Wealth Management LLC lifted its holdings in The Goldman Sachs Group by 0.4% during the 4th quarter. Pines Wealth Management LLC now owns 2,566 shares of the investment management company's stock worth $2,255,000 after purchasing an additional 11 shares during the last quarter. Finally, Terra Nova Asset Management LLC lifted its holdings in The Goldman Sachs Group by 0.5% during the 4th quarter. Terra Nova Asset Management LLC now owns 2,650 shares of the investment management company's stock worth $2,329,000 after purchasing an additional 12 shares during the last quarter. Institutional investors own 71.21% 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: Goldman Sachs lowered its 12-month U.S. recession probability to 25% from 30%, citing a resilient labor market and solid economic activity. That suggests a healthier macro backdrop for banks and markets overall. Goldman Slashes Recession Risk Odds as Labor Market Remains Resilient
• Neutral Sentiment: Goldman Sachs analysts remained active across several names, including Buy ratings on Telefonica, MercadoLibre, Insulet, Marathon Petroleum, UnitedHealth and ORIC Pharma, showing the firm continues to influence market sentiment but without direct impact on GS itself.
• Neutral Sentiment: There were also multiple media references to Goldman strategists warning that the recent market rally and volatility setup could imply more upside, but those commentary pieces were market-wide in nature and not specific to Goldman Sachs stock.
• Negative Sentiment: Financial stocks were weaker in afternoon trading, with the NYSE Financial Index down about 0.5%, which likely pressured Goldman Sachs shares along with the broader sector. Sector Update: Financial Stocks Lower in Afternoon Trading

Analyst Upgrades and Downgrades

Several research firms recently weighed in on GS. Jefferies Financial Group dropped their price target on The Goldman Sachs Group from $1,125.00 to $1,049.00 and set a "buy" rating for the company in a report on Monday, April 6th. Weiss Ratings cut The Goldman Sachs Group from a "buy (b-)" rating to a "hold (c+)" rating in a report on Friday, May 8th. Bank of America dropped their price target on The Goldman Sachs Group from $1,100.00 to $1,050.00 and set a "buy" rating for the company in a report on Tuesday, April 14th. Zacks Research cut The Goldman Sachs Group from a "strong-buy" rating to a "hold" rating in a report on Monday, March 16th. Finally, Evercore dropped their price target on The Goldman Sachs Group from $1,075.00 to $950.00 and set an "outperform" rating for the company in a report on Monday, April 6th. Eight research analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the stock. According to MarketBeat, The Goldman Sachs Group presently has an average rating of "Hold" and an average target price of $942.24.

Insider Activity

In other news, insider Kathryn H. Ruemmler sold 14,292 shares of The Goldman Sachs Group stock in a transaction on Wednesday, May 6th. The stock was sold at an average price of $939.07, for a total value of $13,421,188.44. Following the transaction, the insider owned 15,657 shares in the company, valued at approximately $14,703,018.99. This trade represents a 47.72% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Alex S. Golten sold 1,116 shares of The Goldman Sachs Group stock in a transaction on Thursday, April 23rd. The shares were sold at an average price of $936.18, for a total value of $1,044,776.88. Following the completion of the transaction, the insider owned 2,578 shares in the company, valued at approximately $2,413,472.04. The trade was a 30.21% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 26,824 shares of company stock worth $25,062,242. Insiders own 0.55% of the company's stock.

The Goldman Sachs Group Price Performance

The Goldman Sachs Group stock opened at $949.89 on Friday. The stock's fifty day moving average price is $878.61 and its two-hundred day moving average price is $878.32. The Goldman Sachs Group, Inc. has a one year low of $582.50 and a one year high of $984.70. The company has a debt-to-equity ratio of 2.89, a current ratio of 0.63 and a quick ratio of 0.63. The firm has a market cap of $280.23 billion, a PE ratio of 17.36, a price-to-earnings-growth ratio of 1.22 and a beta of 1.28.

The Goldman Sachs Group (NYSE:GS - Get Free Report) last posted its quarterly earnings data on Monday, April 13th. The investment management company reported $17.55 EPS for the quarter, topping analysts' consensus estimates of $15.92 by $1.63. The Goldman Sachs Group had a return on equity of 16.53% and a net margin of 14.13%.The firm had revenue of $17.23 billion for the quarter, compared to analyst estimates of $16.66 billion. During the same quarter last year, the company earned $14.12 EPS. The company's revenue was up 14.4% on a year-over-year basis. As a group, research analysts expect that The Goldman Sachs Group, Inc. will post 59.53 EPS for the current fiscal year.

The Goldman Sachs Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 29th. Stockholders of record on Monday, June 1st will be paid a $4.50 dividend. The ex-dividend date is Monday, June 1st. This represents a $18.00 annualized dividend and a dividend yield of 1.9%. The Goldman Sachs Group's dividend payout ratio (DPR) is presently 32.89%.

About The Goldman Sachs Group

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.

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