Associated Banc Corp Lowers Holdings in The Goldman Sachs Group, Inc. (NYSE:GS)

Key Points

• Associated Banc Corp reduced its stake in The Goldman Sachs Group by 22.9%, now owning 2,211 shares worth approximately $1.2 million.
• CEO David M. Solomon and CFO Denis P. Coleman both sold significant shares, indicating a decrease in their positions by 4.98% and 28.64% respectively.
• The Goldman Sachs Group declared a quarterly dividend of $4.00, which marks an increase from the previous $3.00 dividend, reflecting a strong dividend yield of 2.2%.

Associated Banc Corp lowered its stake in shares of The Goldman Sachs Group, Inc. (NYSE:GS - Free Report) by 22.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,211 shares of the investment management company's stock after selling 655 shares during the quarter. Associated Banc Corp's holdings in The Goldman Sachs Group were worth $1,208,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of GS. American Capital Advisory LLC purchased a new position in The Goldman Sachs Group in the 1st quarter worth $29,000. Godsey & Gibb Inc. raised its position in The Goldman Sachs Group by 170.0% during the first quarter. Godsey & Gibb Inc. now owns 54 shares of the investment management company's stock valued at $30,000 after acquiring an additional 34 shares in the last quarter. Transce3nd LLC acquired a new position in shares of The Goldman Sachs Group in the 4th quarter valued at $31,000. Mascagni Wealth Management Inc. acquired a new position in shares of The Goldman Sachs Group in the fourth quarter worth about $31,000. Finally, Lowe Wealth Advisors LLC grew its holdings in The Goldman Sachs Group by 326.7% in the first quarter. Lowe Wealth Advisors LLC now owns 64 shares of the investment management company's stock valued at $35,000 after purchasing an additional 49 shares during the period. Hedge funds and other institutional investors own 71.21% of the company's stock.

Insiders Place Their Bets

In other news, CFO Denis P. Coleman sold 7,463 shares of the stock in a transaction that occurred on Friday, July 25th. The stock was sold at an average price of $724.40, for a total value of $5,406,197.20. Following the completion of the sale, the chief financial officer directly owned 18,594 shares of the company's stock, valued at approximately $13,469,493.60. This represents a 28.64% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP John F.W. Rogers sold 6,008 shares of the firm's stock in a transaction that occurred on Wednesday, July 23rd. The stock was sold at an average price of $717.39, for a total transaction of $4,310,079.12. Following the transaction, the executive vice president owned 65,761 shares in the company, valued at approximately $47,176,283.79. This trade represents a 8.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 20,079 shares of company stock valued at $14,423,221. 0.55% of the stock is currently owned by insiders.

The Goldman Sachs Group Stock Up 0.3%

Shares of NYSE:GS traded up $2.02 during trading hours on Friday, reaching $721.76. The stock had a trading volume of 1,275,362 shares, compared to its average volume of 2,022,910. The stock has a market capitalization of $218.49 billion, a price-to-earnings ratio of 15.90, a P/E/G ratio of 1.53 and a beta of 1.38. The firm's 50 day moving average is $679.08 and its 200-day moving average is $613.75. The Goldman Sachs Group, Inc. has a 1 year low of $439.38 and a 1 year high of $737.88. The company has a debt-to-equity ratio of 2.57, a quick ratio of 0.68 and a current ratio of 0.67.

The Goldman Sachs Group (NYSE:GS - Get Free Report) last posted its quarterly earnings results on Wednesday, July 16th. The investment management company reported $10.91 earnings per share for the quarter, beating analysts' consensus estimates of $9.82 by $1.09. The company had revenue of $14.58 billion for the quarter, compared to analysts' expectations of $13.53 billion. The Goldman Sachs Group had a return on equity of 14.32% and a net margin of 12.37%. The Goldman Sachs Group's quarterly revenue was up 14.5% on a year-over-year basis. During the same period last year, the firm earned $8.62 earnings per share. Research analysts predict that The Goldman Sachs Group, Inc. will post 47.12 earnings per share for the current fiscal year.

The Goldman Sachs Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Friday, August 29th will be issued a dividend of $4.00 per share. The ex-dividend date of this dividend is Friday, August 29th. This is a positive change from The Goldman Sachs Group's previous quarterly dividend of $3.00. This represents a $16.00 annualized dividend and a dividend yield of 2.2%. The Goldman Sachs Group's dividend payout ratio is 26.44%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on GS. Morgan Stanley upped their price target on shares of The Goldman Sachs Group from $680.00 to $715.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 17th. Barclays reduced their price target on The Goldman Sachs Group from $760.00 to $720.00 and set an "overweight" rating on the stock in a report on Tuesday, April 15th. Wells Fargo & Company increased their price target on shares of The Goldman Sachs Group from $650.00 to $785.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. Citigroup lifted their target price on The Goldman Sachs Group from $550.00 to $700.00 and gave the company a "neutral" rating in a research report on Monday, July 21st. Finally, Hsbc Global Res lowered shares of The Goldman Sachs Group from a "hold" rating to a "moderate sell" rating in a report on Tuesday, July 8th. One analyst has rated the stock with a sell rating, twelve have given a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus target price of $660.00.

The Goldman Sachs Group Company Profile

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 financing under securities to resale agreements.