BTC Capital Management Inc. Makes New Investment in The Goldman Sachs Group, Inc. $GS

Key Points

• BTC Capital Management Inc. has invested approximately $6.62 million in The Goldman Sachs Group, acquiring 9,351 shares during the second quarter.
• The Goldman Sachs Group reported earnings of $10.91 per share, surpassing analysts' estimates and showing a 14.5% increase in revenue compared to the same quarter last year.
• The company has announced a quarterly dividend of $4.00, increasing from the previous $3.00, reflecting a 2.0% dividend yield.

BTC Capital Management Inc. purchased a new stake in The Goldman Sachs Group, Inc. (NYSE:GS - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 9,351 shares of the investment management company's stock, valued at approximately $6,618,000.

A number of other hedge funds have also bought and sold shares of GS. Canada Pension Plan Investment Board lifted its position in The Goldman Sachs Group by 28.6% in the 1st quarter. Canada Pension Plan Investment Board now owns 524,296 shares of the investment management company's stock valued at $286,418,000 after acquiring an additional 116,535 shares in the last quarter. Clear Creek Financial Management LLC purchased a new position in The Goldman Sachs Group in the first quarter worth $321,000. Blueshift Asset Management LLC lifted its stake in shares of The Goldman Sachs Group by 161.8% during the first quarter. Blueshift Asset Management LLC now owns 1,055 shares of the investment management company's stock worth $576,000 after buying an additional 652 shares during the period. Adams Diversified Equity Fund Inc. lifted its position in The Goldman Sachs Group by 41.5% during the first quarter. Adams Diversified Equity Fund Inc. now owns 49,800 shares of the investment management company's stock valued at $27,205,000 after purchasing an additional 14,600 shares during the period. Finally, Terra Nova Asset Management LLC purchased a new stake in shares of The Goldman Sachs Group during the first quarter worth about $1,643,000. 71.21% of the stock is currently owned by institutional investors.

The Goldman Sachs Group Trading Up 0.0%

Shares of NYSE:GS traded up $0.14 during midday trading on Friday, hitting $804.45. 3,788,014 shares of the stock traded hands, compared to its average volume of 1,696,610. The business's 50 day moving average is $738.03 and its two-hundred day moving average is $638.81. The stock has a market capitalization of $243.52 billion, a PE ratio of 17.73, a P/E/G ratio of 1.68 and a beta of 1.41. The Goldman Sachs Group, Inc. has a one year low of $439.38 and a one year high of $809.66. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 2.57.

The Goldman Sachs Group (NYSE:GS - Get Free Report) last announced its quarterly earnings data on Wednesday, July 16th. The investment management company reported $10.91 earnings per share (EPS) for the quarter, topping the consensus estimate 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 revenue was up 14.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $8.62 earnings per share. As a group, research analysts forecast that The Goldman Sachs Group, Inc. will post 47.12 earnings per share for the current year.

The Goldman Sachs Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Friday, August 29th will be given a $4.00 dividend. This represents a $16.00 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend is Friday, August 29th. This is an increase from The Goldman Sachs Group's previous quarterly dividend of $3.00. The Goldman Sachs Group's payout ratio is presently 35.26%.

Insider Activity at The Goldman Sachs Group

In other news, EVP John F.W. Rogers sold 6,008 shares of the business's stock in a transaction on Wednesday, July 23rd. The shares were sold at an average price of $717.39, for a total transaction of $4,310,079.12. Following the transaction, the executive vice president directly owned 65,761 shares in the company, valued at $47,176,283.79. The trade was a 8.37% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO David M. Solomon sold 6,608 shares of the stock in a transaction dated Wednesday, July 23rd. The stock was sold at an average price of $712.31, for a total transaction of $4,706,944.48. Following the sale, the chief executive officer owned 126,176 shares of the company's stock, valued at $89,876,426.56. This trade represents a 4.98% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 38,323 shares of company stock valued at $28,111,828. 0.55% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on GS. Zacks Research lowered shares of The Goldman Sachs Group from a "strong-buy" rating to a "hold" rating in a report on Tuesday, September 16th. Citigroup increased their target price on shares of The Goldman Sachs Group from $550.00 to $700.00 and gave the stock a "neutral" rating in a report on Monday, July 21st. Morgan Stanley upped their price objective on shares of The Goldman Sachs Group from $680.00 to $715.00 and gave the company an "equal weight" rating in a research note on Thursday, July 17th. Keefe, Bruyette & Woods increased their price target on The Goldman Sachs Group from $771.00 to $790.00 and gave the company a "market perform" rating in a report on Thursday, July 17th. Finally, Hsbc Global Res lowered The Goldman Sachs Group from a "hold" rating to a "moderate sell" rating in a research note on Tuesday, July 8th. Five research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, The Goldman Sachs Group currently has an average rating of "Hold" and a consensus price target of $665.00.

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.