Castle Rock Wealth Management LLC Sells 1,220 Shares of The Goldman Sachs Group, Inc. $GS

Key Points

• Castle Rock Wealth Management cut its Goldman Sachs stake by 39.5% in the third quarter, selling 1,220 shares and retaining 1,866 shares valued at approximately $1.67 million. Institutional investors collectively own 71.21% of GS.
• Analyst sentiment is mixed but generally constructive: GS has a consensus “Hold” rating and an average price target of $1,055.09, while TD Cowen initiated coverage with a “Strong Buy” rating and a $1,050 target.
• Goldman reported strong recent operating momentum, including quarterly revenue growth of 39.4% year over year and earnings that exceeded expectations. The company also raised its quarterly dividend to $5.00 per share, or $20.00 annually.

Castle Rock Wealth Management LLC reduced its position in shares of The Goldman Sachs Group, Inc. (NYSE:GS - Free Report) by 39.5% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,866 shares of the investment management company's stock after selling 1,220 shares during the period. Castle Rock Wealth Management LLC's holdings in The Goldman Sachs Group were worth $1,674,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the business. Sky Investment Group LLC raised its stake in shares of The Goldman Sachs Group by 0.9% during the 2nd quarter. Sky Investment Group LLC now owns 1,168 shares of the investment management company's stock worth $1,181,000 after buying an additional 10 shares in the last quarter. Warren Street Wealth Advisors LLC boosted its stake in shares of The Goldman Sachs Group by 3.9% in the second quarter. Warren Street Wealth Advisors LLC now owns 269 shares of the investment management company's stock valued at $272,000 after buying an additional 10 shares in the last quarter. First Financial Group Corp grew its holdings in The Goldman Sachs Group by 4.7% during the first quarter. First Financial Group Corp now owns 246 shares of the investment management company's stock worth $208,000 after acquiring an additional 11 shares during the period. Meadow Creek Wealth Advisors LLC grew its holdings in The Goldman Sachs Group by 1.7% during the first quarter. Meadow Creek Wealth Advisors LLC now owns 673 shares of the investment management company's stock worth $569,000 after acquiring an additional 11 shares during the period. Finally, DecisionMap Wealth Management LLC raised its position in The Goldman Sachs Group by 3.2% in the second quarter. DecisionMap Wealth Management LLC now owns 350 shares of the investment management company's stock worth $354,000 after acquiring an additional 11 shares in the last quarter. Hedge funds and other institutional investors own 71.21% of the company's stock.

The Goldman Sachs Group News Roundup

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

• Positive Sentiment: TD Cowen initiated coverage with a Strong Buy rating, while its broader coverage assigned GS a Buy rating and a $1,050 price target—about 17% above the referenced price. The upgrade provides an additional bullish signal ahead of earnings. Goldman Stock Before Q3 Earnings: Buy Now or Wait for Results?
• Positive Sentiment: Analysts expect third-quarter growth to be supported by resilient equity-trading activity and investment-banking revenue. Goldman is also projected to be a leading contributor to Wall Street’s estimated $19 billion in third-quarter trading revenue. Goldman Sachs expected to lead Wall Street’s trading revenue
• Positive Sentiment: Goldman was reportedly hired by Cinven to help revive a potential $2 billion sale of JLA, highlighting continued investment-banking and advisory activity. Goldman Sachs Hired by Cinven to Revive $2 Billion JLA Sale

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Wells Fargo & Company decreased their target price on shares of The Goldman Sachs Group from $1,325.00 to $1,175.00 and set an "overweight" rating on the stock in a research report on Friday, September 25th. Bank of America increased their price target on shares of The Goldman Sachs Group from $1,150.00 to $1,300.00 and gave the company a "buy" rating in a report on Thursday, July 16th. Keefe, Bruyette & Woods raised their price objective on shares of The Goldman Sachs Group from $1,050.00 to $1,130.00 and gave the company a "market perform" rating in a research note on Wednesday, July 15th. Morgan Stanley set a $1,145.00 price objective on shares of The Goldman Sachs Group in a report on Wednesday, July 15th. Finally, HSBC upped their target price on shares of The Goldman Sachs Group from $995.00 to $1,007.00 and gave the stock a "hold" rating in a research report on Monday, September 28th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $1,055.09.

The Goldman Sachs Group Price Performance

GS traded up $12.99 during trading on Friday, reaching $895.58. 1,858,373 shares of the stock were exchanged, compared to its average volume of 2,200,068. The company has a debt-to-equity ratio of 3.17, a current ratio of 0.63 and a quick ratio of 0.63. The company has a market capitalization of $260.77 billion, a price-to-earnings ratio of 13.82, a P/E/G ratio of 0.97 and a beta of 1.29. The Goldman Sachs Group, Inc. has a 1 year low of $740.01 and a 1 year high of $1,153.99. The business's 50 day moving average price is $992.83 and its two-hundred day moving average price is $987.89.

The Goldman Sachs Group (NYSE:GS - Get Free Report) last announced its quarterly earnings results on Tuesday, July 14th. The investment management company reported $20.98 earnings per share for the quarter, beating analysts' consensus estimates of $14.47 by $6.51. The Goldman Sachs Group had a return on equity of 19.16% and a net margin of 15.53%.The business had revenue of $20.34 billion during the quarter, compared to analysts' expectations of $16.22 billion. During the same quarter last year, the business posted $10.91 earnings per share. The business's revenue for the quarter was up 39.4% on a year-over-year basis. As a group, equities research analysts anticipate that The Goldman Sachs Group, Inc. will post 67.48 earnings per share for the current year.

The Goldman Sachs Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 1st were issued a dividend of $5.00 per share. This is an increase from The Goldman Sachs Group's previous quarterly dividend of $4.50. The ex-dividend date was Tuesday, September 1st. This represents a $20.00 annualized dividend and a yield of 2.2%. The Goldman Sachs Group's payout ratio is 30.87%.

The Goldman Sachs Group Profile

The Goldman Sachs Group, Inc is a global financial services company headquartered in New York City. Founded in 1869, the firm provides services to corporations, financial institutions, governments, individuals and other clients through its investment banking, markets, asset management and wealth management businesses.

Goldman Sachs advises clients on mergers and acquisitions, financing and other strategic transactions, and facilitates trading in equities, fixed income, currencies and commodities.

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