Central Pacific Bank Trust Division Sells 647 Shares of The Goldman Sachs Group, Inc. $GS

Key Points

• Central Pacific Bank Trust Division reduced its stake in The Goldman Sachs Group by 16.1%, selling 647 shares and bringing its total holdings to 3,363 shares valued at approximately $2.38 million.
• Goldman Sachs recently announced a quarterly dividend increase from $3.00 to $4.00 per share, with a yield of 2.0% and an annualized payout of $16.00.
• Analysts have mixed ratings on Goldman Sachs stock, with price targets ranging from $550 to $715, and it currently holds a consensus rating of "Hold" with an average target price of $660.

Central Pacific Bank Trust Division cut its holdings in The Goldman Sachs Group, Inc. (NYSE:GS - Free Report) by 16.1% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 3,363 shares of the investment management company's stock after selling 647 shares during the period. Central Pacific Bank Trust Division's holdings in The Goldman Sachs Group were worth $2,380,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in the business. King Wealth Management Group raised its position in shares of The Goldman Sachs Group by 1.8% during the 1st quarter. King Wealth Management Group now owns 1,086 shares of the investment management company's stock valued at $593,000 after acquiring an additional 19 shares during the last quarter. Raab & Moskowitz Asset Management LLC raised its position in shares of The Goldman Sachs Group by 0.9% during the 1st quarter. Raab & Moskowitz Asset Management LLC now owns 2,020 shares of the investment management company's stock valued at $1,104,000 after acquiring an additional 19 shares during the last quarter. Wynn Capital LLC raised its position in shares of The Goldman Sachs Group by 0.3% during the 1st quarter. Wynn Capital LLC now owns 5,877 shares of the investment management company's stock valued at $3,211,000 after acquiring an additional 20 shares during the last quarter. 1900 Wealth Management LLC increased its position in shares of The Goldman Sachs Group by 2.6% in the 1st quarter. 1900 Wealth Management LLC now owns 777 shares of the investment management company's stock valued at $425,000 after buying an additional 20 shares in the last quarter. Finally, World Equity Group Inc. increased its position in shares of The Goldman Sachs Group by 0.9% in the 1st quarter. World Equity Group Inc. now owns 2,330 shares of the investment management company's stock valued at $1,273,000 after buying an additional 20 shares in the last quarter. 71.21% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms recently commented on GS. Citigroup upped their price objective on shares of 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. Royal Bank Of Canada restated a "sector perform" rating on shares of The Goldman Sachs Group in a research report on Thursday, July 10th. 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 report on Thursday, July 17th. Zacks Research upgraded shares of The Goldman Sachs Group from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 15th. Finally, Citizens Jmp restated a "market perform" rating on shares of The Goldman Sachs Group in a research report on Monday, July 14th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $660.00.

The Goldman Sachs Group Price Performance

GS stock opened at $780.87 on Friday. The stock has a 50-day moving average price of $728.85 and a two-hundred day moving average price of $631.49. The stock has a market cap of $236.39 billion, a PE ratio of 17.21, a price-to-earnings-growth ratio of 1.65 and a beta of 1.41. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 2.57. The Goldman Sachs Group, Inc. has a 1 year low of $439.38 and a 1 year high of $793.17.

The Goldman Sachs Group (NYSE:GS - Get Free Report) last released its earnings results on Wednesday, July 16th. The investment management company reported $10.91 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $9.82 by $1.09. The firm had revenue of $14.58 billion during 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 company's revenue was up 14.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $8.62 EPS. Equities analysts forecast that The Goldman Sachs Group, Inc. will post 47.12 EPS for the current fiscal year.

The Goldman Sachs Group Increases Dividend

The company also recently announced 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. This is a boost from The Goldman Sachs Group's previous quarterly dividend of $3.00. The ex-dividend date is Friday, August 29th. This represents a $16.00 dividend on an annualized basis and a yield of 2.0%. The Goldman Sachs Group's dividend payout ratio is currently 35.26%.

Insider Transactions at The Goldman Sachs Group

In other news, CEO David M. Solomon sold 6,608 shares of the stock in a transaction dated Wednesday, July 23rd. The shares were sold at an average price of $712.31, for a total transaction of $4,706,944.48. Following the completion of the transaction, the chief executive officer directly owned 126,176 shares in the company, valued at $89,876,426.56. This represents a 4.98% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Denis P. Coleman sold 7,463 shares of the firm's stock in a transaction dated Friday, July 25th. The shares were sold at an average price of $724.40, for a total value of $5,406,197.20. Following the completion of the transaction, the chief financial officer owned 18,594 shares of the company's stock, valued at $13,469,493.60. The trade was a 28.64% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 38,323 shares of company stock worth $28,111,828 in the last 90 days. Company insiders own 0.55% of the company's stock.

The Goldman Sachs Group 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.