Citizens Business Bank Sells 3,452 Shares of The Goldman Sachs Group, Inc. $GS

Key Points

• Citizens Business Bank cut its stake in Goldman Sachs by 29.9% in the first quarter, selling 3,452 shares and leaving it with 8,077 shares valued at about $6.83 million.
• Goldman Sachs reported strong quarterly results, with EPS of $17.55 and revenue of $17.23 billion, both above analyst expectations. Revenue rose 14.4% year over year.
• Analyst sentiment remains mixed but generally constructive: Goldman has an average Hold rating and an average price target of $986.91, while recent target updates ranged from lower to higher estimates.

Citizens Business Bank decreased its holdings in shares of The Goldman Sachs Group, Inc. (NYSE:GS - Free Report) by 29.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 8,077 shares of the investment management company's stock after selling 3,452 shares during the period. The Goldman Sachs Group makes up about 1.1% of Citizens Business Bank's portfolio, making the stock its 25th largest position. Citizens Business Bank's holdings in The Goldman Sachs Group were worth $6,833,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in GS. Dagco Inc. bought a new position in The Goldman Sachs Group in the 4th quarter valued at about $25,000. Garton & Associates Financial Advisors LLC purchased a new stake in shares of The Goldman Sachs Group in the fourth quarter worth approximately $26,000. Manning & Napier Advisors LLC raised its stake in shares of The Goldman Sachs Group by 287.5% in the fourth quarter. Manning & Napier Advisors LLC now owns 31 shares of the investment management company's stock worth $27,000 after purchasing an additional 23 shares during the last quarter. Steph & Co. bought a new position in The Goldman Sachs Group during the 1st quarter valued at $27,000. Finally, Lifetime Wealth Management P.C. purchased a new position in The Goldman Sachs Group during the 4th quarter worth $29,000. 71.21% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Jefferies Financial Group reduced their target price on shares of The Goldman Sachs Group from $1,125.00 to $1,049.00 and set a "buy" rating for the company in a research note on Monday, April 6th. CICC Research raised their price objective on shares of The Goldman Sachs Group from $825.00 to $980.00 and gave the stock an "outperform" rating in a report on Tuesday, May 19th. Weiss Ratings raised shares of The Goldman Sachs Group from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Tuesday, June 30th. UBS Group boosted their target price on shares of The Goldman Sachs Group from $940.00 to $1,120.00 and gave the company a "neutral" rating in a research note on Tuesday, July 7th. Finally, JPMorgan Chase & Co. increased their target price on shares of The Goldman Sachs Group from $826.00 to $900.00 and gave the company a "neutral" rating in a research report on Friday, June 12th. Ten research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $986.91.

The Goldman Sachs Group Trading Up 0.1%

NYSE:GS opened at $1,056.04 on Monday. The company has a market cap of $311.54 billion, a P/E ratio of 19.30, a P/E/G ratio of 1.35 and a beta of 1.30. The stock's fifty day moving average price is $1,017.99 and its two-hundred day moving average price is $938.92. The Goldman Sachs Group, Inc. has a 1 year low of $691.30 and a 1 year high of $1,125.00. 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 Goldman Sachs Group (NYSE:GS - Get Free Report) last announced its quarterly earnings results on Monday, April 13th. The investment management company reported $17.55 earnings per share for the quarter, beating the consensus estimate of $15.92 by $1.63. The company had revenue of $17.23 billion during the quarter, compared to analysts' expectations of $16.66 billion. The Goldman Sachs Group had a return on equity of 16.53% and a net margin of 14.13%.The firm's quarterly revenue was up 14.4% compared to the same quarter last year. During the same period in the previous year, the business earned $14.12 earnings per share. As a group, analysts expect that The Goldman Sachs Group, Inc. will post 60.44 EPS for the current year.

Key The Goldman Sachs Group News

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

• Positive Sentiment: Goldman Sachs won two large retirement-plan asset management mandates from Verizon and Lockheed Martin, adding roughly $70 billion in new assets and expanding its outsourced CIO business. Goldman Sachs Secures Massive $70B Retirement Plan Contracts from Verizon and Lockheed Martin
• Positive Sentiment: Multiple previews ahead of Goldman’s July 14 Q2 earnings point to strong investment-banking and trading results, with expectations for higher revenue from market activity and advisory fees. Goldman Q2 Earnings on the Deck: What's in Store for the Stock?
• Positive Sentiment: Goldman’s own research highlighted improved conditions in currency carry trades and warned that higher FX volatility could benefit trading desks, reinforcing the view that market activity may support results. Carry Trades Face Best Conditions Since 2000, Goldman Sachs Says
• Neutral Sentiment: Goldman also moved to restrict employee use of prediction markets tied to finance and politics, a compliance-focused policy change that is unlikely to materially affect near-term earnings. Wall St. Sets Limits on Prediction Market Trading
• Neutral Sentiment: Several headlines were about Goldman’s analyst calls on other companies and broader market commentary, which are not direct catalysts for GS shares.

Insider Buying and Selling

In related news, insider Kathryn H. Ruemmler sold 14,292 shares of the business's stock in a transaction that occurred on Wednesday, May 6th. The shares were sold at an average price of $939.07, for a total transaction of $13,421,188.44. Following the completion of the transaction, the insider owned 15,657 shares of the company's stock, valued at approximately $14,703,018.99. The trade was a 47.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Alex S. Golten sold 1,116 shares of the stock in a transaction that occurred on Thursday, April 23rd. The stock was sold at an average price of $936.18, for a total transaction of $1,044,776.88. Following the completion of the sale, the insider owned 2,578 shares in the company, valued at $2,413,472.04. This represents a 30.21% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 33,681 shares of company stock worth $31,737,875 in the last 90 days. 0.55% of the stock is owned by company insiders.

The Goldman Sachs Group Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.