Corebridge Financial Inc. Sells 2,552 Shares of The Goldman Sachs Group, Inc. $GS

Key Points

• Corebridge Financial Inc. reduced its stake in The Goldman Sachs Group by 3.5%, owning 69,595 shares worth approximately $38 million after selling 2,552 shares in the first quarter.
• Insider trading activity included significant sales by CFO Denis P. Coleman and CEO David M. Solomon, with Coleman selling 7,463 shares and Solomon 6,608 shares, indicating a decrease in their ownership positions.
• The Goldman Sachs Group recently declared an increased quarterly dividend of $4.00 per share, up from the previous $3.00, reflecting a focus on returning value to shareholders.

Corebridge Financial Inc. lessened its holdings in The Goldman Sachs Group, Inc. (NYSE:GS - Free Report) by 3.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 69,595 shares of the investment management company's stock after selling 2,552 shares during the quarter. Corebridge Financial Inc.'s holdings in The Goldman Sachs Group were worth $38,019,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in GS. Clal Insurance Enterprises Holdings Ltd purchased a new stake in shares of The Goldman Sachs Group during the 1st quarter worth approximately $25,000. American Capital Advisory LLC purchased a new stake in The Goldman Sachs Group in the 1st quarter valued at approximately $29,000. Godsey & Gibb Inc. raised its holdings in The Goldman Sachs Group by 170.0% in the 1st 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 during the last quarter. Mascagni Wealth Management Inc. acquired a new position in The Goldman Sachs Group in the 4th quarter valued at $31,000. Finally, Lowe Wealth Advisors LLC raised its holdings in The Goldman Sachs Group by 326.7% in the 1st quarter. Lowe Wealth Advisors LLC now owns 64 shares of the investment management company's stock valued at $35,000 after acquiring an additional 49 shares during the last quarter. Hedge funds and other institutional investors own 71.21% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently commented on GS. JMP Securities restated a "market perform" rating and set a $600.00 price objective on shares of The Goldman Sachs Group in a report on Monday, July 14th. Wells Fargo & Company upped their price objective on shares of The Goldman Sachs Group from $650.00 to $785.00 and gave the company an "overweight" rating in a research report on Tuesday, July 8th. HSBC reissued a "reduce" rating and issued a $627.00 price objective (up from $558.00) on shares of The Goldman Sachs Group in a research report on Tuesday, July 8th. Citigroup increased their price target on shares of The Goldman Sachs Group from $550.00 to $700.00 and gave the stock a "neutral" rating in a research report on Monday, July 21st. Finally, Zacks Research raised shares of The Goldman Sachs Group from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 15th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, The Goldman Sachs Group presently has a consensus rating of "Hold" and a consensus price target of $660.00.

Insider Buying and Selling at The Goldman Sachs Group

In other news, CFO Denis P. Coleman sold 7,463 shares of the firm's stock in a transaction on Friday, July 25th. The shares were sold at an average price of $724.40, for a total transaction of $5,406,197.20. Following the transaction, the chief financial officer owned 18,594 shares in the company, valued at approximately $13,469,493.60. This trade represents a 28.64% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO David M. Solomon sold 6,608 shares of The Goldman Sachs Group stock in a transaction on 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 completion of the transaction, the chief executive officer owned 126,176 shares in the company, 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. Insiders sold 20,079 shares of company stock valued at $14,423,221 in the last quarter. Company insiders own 0.55% of the company's stock.

The Goldman Sachs Group Price Performance

NYSE:GS traded up $0.92 during trading hours on Wednesday, reaching $749.87. 1,534,747 shares of the company's stock were exchanged, compared to its average volume of 1,726,042. The business's 50-day simple moving average is $712.55 and its two-hundred day simple moving average is $622.80. The Goldman Sachs Group, Inc. has a 12 month low of $439.38 and a 12 month high of $753.00. 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 company has a market capitalization of $227.00 billion, a P/E ratio of 16.52, a price-to-earnings-growth ratio of 1.59 and a beta of 1.38.

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

The Goldman Sachs Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Friday, August 29th will be paid a dividend of $4.00 per share. This is an increase from The Goldman Sachs Group's previous quarterly dividend of $3.00. The ex-dividend date of this dividend is Friday, August 29th. This represents a $16.00 dividend on an annualized basis and a dividend yield of 2.1%. The Goldman Sachs Group's dividend payout ratio (DPR) is 26.44%.

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.