Cornerstone Advisors LLC Invests $22.22 Million in The Goldman Sachs Group, Inc. $GS

Key Points

• Cornerstone Advisors acquired a new $22.22 million stake in Goldman Sachs during the second quarter, purchasing 21,969 shares. Institutional investors collectively own 71.21% of the company.
• Goldman Sachs reported a strong quarter, with EPS of $20.98 beating estimates by $6.51 and revenue rising 39.4% year over year to $20.34 billion. The company also increased its quarterly dividend from $4.50 to $5.00 per share.
• Analyst sentiment remains favorable, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $1,062.86. Goldman is also expanding its asset-management and investment-banking businesses through the planned acquisition of NEOS Investments and greater participation in India’s government share-sale market.

Cornerstone Advisors LLC purchased a new stake in shares of The Goldman Sachs Group, Inc. (NYSE:GS - Free Report) in the second quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 21,969 shares of the investment management company's stock, valued at approximately $22,219,000.

A number of other large investors have also recently made changes to their positions in the stock. Sky Investment Group LLC increased its position 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 valued at $1,181,000 after purchasing an additional 10 shares during the last quarter. Warren Street Wealth Advisors LLC grew its stake in shares of The Goldman Sachs Group by 3.9% during 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 during the last quarter. Pines Wealth Management LLC boosted its holdings in shares of The Goldman Sachs Group by 0.4% in the fourth quarter. Pines Wealth Management LLC now owns 2,566 shares of the investment management company's stock valued at $2,255,000 after purchasing an additional 11 shares during the period. Welch & Forbes LLC increased its holdings in The Goldman Sachs Group by 0.8% during the fourth quarter. Welch & Forbes LLC now owns 1,430 shares of the investment management company's stock valued at $1,257,000 after buying an additional 11 shares during the period. Finally, First Financial Group Corp lifted its position 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 valued at $208,000 after acquiring an additional 11 shares during the last quarter. 71.21% of the stock is currently owned by institutional investors.

Key Headlines Impacting The Goldman Sachs Group

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

• Positive Sentiment: Goldman Sachs was among the financial giants receiving a “Buy” growth grade, reinforcing the view that its earnings growth, capital-markets franchise and strategic positioning remain attractive. Citigroup and Goldman Sachs lead as most financial giants earn Buy growth grades
• Positive Sentiment: The firm is reportedly expanding into India’s government share-sale market. Greater participation in equity offerings could create additional investment-banking revenue and deepen Goldman’s presence in a fast-growing market. Goldman Sachs expands into India's government share sale market
• Positive Sentiment: Goldman agreed to pay up to $2.25 billion for NEOS Investments, the issuer of high-income ETFs. The acquisition supports Goldman’s asset-management and wealth-products strategy, although investors will monitor the price paid and integration execution. Goldman Sachs acquisition of NEOS Investments
• Neutral Sentiment: Goldman research said gold could exceed its $4,900 year-end forecast amid options demand, Western investor buying and central-bank purchases. The call may benefit the firm’s commodities and trading franchise, but changing interest-rate expectations could increase market volatility and forecasting risk. Gold could top Goldman's forecast
• Negative Sentiment: Goldman strategists described July as one of the sharpest hedge-fund de-grossing episodes of the past decade, with hedge funds posting an unusually weak month relative to the S&P 500. Continued de-risking could pressure trading activity and investment-banking sentiment across Wall Street. Goldman Sachs hedge funds worst month versus S&P 500

Analyst Ratings Changes

A number of equities analysts recently weighed in on GS shares. Evercore reaffirmed an "outperform" rating on shares of The Goldman Sachs Group in a report on Monday, July 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. HSBC upgraded shares of The Goldman Sachs Group from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, August 5th. Morgan Stanley set a $1,145.00 target price on shares of The Goldman Sachs Group in a research report on Wednesday, July 15th. Finally, JPMorgan Chase & Co. increased their price objective on shares of The Goldman Sachs Group from $900.00 to $955.00 and gave the company a "neutral" rating in a research report on Wednesday, July 15th. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $1,062.86.

The Goldman Sachs Group Stock Up 3.9%

Shares of The Goldman Sachs Group stock opened at $1,041.35 on Friday. The Goldman Sachs Group, Inc. has a 12-month low of $718.58 and a 12-month high of $1,153.99. The stock has a market capitalization of $303.21 billion, a P/E ratio of 16.07, a PEG ratio of 1.02 and a beta of 1.30. The stock has a 50 day moving average price of $1,053.96 and a two-hundred day moving average price of $964.40. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 3.17.

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 (EPS) for the quarter, beating the consensus estimate of $14.47 by $6.51. The firm had revenue of $20.34 billion during the quarter, compared to the consensus estimate of $16.22 billion. The Goldman Sachs Group had a net margin of 15.53% and a return on equity of 19.16%. The firm's quarterly revenue was up 39.4% on a year-over-year basis. During the same period last year, the firm posted $10.91 EPS. Equities analysts expect that The Goldman Sachs Group, Inc. will post 68.89 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 Tuesday, September 29th. Investors of record on Tuesday, September 1st will be issued a dividend of $5.00 per share. The ex-dividend date is Tuesday, September 1st. This is a boost from The Goldman Sachs Group's previous quarterly dividend of $4.50. This represents a $20.00 annualized dividend and a yield of 1.9%. The Goldman Sachs Group's dividend payout ratio is currently 27.78%.

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.

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