The Goldman Sachs Group, Inc. $GS Shares Acquired by Cresset Asset Management LLC

Key Points

• Cresset Asset Management LLC increased its holdings in The Goldman Sachs Group by 56.7% in the first quarter, bringing the total value of its holdings to $19.95 million.
• The Goldman Sachs Group reported $10.91 EPS for the quarter, exceeding analysts' expectations of $9.82, along with revenue of $14.58 billion.
• The firm recently declared a quarterly dividend of $4.00 per share, up from the previous $3.00, representing a 2.2% dividend yield.

Cresset Asset Management LLC grew its holdings in shares of The Goldman Sachs Group, Inc. (NYSE:GS - Free Report) by 56.7% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 36,510 shares of the investment management company's stock after buying an additional 13,214 shares during the period. Cresset Asset Management LLC's holdings in The Goldman Sachs Group were worth $19,945,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also made changes to their positions in the business. Clal Insurance Enterprises Holdings Ltd acquired a new position in The Goldman Sachs Group in the first quarter valued at approximately $25,000. American Capital Advisory LLC purchased a new stake in shares of The Goldman Sachs Group during the 1st quarter worth approximately $29,000. Godsey & Gibb Inc. boosted its holdings in shares of 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 buying an additional 34 shares in the last quarter. Transce3nd LLC purchased a new position in shares of The Goldman Sachs Group in the 4th quarter valued at $31,000. Finally, Mascagni Wealth Management Inc. acquired a new stake in The Goldman Sachs Group during the 4th quarter worth $31,000. Hedge funds and other institutional investors own 71.21% of the company's stock.

Wall Street Analysts Forecast Growth

GS has been the subject of several research analyst reports. HSBC restated a "reduce" rating and issued a $627.00 price objective (up previously from $558.00) on shares of The Goldman Sachs Group in a research note on Tuesday, July 8th. Wall Street Zen raised The Goldman Sachs Group from a "sell" rating to a "hold" rating in a report on Saturday, July 12th. Hsbc Global Res downgraded The Goldman Sachs Group from a "hold" rating to a "moderate sell" rating in a research note on Tuesday, July 8th. Keefe, Bruyette & Woods lifted their price target on The Goldman Sachs Group from $771.00 to $790.00 and gave the stock a "market perform" rating in a research report on Thursday, July 17th. Finally, JMP Securities reissued a "market perform" rating and issued a $600.00 price objective on shares of The Goldman Sachs Group in a report on Monday, July 14th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $660.00.

The Goldman Sachs Group Stock Performance

Shares of GS stock traded down $1.3930 during midday trading on Wednesday, hitting $719.9870. The company had a trading volume of 1,871,842 shares, compared to its average volume of 2,545,219. The stock has a market cap of $217.96 billion, a price-to-earnings ratio of 15.87, a PEG ratio of 1.55 and a beta of 1.38. The company has a debt-to-equity ratio of 2.57, a current ratio of 0.67 and a quick ratio of 0.67. The company's 50 day simple moving average is $699.27 and its 200 day simple moving average is $618.86. The Goldman Sachs Group, Inc. has a 52-week low of $439.38 and a 52-week high of $749.05.

The Goldman Sachs Group (NYSE:GS - Get Free Report) last issued its quarterly earnings results on Wednesday, July 16th. The investment management company reported $10.91 earnings per share for the quarter, topping the consensus estimate of $9.82 by $1.09. The Goldman Sachs Group had a return on equity of 14.32% and a net margin of 12.37%.The firm had revenue of $14.58 billion during the quarter, compared to the consensus estimate of $13.53 billion. During the same period last year, the company earned $8.62 earnings per share. The company's revenue for the quarter was up 14.5% on a year-over-year basis. Research analysts anticipate that The Goldman Sachs Group, Inc. will post 47.12 earnings per share 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. Stockholders of record on Friday, August 29th will be issued a $4.00 dividend. The ex-dividend date of this dividend is Friday, August 29th. This is a positive change from The Goldman Sachs Group's previous quarterly dividend of $3.00. This represents a $16.00 annualized dividend and a dividend yield of 2.2%. The Goldman Sachs Group's payout ratio is presently 35.26%.

Insider Transactions at The Goldman Sachs Group

In other The Goldman Sachs Group news, CEO David M. Solomon sold 6,608 shares of the business's stock in a transaction that occurred 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 transaction, the chief executive officer owned 126,176 shares in the company, valued at approximately $89,876,426.56. The trade was a 4.98% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Denis P. Coleman sold 7,463 shares of the stock in a transaction that occurred on Friday, July 25th. The stock was sold at an average price of $724.40, for a total value of $5,406,197.20. Following the transaction, the chief financial officer directly owned 18,594 shares of the company's stock, valued at approximately $13,469,493.60. This trade represents a 28.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 20,079 shares of company stock worth $14,423,221 over the last ninety days. 0.55% of the stock is currently owned by company insiders.

About The Goldman Sachs Group

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.