Destiny Wealth Partners LLC Takes Position in The Goldman Sachs Group, Inc. $GS

Key Points

• Destiny Wealth Partners LLC acquired 825 shares of The Goldman Sachs Group, valued at approximately $584,000, marking a significant investment in the company.
• The Goldman Sachs Group announced a quarterly dividend increase to $4.00 per share, which translates to an annualized amount of $16.00 and a yield of 2.0%.
• In the latest earnings report, Goldman Sachs reported earnings of $10.91 per share, exceeding analysts' expectations and marking a 14.5% revenue increase compared to the previous year.

Destiny Wealth Partners LLC bought a new stake in The Goldman Sachs Group, Inc. (NYSE:GS - Free Report) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 825 shares of the investment management company's stock, valued at approximately $584,000.

A number of other hedge funds have also modified their holdings of GS. Brighton Jones LLC raised its position in shares of The Goldman Sachs Group by 17.1% in the fourth quarter. Brighton Jones LLC now owns 3,474 shares of the investment management company's stock valued at $1,989,000 after buying an additional 508 shares during the last quarter. Revolve Wealth Partners LLC raised its position in shares of The Goldman Sachs Group by 7.0% in the fourth quarter. Revolve Wealth Partners LLC now owns 888 shares of the investment management company's stock valued at $508,000 after buying an additional 58 shares during the last quarter. Two Sigma Investments LP raised its position in shares of The Goldman Sachs Group by 4.5% in the fourth quarter. Two Sigma Investments LP now owns 6,513 shares of the investment management company's stock valued at $3,729,000 after buying an additional 280 shares during the last quarter. Ameriflex Group Inc. acquired a new stake in shares of The Goldman Sachs Group in the fourth quarter valued at about $48,000. Finally, Mascagni Wealth Management Inc. acquired a new stake in The Goldman Sachs Group during the fourth quarter worth about $31,000. 71.21% of the stock is currently owned by institutional investors and hedge funds.

The Goldman Sachs Group Trading Up 0.3%

Shares of GS stock opened at $794.75 on Friday. 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 firm has a market cap of $240.59 billion, a PE ratio of 17.51, a price-to-earnings-growth ratio of 1.65 and a beta of 1.41. The company has a 50-day moving average of $745.43 and a two-hundred day moving average of $644.54. The Goldman Sachs Group, Inc. has a 1-year low of $439.38 and a 1-year high of $825.25.

The Goldman Sachs Group (NYSE:GS - Get Free Report) last announced its 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 company had revenue of $14.58 billion during the quarter, compared to analyst estimates of $13.53 billion. The Goldman Sachs Group had a net margin of 12.37% and a return on equity of 14.32%. The Goldman Sachs Group's revenue was up 14.5% compared to the same quarter last year. During the same quarter last year, the firm posted $8.62 earnings per share. On average, analysts predict that The Goldman Sachs Group, Inc. will post 47.12 EPS for the current 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 represents a $16.00 annualized dividend and a yield of 2.0%. This is a boost from The Goldman Sachs Group's previous quarterly dividend of $3.00. The ex-dividend date of this dividend is Friday, August 29th. The Goldman Sachs Group's payout ratio is 35.26%.

Insider Activity at The Goldman Sachs Group

In other news, EVP John F.W. Rogers sold 6,008 shares of the firm's stock in a transaction that occurred on Wednesday, July 23rd. The shares were sold at an average price of $717.39, for a total value of $4,310,079.12. Following the completion of the transaction, the executive vice president owned 65,761 shares of the company's stock, valued at approximately $47,176,283.79. This trade represents a 8.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Denis P. Coleman sold 7,463 shares of the firm's stock in a transaction that occurred 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 completion of the transaction, the chief financial officer directly owned 18,594 shares of the company's stock, valued at approximately $13,469,493.60. The trade was a 28.64% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 38,323 shares of company stock worth $28,111,828. 0.55% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

GS has been the subject of several recent analyst reports. Wall Street Zen upgraded shares of The Goldman Sachs Group from a "sell" rating to a "hold" rating in a research report on Saturday, July 12th. Wells Fargo & Company raised their price objective on shares of The Goldman Sachs Group from $785.00 to $855.00 and gave the stock an "overweight" rating in a research report on Tuesday, September 16th. Evercore ISI set a $715.00 price objective on shares of The Goldman Sachs Group and gave the stock an "outperform" rating in a research report on Thursday, July 10th. Citigroup raised their price objective 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, Royal Bank Of Canada restated a "sector perform" rating on shares of The Goldman Sachs Group in a research report on Thursday, July 10th. Five analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $665.00.

The Goldman Sachs Group Company 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.