The Goldman Sachs Group, Inc. $GS Shares Sold by DnB Asset Management AS

Key Points

• DnB Asset Management AS reduced its holdings in The Goldman Sachs Group by 3.9%, selling 5,875 shares, leaving them with a total of 143,286 shares valued at approximately $78.28 million.
• The Goldman Sachs Group's quarterly earnings surpassed expectations, reporting $10.91 earnings per share, exceeding the consensus estimate of $9.82, alongside a revenue of $14.58 billion.
• Goldman Sachs has announced a new quarterly dividend of $4.00, an increase from the previous $3.00, reflecting a 2.2% dividend yield and a payout ratio of 35.26%.

DnB Asset Management AS lessened its stake in The Goldman Sachs Group, Inc. (NYSE:GS - Free Report) by 3.9% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 143,286 shares of the investment management company's stock after selling 5,875 shares during the period. DnB Asset Management AS's holdings in The Goldman Sachs Group were worth $78,276,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Clal Insurance Enterprises Holdings Ltd acquired a new stake in The Goldman Sachs Group in the 1st quarter valued at approximately $25,000. American Capital Advisory LLC acquired a new stake in The Goldman Sachs Group in the 1st quarter valued at approximately $29,000. Godsey & Gibb Inc. increased 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 purchasing an additional 34 shares during the last quarter. Mascagni Wealth Management Inc. acquired a new stake in The Goldman Sachs Group in the 4th quarter valued at approximately $31,000. Finally, Lowe Wealth Advisors LLC grew its stake in shares of The Goldman Sachs Group by 326.7% in the first quarter. Lowe Wealth Advisors LLC now owns 64 shares of the investment management company's stock worth $35,000 after acquiring an additional 49 shares in the last quarter. Institutional investors and hedge funds own 71.21% of the company's stock.

The Goldman Sachs Group Stock Performance

NYSE GS traded down $9.79 during trading hours on Friday, hitting $739.11. 1,822,071 shares of the stock were exchanged, compared to its average volume of 1,535,654. The company has a market cap of $223.75 billion, a price-to-earnings ratio of 16.29, a price-to-earnings-growth ratio of 1.57 and a beta of 1.41. The Goldman Sachs Group, Inc. has a 12-month low of $439.38 and a 12-month high of $757.35. The stock has a 50-day moving average of $723.63 and a 200 day moving average of $626.63. 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 Goldman Sachs Group (NYSE:GS - Get Free Report) last issued 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 Goldman Sachs Group had a net margin of 12.37% and a return on equity of 14.32%. The company had revenue of $14.58 billion for the quarter, compared to analyst estimates of $13.53 billion. During the same period in the prior year, the business posted $8.62 earnings per share. The firm's revenue for the quarter was up 14.5% compared to the same quarter last year. As a group, equities research analysts forecast that The Goldman Sachs Group, Inc. will post 47.12 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 Monday, September 29th. Shareholders of record on Friday, August 29th will be given a dividend of $4.00 per share. The ex-dividend date is Friday, August 29th. This is an increase from The Goldman Sachs Group's previous quarterly dividend of $3.00. This represents a $16.00 annualized dividend and a yield of 2.2%. The Goldman Sachs Group's dividend payout ratio (DPR) is currently 35.26%.

Insider Activity at The Goldman Sachs Group

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

Analyst Ratings Changes

GS has been the subject of several research reports. HSBC restated a "reduce" rating and issued a $627.00 price target (up previously from $558.00) on shares of The Goldman Sachs Group in a research note on Tuesday, July 8th. JMP Securities restated a "market perform" rating and issued a $600.00 price target on shares of The Goldman Sachs Group in a research note on Monday, July 14th. Evercore ISI set a $715.00 price target on shares of The Goldman Sachs Group and gave the stock an "outperform" rating in a research note on Thursday, July 10th. Citizens Jmp reiterated a "market perform" rating on shares of The Goldman Sachs Group in a research note on Monday, July 14th. Finally, Citigroup boosted their price target on shares of The Goldman Sachs Group from $550.00 to $700.00 and gave the company a "neutral" rating in a research report on Monday, July 21st. One equities research 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 given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $660.00.

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.