Eastern Bank Trims Position in The Goldman Sachs Group, Inc. $GS

Key Points

• Eastern Bank cut its Goldman Sachs stake by 71.6% in the third quarter, selling 6,934 shares and retaining 2,744 shares valued at approximately $2.47 million.
• Institutional investors own 71.21% of Goldman Sachs, with several major institutions establishing or significantly expanding positions during recent reporting periods.
• Goldman Sachs reported stronger-than-expected quarterly results, with earnings per share of $20.98 and revenue of $20.34 billion, while raising its quarterly dividend to $5.00 per share. Analysts maintain a consensus “Hold” rating with an average price target of $1,066.60.

Eastern Bank lessened its holdings in The Goldman Sachs Group, Inc. (NYSE:GS - Free Report) by 71.6% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,744 shares of the investment management company's stock after selling 6,934 shares during the period. Eastern Bank's holdings in The Goldman Sachs Group were worth $2,471,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. BlackRock Inc. purchased a new stake in shares of The Goldman Sachs Group during the 2nd quarter valued at about $24,172,123,000. Bank of America Corp DE bought a new stake in shares of The Goldman Sachs Group in the 2nd quarter valued at approximately $6,756,772,000. Orange County Employees Retirement System purchased a new position in shares of The Goldman Sachs Group in the 2nd quarter worth approximately $69,537,544,000. Bank of New York Mellon Corp bought a new position in shares of The Goldman Sachs Group during the 2nd quarter valued at approximately $2,560,028,000. Finally, Corient Private Wealth LLC raised its holdings in The Goldman Sachs Group by 1,657.7% during the 4th quarter. Corient Private Wealth LLC now owns 2,596,487 shares of the investment management company's stock valued at $2,282,312,000 after buying an additional 2,448,767 shares during the period. Institutional investors own 71.21% of the company's stock.

More The Goldman Sachs Group News

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

• Positive Sentiment: Goldman Sachs’ Nasdaq covered-call income fund increased its October distribution, highlighting continued investor demand for the firm’s asset-management products. However, the article notes that a higher payout did not necessarily translate into superior total returns. Goldman’s Nasdaq Income Fund Raised Its October Payout
• Positive Sentiment: Goldman analysts said artificial-intelligence data-center growth remains robust despite local opposition, supporting potential activity in investment banking, financing and markets tied to the AI buildout. AI data center growth won’t be slowed down
• Neutral Sentiment: Jim Cramer described Goldman’s stock as having “come down greatly” and said it could turn higher, offering a supportive but non-fundamental opinion. Jim Cramer on Goldman Sachs
• Neutral Sentiment: Goldman’s research franchise remains active, including bullish calls on selected semiconductor, luxury, consumer and industrial stocks, but these recommendations generally do not directly change GS’s earnings outlook.
• Negative Sentiment: UBS lowered its price target for GS from $1,150 to $1,010 and assigned a Neutral rating. Although the revised target still implies upside from the cited share price, the cut signals reduced valuation confidence and is likely the clearest reason for the stock’s decline. UBS lowers Goldman Sachs price target

The Goldman Sachs Group Trading Down 1.0%

NYSE GS opened at $893.52 on Tuesday. The company has a debt-to-equity ratio of 3.17, a quick ratio of 0.63 and a current ratio of 0.63. The company has a market capitalization of $260.17 billion, a price-to-earnings ratio of 13.79, a price-to-earnings-growth ratio of 0.93 and a beta of 1.29. The company's 50-day simple moving average is $1,000.26 and its two-hundred day simple moving average is $986.21. The Goldman Sachs Group, Inc. has a one year low of $740.01 and a one year high of $1,153.99.

The Goldman Sachs Group (NYSE:GS - Get Free Report) last posted its earnings results on Tuesday, July 14th. The investment management company reported $20.98 earnings per share for the quarter, topping analysts' consensus estimates of $14.47 by $6.51. The company had revenue of $20.34 billion during the quarter, compared to analyst estimates of $16.22 billion. The Goldman Sachs Group had a return on equity of 19.16% and a net margin of 15.53%.The Goldman Sachs Group's revenue was up 39.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $10.91 earnings per share. Equities analysts forecast that The Goldman Sachs Group, Inc. will post 68.4 EPS for the current fiscal year.

The Goldman Sachs Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 29th. Investors of record on Tuesday, September 1st were given a dividend of $5.00 per share. The ex-dividend date of this dividend was Tuesday, September 1st. This is an increase from The Goldman Sachs Group's previous quarterly dividend of $4.50. This represents a $20.00 dividend on an annualized basis and a yield of 2.2%. The Goldman Sachs Group's dividend payout ratio is 30.87%.

Analyst Upgrades and Downgrades

Several research analysts have commented on GS shares. Bank of America lifted their price objective on shares of The Goldman Sachs Group from $1,150.00 to $1,300.00 and gave the stock a "buy" rating in a research note on Thursday, July 16th. Weiss Ratings upgraded shares of The Goldman Sachs Group from a "hold (c+)" rating to a "buy (b-)" rating in a report on Friday, September 25th. JPMorgan Chase & Co. upped their price target on shares of The Goldman Sachs Group from $900.00 to $955.00 and gave the company a "neutral" rating in a report on Wednesday, July 15th. BMO Capital Markets raised their price objective on shares of The Goldman Sachs Group from $1,070.00 to $1,190.00 and gave the stock a "market perform" rating in a research note on Wednesday, July 15th. Finally, Keefe, Bruyette & Woods boosted their target price on The Goldman Sachs Group from $1,050.00 to $1,130.00 and gave the company a "market perform" rating in a research report on Wednesday, July 15th. Ten investment analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $1,066.60.

The Goldman Sachs Group Profile

The Goldman Sachs Group, Inc is a global financial services company headquartered in New York City. Founded in 1869, the firm provides services to corporations, financial institutions, governments, individuals and other clients through its investment banking, markets, asset management and wealth management businesses.

Goldman Sachs advises clients on mergers and acquisitions, financing and other strategic transactions, and facilitates trading in equities, fixed income, currencies and commodities.

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