Evolve Private Wealth LLC Reduces Stock Position in The Goldman Sachs Group, Inc. $GS

Key Points

• Evolve Private Wealth LLC cut its Goldman Sachs position by 50% in the second quarter, selling 1,645 shares and retaining 1,648 shares valued at approximately $1.67 million. Institutional investors collectively own 71.21% of GS stock.
• Goldman Sachs reported strong quarterly results, with EPS of $20.98 and revenue of $20.34 billion, both exceeding analyst expectations; revenue rose 39.4% year over year.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $1,062.86. The company also raised its quarterly dividend to $5.00, or $20.00 annually, representing a 1.9% yield.

Evolve Private Wealth LLC decreased its holdings in The Goldman Sachs Group, Inc. (NYSE:GS - Free Report) by 50.0% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,648 shares of the investment management company's stock after selling 1,645 shares during the period. Evolve Private Wealth LLC's holdings in The Goldman Sachs Group were worth $1,667,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently added to or reduced their stakes in the stock. Turim 21 Investimentos Ltda. bought a new stake in shares of The Goldman Sachs Group in the first quarter valued at about $25,000. BOK Financial Private Wealth Inc. boosted its position in shares of The Goldman Sachs Group by 188.9% in the 2nd quarter. BOK Financial Private Wealth Inc. now owns 26 shares of the investment management company's stock worth $26,000 after purchasing an additional 17 shares in the last quarter. Garton & Associates Financial Advisors LLC acquired a new position in shares of The Goldman Sachs Group during the fourth quarter valued at about $26,000. Manning & Napier Advisors LLC raised its holdings in shares of The Goldman Sachs Group by 287.5% in the fourth quarter. Manning & Napier Advisors LLC now owns 31 shares of the investment management company's stock worth $27,000 after buying an additional 23 shares during the last quarter. Finally, Steph & Co. purchased a new stake in The Goldman Sachs Group during the 1st quarter valued at about $27,000. 71.21% of the stock is owned by hedge funds and other institutional investors.

More The Goldman Sachs Group News

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

Wall Street Analysts Forecast Growth

GS has been the subject of several research analyst reports. Zacks Research upgraded The Goldman Sachs Group from a "hold" rating to a "strong-buy" rating in a research note on Thursday, July 16th. Barclays lifted their price objective on shares of The Goldman Sachs Group from $1,048.00 to $1,245.00 and gave the company an "overweight" rating in a research note on Wednesday, July 15th. Oppenheimer lowered shares of The Goldman Sachs Group from a "market perform" rating to an "underperform" rating in a research note on Tuesday, June 30th. Daiwa Securities Group boosted their target price on shares of The Goldman Sachs Group from $891.00 to $930.00 and gave the company a "neutral" rating in a research report on Tuesday, May 5th. Finally, BMO Capital Markets upped their price target on shares of The Goldman Sachs Group from $1,070.00 to $1,190.00 and gave the company a "market perform" rating in a report on Wednesday, July 15th. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $1,062.86.

The Goldman Sachs Group Trading Up 0.2%

GS stock opened at $1,041.35 on Monday. The Goldman Sachs Group, Inc. has a 12-month low of $718.58 and a 12-month high of $1,153.99. The business's 50-day moving average is $1,053.96 and its 200 day moving average is $964.52. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 3.17. The stock has a market cap of $303.21 billion, a price-to-earnings ratio of 16.07, a PEG ratio of 1.05 and a beta of 1.30.

The Goldman Sachs Group (NYSE:GS - Get Free Report) last announced its earnings results on Tuesday, July 14th. The investment management company reported $20.98 EPS for the quarter, beating analysts' consensus estimates of $14.47 by $6.51. The business had revenue of $20.34 billion during the quarter, compared to analysts' expectations of $16.22 billion. The Goldman Sachs Group had a return on equity of 19.16% and a net margin of 15.53%.The business's revenue was up 39.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $10.91 earnings per share. On average, sell-side analysts anticipate that The Goldman Sachs Group, Inc. will post 68.89 EPS for the current fiscal year.

The Goldman Sachs Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 1st will be issued a $5.00 dividend. This represents a $20.00 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date is Tuesday, September 1st. This is an increase from The Goldman Sachs Group's previous quarterly dividend of $4.50. The Goldman Sachs Group's payout ratio is 27.78%.

The Goldman Sachs Group Company 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.

Want to see what other hedge funds are holding GS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The Goldman Sachs Group, Inc. (NYSE:GS - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source