Fifth Third Bancorp Increases Stake in The Goldman Sachs Group, Inc. $GS

Key Points

• Fifth Third Bancorp increased its stake in Goldman Sachs by 35.5% in the first quarter, buying 76,771 additional shares and bringing its total holdings to 293,126 shares worth about $248 million.
• Goldman Sachs reported better-than-expected first-quarter earnings, posting $17.55 EPS versus $15.92 estimated and revenue of $17.23 billion, while revenue rose 14.4% from a year earlier.
• The company recently paid a quarterly dividend of $4.50 per share, equivalent to an annualized $18.00 payout and a yield of 1.7%, while analysts currently have an average rating of Hold with a $986.91 price target.

Fifth Third Bancorp raised its position in The Goldman Sachs Group, Inc. (NYSE:GS - Free Report) by 35.5% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 293,126 shares of the investment management company's stock after buying an additional 76,771 shares during the period. Fifth Third Bancorp owned about 0.10% of The Goldman Sachs Group worth $247,981,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Sovran Advisors LLC raised its position in shares of The Goldman Sachs Group by 679.2% during the 1st quarter. Sovran Advisors LLC now owns 2,891 shares of the investment management company's stock worth $2,671,000 after purchasing an additional 2,520 shares during the last quarter. WealthShield Partners LLC boosted its stake in The Goldman Sachs Group by 4.9% during the first quarter. WealthShield Partners LLC now owns 961 shares of the investment management company's stock worth $813,000 after buying an additional 45 shares during the last quarter. Simplicity Wealth LLC boosted its position in shares of The Goldman Sachs Group by 5.8% during the 1st quarter. Simplicity Wealth LLC now owns 2,184 shares of the investment management company's stock valued at $1,848,000 after acquiring an additional 119 shares during the last quarter. Candriam S.C.A. grew its stake in shares of The Goldman Sachs Group by 1.8% in the 1st quarter. Candriam S.C.A. now owns 1,449 shares of the investment management company's stock valued at $1,226,000 after buying an additional 26 shares during the period. Finally, AlpenGlobal Capital LLC purchased a new position in The Goldman Sachs Group in the first quarter worth approximately $1,572,000. 71.21% of the stock is owned by institutional investors and hedge funds.

The Goldman Sachs Group Price Performance

NYSE GS traded up $0.07 during trading hours on Friday, reaching $1,056.04. The company's stock had a trading volume of 1,110,031 shares, compared to its average volume of 1,972,365. The company has a debt-to-equity ratio of 2.89, a quick ratio of 0.63 and a current ratio of 0.63. The company's 50-day moving average is $1,017.99 and its two-hundred day moving average is $938.64. The Goldman Sachs Group, Inc. has a fifty-two week low of $691.30 and a fifty-two week high of $1,125.00. The stock has a market cap of $311.54 billion, a PE ratio of 19.30, a PEG ratio of 1.35 and a beta of 1.30.

The Goldman Sachs Group (NYSE:GS - Get Free Report) last posted its quarterly earnings data on Monday, April 13th. The investment management company reported $17.55 EPS for the quarter, topping analysts' consensus estimates of $15.92 by $1.63. The firm had revenue of $17.23 billion during the quarter, compared to analysts' expectations of $16.66 billion. The Goldman Sachs Group had a return on equity of 16.53% and a net margin of 14.13%.The firm's quarterly revenue was up 14.4% compared to the same quarter last year. During the same quarter last year, the business posted $14.12 EPS. Analysts forecast that The Goldman Sachs Group, Inc. will post 60.44 EPS for the current year.

The Goldman Sachs Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 29th. Shareholders of record on Monday, June 1st were paid a dividend of $4.50 per share. This represents a $18.00 annualized dividend and a yield of 1.7%. The ex-dividend date was Monday, June 1st. The Goldman Sachs Group's payout ratio is currently 32.89%.

The Goldman Sachs Group News Summary

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

• Positive Sentiment: Goldman Sachs won two large retirement-plan asset management mandates from Verizon and Lockheed Martin, adding roughly $70 billion in new assets and expanding its outsourced CIO business. Goldman Sachs Secures Massive $70B Retirement Plan Contracts from Verizon and Lockheed Martin
• Positive Sentiment: Multiple previews ahead of Goldman’s July 14 Q2 earnings point to strong investment-banking and trading results, with expectations for higher revenue from market activity and advisory fees. Goldman Q2 Earnings on the Deck: What's in Store for the Stock?
• Positive Sentiment: Goldman’s own research highlighted improved conditions in currency carry trades and warned that higher FX volatility could benefit trading desks, reinforcing the view that market activity may support results. Carry Trades Face Best Conditions Since 2000, Goldman Sachs Says
• Neutral Sentiment: Goldman also moved to restrict employee use of prediction markets tied to finance and politics, a compliance-focused policy change that is unlikely to materially affect near-term earnings. Wall St. Sets Limits on Prediction Market Trading
• Neutral Sentiment: Several headlines were about Goldman’s analyst calls on other companies and broader market commentary, which are not direct catalysts for GS shares.

Analysts Set New Price Targets

Several research firms recently weighed in on GS. Weiss Ratings upgraded shares of The Goldman Sachs Group from a "hold (c+)" rating to a "buy (b-)" rating in a report on Tuesday, June 30th. HSBC lifted their price target on shares of The Goldman Sachs Group from $729.00 to $765.00 in a research note on Monday, May 4th. BMO Capital Markets upped their price objective on The Goldman Sachs Group from $972.00 to $1,070.00 and gave the stock a "market perform" rating in a research report on Monday, June 29th. CICC Research upped their target price on shares of The Goldman Sachs Group from $825.00 to $980.00 and gave the company an "outperform" rating in a report on Tuesday, May 19th. Finally, Evercore restated an "outperform" rating on shares of The Goldman Sachs Group in a research note on Monday, July 6th. Ten investment analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and an average price target of $986.91.

Insider Buying and Selling at The Goldman Sachs Group

In other news, insider Alex S. Golten sold 1,116 shares of the stock in a transaction dated Thursday, April 23rd. The stock was sold at an average price of $936.18, for a total value of $1,044,776.88. Following the completion of the sale, the insider owned 2,578 shares in the company, valued at approximately $2,413,472.04. This trade represents a 30.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Sheara J. Fredman sold 10,301 shares of the firm's stock in a transaction on Friday, May 1st. The shares were sold at an average price of $929.17, for a total transaction of $9,571,380.17. Following the sale, the chief accounting officer directly owned 6,338 shares of the company's stock, valued at approximately $5,889,079.46. The trade was a 61.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 33,681 shares of company stock valued at $31,737,875 in the last quarter. Company insiders own 0.55% of the company's stock.

The Goldman Sachs Group 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.

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