First Manhattan CO. LLC. Boosts Stock Position in The Goldman Sachs Group, Inc. $GS

Key Points

• First Manhattan CO. LLC. increased its holdings in The Goldman Sachs Group by 212.8% in Q1, now owning 11,503 shares worth approximately $6.28 million.
• The Goldman Sachs Group reported a robust Q2 earnings of $10.91 per share, exceeding analyst expectations and showing a 14.5% year-over-year revenue growth.
• The company raised its quarterly dividend to $4.00, up from $3.00, reflecting a positive outlook with a 2.1% dividend yield.

First Manhattan CO. LLC. grew its stake in shares of The Goldman Sachs Group, Inc. (NYSE:GS - Free Report) by 212.8% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 11,503 shares of the investment management company's stock after acquiring an additional 7,826 shares during the quarter. First Manhattan CO. LLC.'s holdings in The Goldman Sachs Group were worth $6,284,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Deutsche Bank AG lifted its stake in shares of The Goldman Sachs Group by 15.4% in the fourth quarter. Deutsche Bank AG now owns 1,038,057 shares of the investment management company's stock worth $594,412,000 after buying an additional 138,198 shares in the last quarter. Clear Creek Financial Management LLC bought a new position in The Goldman Sachs Group in the 1st quarter valued at approximately $321,000. Blueshift Asset Management LLC boosted its stake in The Goldman Sachs Group by 161.8% during the 1st quarter. Blueshift Asset Management LLC now owns 1,055 shares of the investment management company's stock valued at $576,000 after purchasing an additional 652 shares during the last quarter. Adams Diversified Equity Fund Inc. increased its holdings in shares of The Goldman Sachs Group by 41.5% in the 1st quarter. Adams Diversified Equity Fund Inc. now owns 49,800 shares of the investment management company's stock worth $27,205,000 after purchasing an additional 14,600 shares in the last quarter. Finally, Terra Nova Asset Management LLC bought a new stake in shares of The Goldman Sachs Group in the 1st quarter worth $1,643,000. Institutional investors own 71.21% of the company's stock.

Insider Transactions at The Goldman Sachs Group

In other The Goldman Sachs Group news, COO John E. Waldron sold 9,000 shares of the business's stock in a transaction dated Thursday, August 28th. The stock was sold at an average price of $750.51, for a total transaction of $6,754,590.00. Following the completion of the sale, the chief operating officer directly owned 106,268 shares in the company, valued at $79,755,196.68. The trade was a 7.81% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP John F.W. Rogers sold 6,008 shares of The Goldman Sachs Group stock in a transaction dated 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 transaction, the executive vice president directly owned 65,761 shares in the company, valued at approximately $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. In the last quarter, insiders have sold 38,323 shares of company stock valued at $28,111,828. 0.55% of the stock is owned by company insiders.

The Goldman Sachs Group Stock Performance

Shares of The Goldman Sachs Group stock traded down $9.79 during trading hours on Friday, reaching $739.11. 1,822,071 shares of the stock traded hands, compared to its average volume of 1,535,654. The company has a 50 day moving average price of $723.63 and a 200 day moving average price of $626.92. The firm has a market capitalization of $223.74 billion, a price-to-earnings ratio of 16.29, a P/E/G ratio of 1.59 and a beta of 1.41. The Goldman Sachs Group, Inc. has a one year low of $439.38 and a one year high of $757.35. 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 released its quarterly earnings results on Wednesday, July 16th. The investment management company reported $10.91 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $9.82 by $1.09. The business had revenue of $14.58 billion during the quarter, compared to the consensus estimate of $13.53 billion. The Goldman Sachs Group had a return on equity of 14.32% and a net margin of 12.37%.The business's quarterly revenue was up 14.5% compared to the same quarter last year. During the same period in the previous year, the company posted $8.62 EPS. On average, equities research analysts expect that The Goldman Sachs Group, Inc. will post 47.12 earnings per share for the current fiscal year.

The Goldman Sachs Group Increases Dividend

The company also recently declared 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. The ex-dividend date is Friday, August 29th. This represents a $16.00 dividend on an annualized basis and a dividend yield of 2.2%. This is an increase from The Goldman Sachs Group's previous quarterly dividend of $3.00. The Goldman Sachs Group's dividend payout ratio is presently 35.26%.

Analyst Ratings Changes

A number of research analysts have recently issued reports on GS shares. JMP Securities reaffirmed a "market perform" rating and set a $600.00 price target on shares of The Goldman Sachs Group in a report on Monday, July 14th. Hsbc Global Res downgraded The Goldman Sachs Group from a "hold" rating to a "moderate sell" rating in a report on Tuesday, July 8th. Evercore ISI set a $715.00 price objective on The Goldman Sachs Group and gave the stock an "outperform" rating in a report on Thursday, July 10th. Royal Bank Of Canada reiterated a "sector perform" rating on shares of The Goldman Sachs Group in a report on Thursday, July 10th. Finally, Morgan Stanley lifted their price objective on The Goldman Sachs Group from $680.00 to $715.00 and gave the stock an "equal weight" rating in a report on Thursday, July 17th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average target price 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.