Fisher Asset Management LLC Acquires 117,856 Shares of The Goldman Sachs Group, Inc. $GS

Key Points

• Fisher Asset Management increased its Goldman Sachs stake by 117,856 shares (1.7%) in the third quarter, bringing its holdings to about 7.08 million shares, valued at $6.38 billion. GS represents 1.9% of Fisher’s portfolio.
• Goldman reported quarterly EPS of $17.01, beating the $12.86 consensus estimate, while revenue rose 23% year over year to $18.68 billion. The company also announced a $5-per-share quarterly dividend.
• Analysts have a consensus Hold rating and an average price target of $1,052.04; insiders sold 12,500 shares over the past 90 days.

Fisher Asset Management LLC grew its stake in shares of The Goldman Sachs Group, Inc. (NYSE:GS - Free Report) by 1.7% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 7,081,969 shares of the investment management company's stock after buying an additional 117,856 shares during the quarter. The Goldman Sachs Group accounts for approximately 1.9% of Fisher Asset Management LLC's portfolio, making the stock its 12th largest holding. Fisher Asset Management LLC owned about 2.46% of The Goldman Sachs Group worth $6,376,323,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. BlackRock Inc. bought a new stake in shares of The Goldman Sachs Group in the 2nd quarter valued at about $24,172,123,000. Bank of America Corp DE bought a new position in The Goldman Sachs Group during the 2nd quarter worth approximately $6,756,772,000. Orange County Employees Retirement System purchased a new position in The Goldman Sachs Group in the 2nd quarter worth approximately $69,537,544,000. Bank of New York Mellon Corp purchased a new position in The Goldman Sachs Group in the 2nd quarter worth approximately $2,560,028,000. Finally, Dimensional Fund Advisors LP lifted its position in The Goldman Sachs Group by 0.5% in the first quarter. Dimensional Fund Advisors LP now owns 1,840,675 shares of the investment management company's stock valued at $1,556,706,000 after purchasing an additional 9,770 shares during the last quarter. 71.21% of the stock is owned by institutional investors.

The Goldman Sachs Group News Roundup

Here's some of the latest news about GS:

• Positive Sentiment: Goldman, HSBC and other banks are backing a $270 million stablecoin initiative, Project Faro, as banks seek to retain deposits amid competition from fintech and digital assets. The venture could create strategic opportunities, though its financial contribution to Goldman is not specified. Article: Goldman Sachs, Citi and Other Banks Commit $270M to Joint Stablecoin Venture
• Neutral Sentiment: Goldman now expects additional Federal Reserve tightening, including a March rate hike, following hot inflation data. Higher rates can support some lending income, but may also pressure economic activity, markets and borrowers. Article: Why Goldman Sachs is now changing its Federal Reserve interest-rate forecast
• Negative Sentiment: A Goldman survey found private-credit investors increasingly concerned about defaults, valuations and liquidity. That caution could weigh on private-credit activity and raises risks for lenders and investors exposed to the market. Article: Private Credit Investors Are Getting Nervous About Defaults, Goldman Sachs Survey Finds

Insider Buying and Selling

In related news, CEO David M. Solomon sold 12,000 shares of the firm's stock in a transaction on Tuesday, October 27th. The stock was sold at an average price of $910.72, for a total value of $10,928,640.00. Following the completion of the sale, the chief executive officer owned 159,180 shares of the company's stock, valued at $144,968,409.60. This trade represents a 7.01% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Ericka T. Leslie sold 250 shares of The Goldman Sachs Group stock in a transaction on Thursday, October 22nd. The shares were sold at an average price of $890.25, for a total transaction of $222,562.50. Following the completion of the sale, the insider owned 10,710 shares in the company, valued at approximately $9,534,577.50. This trade represents a 2.28% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 12,500 shares of company stock valued at $11,380,508. 0.55% of the stock is owned by corporate insiders.

The Goldman Sachs Group Stock Down 1.4%

Shares of NYSE:GS opened at $914.16 on Friday. The stock's 50-day moving average is $924.28 and its 200 day moving average is $956.09. The company has a market cap of $263.67 billion, a PE ratio of 13.14, a P/E/G ratio of 0.87 and a beta of 1.29. The company has a debt-to-equity ratio of 3.20, a current ratio of 0.61 and a quick ratio of 0.61. The Goldman Sachs Group, Inc. has a 1 year low of $754.00 and a 1 year high of $1,153.99.

The Goldman Sachs Group (NYSE:GS - Get Free Report) last released its quarterly earnings data on Tuesday, October 13th. The investment management company reported $17.01 earnings per share for the quarter, topping the consensus estimate of $12.86 by $4.15. The business had revenue of $18.68 billion during the quarter, compared to analysts' expectations of $16.83 billion. The Goldman Sachs Group had a return on equity of 20.21% and a net margin of 15.77%. The business's revenue was up 23.0% on a year-over-year basis. During the same quarter last year, the business posted $12.25 EPS. Sell-side analysts anticipate that The Goldman Sachs Group, Inc. will post 71.49 EPS for the current year.

The Goldman Sachs Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 30th. Investors of record on Wednesday, December 2nd will be issued a dividend of $5.00 per share. This represents a $20.00 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date is Wednesday, December 2nd. The Goldman Sachs Group's dividend payout ratio is currently 28.76%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. Zacks Research lowered The Goldman Sachs Group from a "strong-buy" rating to a "hold" rating in a research note on Friday, September 18th. Wall Street Zen downgraded shares of The Goldman Sachs Group from a "buy" rating to a "hold" rating in a research note on Saturday, November 7th. Loop Capital set a $1,050.00 target price on shares of The Goldman Sachs Group in a research note on Thursday, October 8th. Wells Fargo & Company lowered their price target on shares of The Goldman Sachs Group from $1,325.00 to $1,175.00 and set an "overweight" rating for the company in a report on Friday, September 25th. Finally, HSBC increased their price target on shares of The Goldman Sachs Group from $995.00 to $1,007.00 and gave the company a "hold" rating in a research report on Monday, September 28th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, thirteen have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $1,052.04.

About The Goldman Sachs Group

The Goldman Sachs Group, Inc. is a global financial services firm founded in 1869 and headquartered in New York City. It serves corporations, financial institutions, governments and individuals across major financial markets worldwide. The company's businesses include investment banking, global markets, and asset and wealth management. Its services include advising on mergers and acquisitions and other strategic transactions, helping clients raise capital, facilitating trading and risk management, and managing investments and wealth for institutions and individuals.

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.