Hartford Investment Management Co. Has $10.41 Million Stake in The Goldman Sachs Group, Inc. (NYSE:GS)

Key Points

• Hartford Investment Management Co. has reduced its stake in The Goldman Sachs Group by 1.9%, now holding 19,061 shares valued at approximately $10.41 million.
• The Goldman Sachs Group's latest earnings report indicated an EPS of $10.91, exceeding analyst expectations, with revenues of $14.58 billion for the quarter.
• The company announced a quarterly dividend increase to $4.00, reflecting a yield of 2.2%, with the ex-dividend date set for August 29th.

Hartford Investment Management Co. lowered its holdings in The Goldman Sachs Group, Inc. (NYSE:GS - Free Report) by 1.9% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 19,061 shares of the investment management company's stock after selling 371 shares during the period. Hartford Investment Management Co.'s holdings in The Goldman Sachs Group were worth $10,413,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in GS. King Wealth Management Group grew its position in The Goldman Sachs Group by 1.8% during the first quarter. King Wealth Management Group now owns 1,086 shares of the investment management company's stock worth $593,000 after buying an additional 19 shares in the last quarter. Wynn Capital LLC grew its holdings in shares of The Goldman Sachs Group by 0.3% during the 1st quarter. Wynn Capital LLC now owns 5,877 shares of the investment management company's stock worth $3,211,000 after purchasing an additional 20 shares in the last quarter. 1900 Wealth Management LLC increased its position in shares of The Goldman Sachs Group by 2.6% in the first quarter. 1900 Wealth Management LLC now owns 777 shares of the investment management company's stock worth $425,000 after purchasing an additional 20 shares during the period. World Equity Group Inc. increased its position in shares of The Goldman Sachs Group by 0.9% in the first quarter. World Equity Group Inc. now owns 2,330 shares of the investment management company's stock worth $1,273,000 after purchasing an additional 20 shares during the period. Finally, Register Financial Advisors LLC raised its stake in The Goldman Sachs Group by 2.5% in the first quarter. Register Financial Advisors LLC now owns 805 shares of the investment management company's stock valued at $440,000 after purchasing an additional 20 shares in the last quarter. Institutional investors and hedge funds own 71.21% of the company's stock.

The Goldman Sachs Group Price Performance

The Goldman Sachs Group stock opened at $723.55 on Friday. The stock has a market capitalization of $222.01 billion, a price-to-earnings ratio of 15.94, a PEG ratio of 1.55 and a beta of 1.35. The Goldman Sachs Group, Inc. has a 52-week low of $437.37 and a 52-week high of $737.88. The company has a debt-to-equity ratio of 2.26, a quick ratio of 0.68 and a current ratio of 1.12. The stock's 50 day moving average price is $667.61 and its two-hundred day moving average price is $609.90.

The Goldman Sachs Group (NYSE:GS - Get Free Report) last released its 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 company had revenue of $14.58 billion for the quarter, compared to the consensus estimate of $13.53 billion. The Goldman Sachs Group had a net margin of 12.37% and a return on equity of 13.84%. The Goldman Sachs Group's quarterly revenue was up 14.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $8.62 EPS. On average, equities analysts predict that The Goldman Sachs Group, Inc. will post 47.12 earnings per share for the current year.

The Goldman Sachs Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Friday, August 29th will be given a $4.00 dividend. This represents a $16.00 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend is Friday, August 29th. This is a positive change from The Goldman Sachs Group's previous quarterly dividend of $3.00. The Goldman Sachs Group's dividend payout ratio is presently 35.26%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. 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. Wells Fargo & Company upped their target price on The Goldman Sachs Group from $650.00 to $785.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. Wall Street Zen upgraded The Goldman Sachs Group from a "sell" rating to a "hold" rating in a research note on Saturday, July 12th. HSBC reissued a "reduce" rating and set a $627.00 price target (up previously from $558.00) on shares of The Goldman Sachs Group in a report on Tuesday, July 8th. Finally, Daiwa America lowered The Goldman Sachs Group from a "strong-buy" rating to a "hold" rating in a research note on Friday, April 4th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, The Goldman Sachs Group presently has an average rating of "Hold" and an average target price of $660.00.

Insider Activity at The Goldman Sachs Group

In other news, CEO David M. Solomon sold 6,608 shares of the company's stock in a transaction that occurred on Wednesday, July 23rd. The stock was sold at an average price of $712.31, for a total transaction of $4,706,944.48. Following the transaction, the chief executive officer directly owned 126,176 shares of the company's stock, valued at $89,876,426.56. This represents a 4.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Denis P. Coleman sold 7,463 shares of The Goldman Sachs Group stock in a transaction on Friday, July 25th. The shares were sold at an average price of $724.40, for a total transaction of $5,406,197.20. Following the completion of the sale, the chief financial officer directly owned 18,594 shares of the company's stock, valued at approximately $13,469,493.60. The trade was a 28.64% decrease in their position. The disclosure for this sale can be found here. Insiders sold 20,079 shares of company stock valued at $14,423,221 in the last three months. Corporate insiders own 0.55% of the company's stock.

The Goldman Sachs Group Profile

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.

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 and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.