iA Global Asset Management Inc. Purchases 3,153 Shares of The Goldman Sachs Group, Inc. $GS

Key Points

• iA Global Asset Management increased its Goldman Sachs stake by 18% in the fourth quarter, buying 3,153 additional shares and bringing its total holdings to 20,643 shares worth about $18.1 million.
• Goldman Sachs reported stronger-than-expected quarterly results, with EPS of $17.55 beating estimates and revenue of $17.23 billion topping forecasts; the company also raised its quarterly dividend to $4.50 per share.
• Despite solid fundamentals, the stock was down about 2% in Friday trading, and Wall Street’s overall view remains mixed, with a consensus rating of Hold and an average target price of $942.24.

iA Global Asset Management Inc. boosted its position in shares of The Goldman Sachs Group, Inc. (NYSE:GS - Free Report) by 18.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 20,643 shares of the investment management company's stock after acquiring an additional 3,153 shares during the period. iA Global Asset Management Inc.'s holdings in The Goldman Sachs Group were worth $18,145,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Hartline Investment Corp raised its stake in The Goldman Sachs Group by 153.3% during the 3rd quarter. Hartline Investment Corp now owns 1,421 shares of the investment management company's stock worth $1,132,000 after acquiring an additional 860 shares during the period. A4 Wealth Advisors LLC purchased a new stake in The Goldman Sachs Group during the 3rd quarter valued at approximately $940,000. Stevens Capital Management LP purchased a new stake in The Goldman Sachs Group during the 3rd quarter valued at approximately $1,392,000. Meridian Wealth Management LLC grew its holdings in The Goldman Sachs Group by 39.4% during the 3rd quarter. Meridian Wealth Management LLC now owns 2,332 shares of the investment management company's stock valued at $1,857,000 after buying an additional 659 shares in the last quarter. Finally, AlTi Global Inc. grew its holdings in The Goldman Sachs Group by 87.3% during the 3rd quarter. AlTi Global Inc. now owns 29,770 shares of the investment management company's stock valued at $23,707,000 after buying an additional 13,879 shares in the last quarter. Institutional investors own 71.21% of the company's stock.

The Goldman Sachs Group Trading Down 2.0%

GS stock opened at $949.89 on Friday. The firm has a fifty day moving average price of $878.61 and a 200 day moving average price of $878.32. The Goldman Sachs Group, Inc. has a fifty-two week low of $582.50 and a fifty-two week high of $984.70. 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 firm has a market cap of $280.23 billion, a PE ratio of 17.36, a price-to-earnings-growth ratio of 1.22 and a beta of 1.28.

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 the consensus estimate of $15.92 by $1.63. The company had revenue of $17.23 billion during the quarter, compared to analyst estimates of $16.66 billion. The Goldman Sachs Group had a net margin of 14.13% and a return on equity of 16.53%. The Goldman Sachs Group's quarterly revenue was up 14.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $14.12 earnings per share. Sell-side analysts anticipate that The Goldman Sachs Group, Inc. will post 59.53 earnings per share for the current fiscal year.

The Goldman Sachs Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 29th. Investors of record on Monday, June 1st will be paid a $4.50 dividend. This represents a $18.00 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend is Monday, June 1st. The Goldman Sachs Group's dividend payout ratio (DPR) is currently 32.89%.

More The Goldman Sachs Group News

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

• Positive Sentiment: Goldman Sachs lowered its 12-month U.S. recession probability to 25% from 30%, citing a resilient labor market and solid economic activity. That suggests a healthier macro backdrop for banks and markets overall. Goldman Slashes Recession Risk Odds as Labor Market Remains Resilient
• Neutral Sentiment: Goldman Sachs analysts remained active across several names, including Buy ratings on Telefonica, MercadoLibre, Insulet, Marathon Petroleum, UnitedHealth and ORIC Pharma, showing the firm continues to influence market sentiment but without direct impact on GS itself.
• Neutral Sentiment: There were also multiple media references to Goldman strategists warning that the recent market rally and volatility setup could imply more upside, but those commentary pieces were market-wide in nature and not specific to Goldman Sachs stock.
• Negative Sentiment: Financial stocks were weaker in afternoon trading, with the NYSE Financial Index down about 0.5%, which likely pressured Goldman Sachs shares along with the broader sector. Sector Update: Financial Stocks Lower in Afternoon Trading

Analysts Set New Price Targets

A number of brokerages have issued reports on GS. UBS Group increased their price objective on shares of The Goldman Sachs Group from $930.00 to $940.00 in a report on Wednesday, May 6th. Weiss Ratings lowered shares of The Goldman Sachs Group from a "buy (b-)" rating to a "hold (c+)" rating in a report on Friday, May 8th. Evercore cut their price objective on shares of The Goldman Sachs Group from $1,075.00 to $950.00 and set an "outperform" rating for the company in a report on Monday, April 6th. Morgan Stanley cut their price objective on shares of The Goldman Sachs Group from $1,078.00 to $1,021.00 and set an "equal weight" rating for the company in a report on Tuesday, March 31st. Finally, Bank of America cut their price objective on shares of The Goldman Sachs Group from $1,100.00 to $1,050.00 and set a "buy" rating for the company in a report on Tuesday, April 14th. Eight investment analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $942.24.

Insider Buying and Selling

In related news, insider Alex S. Golten sold 1,116 shares of The Goldman Sachs Group 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 directly owned 2,578 shares in the company, valued at $2,413,472.04. The trade was a 30.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Kathryn H. Ruemmler sold 14,292 shares of The Goldman Sachs Group stock in a transaction dated Wednesday, May 6th. The shares were sold at an average price of $939.07, for a total value of $13,421,188.44. Following the completion of the sale, the insider owned 15,657 shares of the company's stock, valued at $14,703,018.99. The trade was a 47.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 26,824 shares of company stock valued at $25,062,242 in the last 90 days. Company insiders own 0.55% of the company's stock.

About The Goldman Sachs Group

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.