Narwhal Capital Management Sells 2,593 Shares of The Goldman Sachs Group, Inc. $GS

Key Points

• Narwhal Capital Management reduced its stake in The Goldman Sachs Group by 7.7% in the second quarter, selling 2,593 shares and now holding 30,971 shares worth approximately $21.92 million.
• According to multiple research analysts, Goldman Sachs has received a mix of ratings, with five analysts giving a Buy rating and a revised price target range between $727.31 and $855.00.
• The Goldman Sachs Group recently raised its quarterly dividend to $4.00 per share, reflecting a positive change from the previous $3.00 per share, resulting in an annualized yield of 2.0%.

Narwhal Capital Management reduced its stake in shares of The Goldman Sachs Group, Inc. (NYSE:GS - Free Report) by 7.7% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 30,971 shares of the investment management company's stock after selling 2,593 shares during the quarter. The Goldman Sachs Group comprises 1.8% of Narwhal Capital Management's portfolio, making the stock its 13th biggest position. Narwhal Capital Management's holdings in The Goldman Sachs Group were worth $21,920,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of the stock. Ignite Planners LLC acquired a new position in shares of The Goldman Sachs Group during the 2nd quarter worth about $238,000. Dohj LLC acquired a new position in shares of The Goldman Sachs Group during the 2nd quarter worth about $1,036,000. Castle Rock Wealth Management LLC acquired a new position in shares of The Goldman Sachs Group during the 2nd quarter worth about $2,045,000. Valmark Advisers Inc. acquired a new position in shares of The Goldman Sachs Group in the 2nd quarter valued at approximately $231,000. Finally, Armbruster Capital Management Inc. acquired a new position in shares of The Goldman Sachs Group in the 2nd quarter valued at approximately $215,000. 71.21% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on GS shares. Wells Fargo & Company boosted their target price on The Goldman Sachs Group from $785.00 to $855.00 and gave the company an "overweight" rating in a research note on Tuesday, September 16th. BMO Capital Markets started coverage on The Goldman Sachs Group in a report on Friday, October 3rd. They issued a "market perform" rating and a $785.00 price objective for the company. Zacks Research downgraded The Goldman Sachs Group from a "strong-buy" rating to a "hold" rating in a report on Tuesday, September 16th. UBS Group increased their price objective on The Goldman Sachs Group from $762.00 to $805.00 and gave the company a "neutral" rating in a report on Tuesday. Finally, Morgan Stanley increased their price objective on The Goldman Sachs Group from $706.00 to $854.00 and gave the company an "equal weight" rating in a report on Monday, September 29th. Five research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $727.31.

Insider Transactions at The Goldman Sachs Group

In other The Goldman Sachs Group news, CFO Denis P. Coleman sold 7,463 shares of the stock in a transaction on Friday, July 25th. The stock was sold at an average price of $724.40, for a total transaction of $5,406,197.20. Following the transaction, the chief financial officer owned 18,594 shares in the company, valued at $13,469,493.60. This trade represents a 28.64% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO David M. Solomon sold 6,608 shares of the stock in a transaction on Wednesday, July 23rd. The stock was sold at an average price of $712.31, for a total value of $4,706,944.48. Following the transaction, the chief executive officer owned 126,176 shares in the company, valued at $89,876,426.56. The trade was a 4.98% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 38,323 shares of company stock worth $28,111,828 over the last quarter. 0.55% of the stock is currently owned by corporate insiders.

The Goldman Sachs Group Stock Down 1.0%

GS opened at $788.56 on Wednesday. The Goldman Sachs Group, Inc. has a 1-year low of $439.38 and a 1-year high of $825.25. The stock's fifty day simple moving average is $757.63 and its 200 day simple moving average is $658.90. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 2.57. The stock has a market cap of $238.71 billion, a PE ratio of 17.38, a price-to-earnings-growth ratio of 1.64 and a beta of 1.42.

The Goldman Sachs Group (NYSE:GS - Get Free Report) last posted its quarterly earnings data on Wednesday, July 16th. The investment management company reported $10.91 earnings per share for the quarter, topping the consensus estimate of $9.82 by $1.09. The firm had revenue of $14.58 billion for the quarter, compared to analysts' expectations of $13.53 billion. The Goldman Sachs Group had a return on equity of 14.32% and a net margin of 12.37%.The company's quarterly revenue was up 14.5% compared to the same quarter last year. During the same quarter last year, the business earned $8.62 EPS. As a group, research analysts expect 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 disclosed a quarterly dividend, which was paid on Monday, September 29th. Shareholders of record on Friday, August 29th were given a dividend of $4.00 per share. This represents a $16.00 annualized dividend and a yield of 2.0%. The ex-dividend date was 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 (DPR) is 35.26%.

The Goldman Sachs Group Company 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.

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