Palacios Wealth Management LLC Acquires New Holdings in The Goldman Sachs Group, Inc. $GS

Key Points

• Palacios Wealth Management LLC invested $408,000 in The Goldman Sachs Group by acquiring 576 shares in the second quarter.
• The company reported $10.91 earnings per share (EPS) for the last quarter, surpassing analysts' expectations of $9.82, with revenue of $14.58 billion, up 14.5% year-over-year.
• The Goldman Sachs Group recently increased its quarterly dividend from $3.00 to $4.00, reflecting a yield of 2.0% on an annualized basis.

Palacios Wealth Management LLC bought a new position in The Goldman Sachs Group, Inc. (NYSE:GS - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 576 shares of the investment management company's stock, valued at approximately $408,000.

Several other hedge funds have also recently added to or reduced their stakes in GS. Clal Insurance Enterprises Holdings Ltd bought a new position in shares of The Goldman Sachs Group during the first quarter valued at about $25,000. American Capital Advisory LLC bought a new stake in shares of The Goldman Sachs Group during the 1st quarter valued at about $29,000. Godsey & Gibb Inc. boosted its stake in shares of The Goldman Sachs Group by 170.0% during the 1st quarter. Godsey & Gibb Inc. now owns 54 shares of the investment management company's stock valued at $30,000 after purchasing an additional 34 shares in the last quarter. Mascagni Wealth Management Inc. bought a new position in shares of The Goldman Sachs Group in the 4th quarter worth about $31,000. Finally, Lowe Wealth Advisors LLC increased its stake in shares of The Goldman Sachs Group by 326.7% in the 1st quarter. Lowe Wealth Advisors LLC now owns 64 shares of the investment management company's stock worth $35,000 after acquiring an additional 49 shares in the last quarter. Institutional investors own 71.21% of the company's stock.

The Goldman Sachs Group Stock Performance

GS traded down $0.37 during midday trading on Tuesday, hitting $805.19. 1,121,872 shares of the company were exchanged, compared to its average volume of 2,438,478. The company's 50 day simple moving average is $739.87 and its 200 day simple moving average is $640.52. The firm has a market capitalization of $243.75 billion, a price-to-earnings ratio of 17.73, a price-to-earnings-growth ratio of 1.68 and a beta of 1.41. The Goldman Sachs Group, Inc. has a 1-year low of $439.38 and a 1-year high of $825.25. 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 Goldman Sachs Group (NYSE:GS - Get Free Report) last issued its quarterly earnings data on Wednesday, July 16th. The investment management company reported $10.91 earnings per share for the quarter, topping analysts' consensus estimates of $9.82 by $1.09. The Goldman Sachs Group had a net margin of 12.37% and a return on equity of 14.32%. The business had revenue of $14.58 billion during the quarter, compared to the consensus estimate of $13.53 billion. During the same quarter in the prior year, the firm posted $8.62 earnings per share. The company's revenue was up 14.5% compared to the same quarter last year. As a group, sell-side 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 firm also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Stockholders 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 dividend yield of 2.0%. This is a positive change from The Goldman Sachs Group's previous quarterly dividend of $3.00. The ex-dividend date is Friday, August 29th. The Goldman Sachs Group's dividend payout ratio (DPR) is currently 35.26%.

Analyst Ratings Changes

A number of brokerages recently issued reports on GS. Evercore ISI set a $715.00 price target on shares of The Goldman Sachs Group and gave the stock an "outperform" rating in a research note on Thursday, July 10th. Citizens Jmp reissued a "market perform" rating on shares of The Goldman Sachs Group in a report on Monday, July 14th. Morgan Stanley boosted their price target on The Goldman Sachs Group from $680.00 to $715.00 and gave the company an "equal weight" rating in a report on Thursday, July 17th. Wall Street Zen raised The Goldman Sachs Group from a "sell" rating to a "hold" rating in a report on Saturday, July 12th. Finally, Keefe, Bruyette & Woods boosted their target price on shares of The Goldman Sachs Group from $771.00 to $790.00 and gave the stock a "market perform" rating in a report on Thursday, July 17th. Five analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, The Goldman Sachs Group has a consensus rating of "Hold" and an average target price of $665.00.

Insider Buying and Selling at The Goldman Sachs Group

In other news, CEO David M. Solomon sold 6,608 shares of the business's stock in a transaction dated Wednesday, July 23rd. The shares were sold at an average price of $712.31, for a total transaction of $4,706,944.48. Following the transaction, the chief executive officer owned 126,176 shares of the company's stock, valued at approximately $89,876,426.56. The trade was a 4.98% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP John F.W. Rogers sold 6,008 shares of the firm's stock in a transaction dated Wednesday, July 23rd. The stock was sold at an average price of $717.39, for a total value of $4,310,079.12. Following the sale, the executive vice president directly owned 65,761 shares of the company's stock, valued at $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. Insiders have sold 38,323 shares of company stock valued at $28,111,828 over the last ninety days. 0.55% of the stock is currently owned by corporate insiders.

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.