Parallel Advisors LLC Raises Stock Position in The Goldman Sachs Group, Inc. $GS

Key Points

• Parallel Advisors LLC increased its stake in The Goldman Sachs Group by 6.0% during Q2, owning 6,646 shares valued at approximately $4.7 million.
• CEO David M. Solomon sold 6,608 shares for about $4.7 million, resulting in a 4.98% decrease in his holdings.
• The Goldman Sachs Group announced a quarterly dividend increase to $4.00 per share, representing a 33.33% increase from the previous $3.00.

Parallel Advisors LLC raised its stake in The Goldman Sachs Group, Inc. (NYSE:GS - Free Report) by 6.0% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 6,646 shares of the investment management company's stock after acquiring an additional 379 shares during the quarter. Parallel Advisors LLC's holdings in The Goldman Sachs Group were worth $4,704,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Canada Pension Plan Investment Board boosted its position in The Goldman Sachs Group by 28.6% during the first quarter. Canada Pension Plan Investment Board now owns 524,296 shares of the investment management company's stock worth $286,418,000 after purchasing an additional 116,535 shares in the last quarter. Clear Creek Financial Management LLC acquired a new stake in shares of The Goldman Sachs Group in the first quarter valued at approximately $321,000. Blueshift Asset Management LLC grew its holdings in shares of The Goldman Sachs Group by 161.8% in the first quarter. Blueshift Asset Management LLC now owns 1,055 shares of the investment management company's stock valued at $576,000 after purchasing an additional 652 shares during the period. Adams Diversified Equity Fund Inc. raised its position in The Goldman Sachs Group by 41.5% in the first quarter. Adams Diversified Equity Fund Inc. now owns 49,800 shares of the investment management company's stock valued at $27,205,000 after purchasing an additional 14,600 shares during the period. Finally, Terra Nova Asset Management LLC acquired a new position in The Goldman Sachs Group during the first quarter worth $1,643,000. Institutional investors and hedge funds own 71.21% of the company's stock.

Insider Transactions at The Goldman Sachs Group

In related news, CEO David M. Solomon sold 6,608 shares of the company's stock in a transaction dated 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 completion of the sale, 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP John F.W. Rogers sold 6,008 shares of The Goldman Sachs Group stock in a transaction that occurred on 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 transaction, the executive vice president directly owned 65,761 shares in the company, valued at approximately $47,176,283.79. This trade represents a 8.37% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 38,323 shares of company stock worth $28,111,828 over the last three months. 0.55% of the stock is currently owned by company insiders.

The Goldman Sachs Group Stock Performance

Shares of The Goldman Sachs Group stock opened at $787.29 on Tuesday. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 2.57. The Goldman Sachs Group, Inc. has a 52 week low of $439.38 and a 52 week high of $793.17. The firm's 50 day moving average is $730.38 and its two-hundred day moving average is $632.90. The firm has a market capitalization of $238.33 billion, a P/E ratio of 17.35, a P/E/G ratio of 1.64 and a beta of 1.41.

The Goldman Sachs Group (NYSE:GS - Get Free Report) last issued its earnings results on Wednesday, July 16th. The investment management company reported $10.91 earnings per share (EPS) for the quarter, beating the consensus estimate 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 analysts' expectations of $13.53 billion. During the same quarter in the prior year, the business posted $8.62 EPS. The company's revenue for the quarter was up 14.5% on a year-over-year basis. Research analysts forecast that The Goldman Sachs Group, Inc. will post 47.12 EPS for the current fiscal year.

The Goldman Sachs Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Friday, August 29th will be issued a dividend of $4.00 per share. 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. This represents a $16.00 annualized dividend and a dividend yield of 2.0%. The Goldman Sachs Group's dividend payout ratio is 35.26%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on GS. Morgan Stanley increased their price target on shares of The Goldman Sachs Group from $680.00 to $715.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 17th. Evercore ISI set a $715.00 target price on shares of The Goldman Sachs Group and gave the stock an "outperform" rating in a report on Thursday, July 10th. Wall Street Zen upgraded shares of The Goldman Sachs Group from a "sell" rating to a "hold" rating in a research note on Saturday, July 12th. Royal Bank Of Canada reiterated a "sector perform" rating on shares of The Goldman Sachs Group in a research note on Thursday, July 10th. Finally, Citizens Jmp reissued a "market perform" rating on shares of The Goldman Sachs Group in a research note on Monday, July 14th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $660.00.

About The Goldman Sachs Group

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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