Resona Asset Management Co. Ltd. Acquires 6,660 Shares of The Goldman Sachs Group, Inc. (NYSE:GS)

Key Points

• Resona Asset Management Co. Ltd. increased its stake in The Goldman Sachs Group by 7.3%, acquiring a total of 98,392 shares valued at approximately $53.7 million as of the end of the last quarter.
• The Goldman Sachs Group recently posted earnings per share (EPS) of $10.91 for the quarter, surpassing estimates and increasing revenue by 14.5% year-over-year.
• The company declared a quarterly dividend of $4.00, up from the previous $3.00, reflecting a commitment to returning value to shareholders amidst strong financial performance.

Resona Asset Management Co. Ltd. lifted its stake in shares of The Goldman Sachs Group, Inc. (NYSE:GS - Free Report) by 7.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 98,392 shares of the investment management company's stock after purchasing an additional 6,660 shares during the period. Resona Asset Management Co. Ltd.'s holdings in The Goldman Sachs Group were worth $53,703,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. American Capital Advisory LLC bought a new stake in The Goldman Sachs Group in the 1st quarter valued at $29,000. Godsey & Gibb Inc. raised its stake in The Goldman Sachs Group by 170.0% in the 1st quarter. Godsey & Gibb Inc. now owns 54 shares of the investment management company's stock valued at $30,000 after acquiring an additional 34 shares during the period. Transce3nd LLC bought a new stake in The Goldman Sachs Group in the 4th quarter valued at $31,000. Mascagni Wealth Management Inc. bought a new stake in The Goldman Sachs Group in the 4th quarter valued at $31,000. Finally, Lowe Wealth Advisors LLC raised its stake in 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 valued at $35,000 after acquiring an additional 49 shares during the period. Institutional investors own 71.21% of the company's stock.

Insider Transactions at The Goldman Sachs Group

In other news, CEO David M. Solomon sold 6,608 shares of the firm's stock in a transaction dated 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 completion of the transaction, the chief executive officer directly owned 126,176 shares in the company, valued at $89,876,426.56. This trade represents a 4.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Denis P. Coleman sold 7,463 shares of the firm's stock in a transaction dated Friday, July 25th. The stock was sold at an average price of $724.40, for a total value of $5,406,197.20. Following the transaction, the chief financial officer owned 18,594 shares of the company's stock, valued at $13,469,493.60. This trade represents a 28.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 20,079 shares of company stock worth $14,423,221 over the last ninety days. 0.55% of the stock is owned by insiders.

The Goldman Sachs Group Price Performance

NYSE:GS traded down $16.70 during trading hours on Friday, hitting $730.50. The company's stock had a trading volume of 1,638,652 shares, compared to its average volume of 2,562,796. The stock has a fifty day simple moving average of $692.48 and a 200-day simple moving average of $617.21. The company has a market capitalization of $221.14 billion, a P/E ratio of 16.10, a PEG ratio of 1.58 and a beta of 1.38. The company has a debt-to-equity ratio of 2.57, a current ratio of 0.67 and a quick ratio of 0.67. The Goldman Sachs Group, Inc. has a twelve month low of $439.38 and a twelve month high of $749.05.

The Goldman Sachs Group (NYSE:GS - Get Free Report) last announced its quarterly earnings results on Wednesday, July 16th. The investment management company reported $10.91 EPS for the quarter, beating analysts' consensus estimates of $9.82 by $1.09. The Goldman Sachs Group had a return on equity of 14.32% and a net margin of 12.37%. The firm had revenue of $14.58 billion for the quarter, compared to analyst estimates of $13.53 billion. During the same period last year, the firm posted $8.62 earnings per share. The business's revenue for the quarter was up 14.5% on a year-over-year basis. On average, analysts anticipate that The Goldman Sachs Group, Inc. will post 47.12 EPS for the current fiscal year.

The Goldman Sachs Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Friday, August 29th will be given a dividend of $4.00 per share. This represents a $16.00 dividend on an annualized basis and a dividend yield of 2.2%. 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 is 26.44%.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on GS. Citigroup increased their price target on The Goldman Sachs Group from $550.00 to $700.00 and gave the company a "neutral" rating in a research note on Monday, July 21st. Royal Bank Of Canada reiterated a "sector perform" rating on shares of The Goldman Sachs Group in a research report on Thursday, July 10th. JMP Securities reiterated a "market perform" rating and set a $600.00 price objective on shares of The Goldman Sachs Group in a research report on Monday, July 14th. Morgan Stanley increased their price objective on 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. Finally, Evercore ISI set a $715.00 price objective on The Goldman Sachs Group and gave the stock an "outperform" rating in a research report on Thursday, July 10th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and five have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $660.00.

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.