Summit Financial LLC Has $3.25 Million Holdings in The Goldman Sachs Group, Inc. $GS

Key Points

• Summit Financial LLC increased its holdings in The Goldman Sachs Group by 95.7% in the first quarter, bringing its total investment to $3.25 million.
• Goldman Sachs reported earnings of $10.91 per share, exceeding expectations, with revenues of $14.58 billion—a 14.5% increase year-over-year.
• The company announced a quarterly dividend increase from $3.00 to $4.00 per share, set to be paid on September 29th, reflecting a dividend yield of 2.2%.

Summit Financial LLC boosted its stake in shares of The Goldman Sachs Group, Inc. (NYSE:GS - Free Report) by 95.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,954 shares of the investment management company's stock after purchasing an additional 2,912 shares during the quarter. Summit Financial LLC's holdings in The Goldman Sachs Group were worth $3,253,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the stock. GAMMA Investing LLC raised its stake in The Goldman Sachs Group by 63,864.7% during the 1st quarter. GAMMA Investing LLC now owns 3,976,684 shares of the investment management company's stock valued at $2,172,423,000 after purchasing an additional 3,970,467 shares during the last quarter. Northern Trust Corp raised its stake in The Goldman Sachs Group by 1.2% during the 1st quarter. Northern Trust Corp now owns 3,332,804 shares of the investment management company's stock valued at $1,820,677,000 after purchasing an additional 40,125 shares during the last quarter. International Assets Investment Management LLC acquired a new position in The Goldman Sachs Group during the 1st quarter valued at $1,766,238,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in The Goldman Sachs Group by 15.0% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,963,836 shares of the investment management company's stock valued at $1,124,532,000 after purchasing an additional 256,204 shares during the last quarter. Finally, Castlekeep Investment Advisors LLC acquired a new position in The Goldman Sachs Group during the 4th quarter valued at $944,334,000. 71.21% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, EVP John F.W. Rogers sold 6,008 shares of the stock in a transaction dated Wednesday, July 23rd. The shares were sold at an average price of $717.39, for a total transaction of $4,310,079.12. Following the completion of the sale, the executive vice president owned 65,761 shares in the company, valued at $47,176,283.79. This trade represents a 8.37% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO David M. Solomon sold 6,608 shares of the 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 sale, the chief executive officer owned 126,176 shares of the company's stock, valued at $89,876,426.56. This trade represents a 4.98% decrease in their position. The disclosure for this sale can be found here. Insiders sold 20,079 shares of company stock worth $14,423,221 in the last quarter. 0.55% of the stock is owned by corporate insiders.

The Goldman Sachs Group Trading Down 0.7%

Shares of The Goldman Sachs Group stock opened at $715.3670 on Friday. The stock has a market capitalization of $216.56 billion, a P/E ratio of 15.76, a price-to-earnings-growth ratio of 1.53 and a beta of 1.38. 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 company has a 50-day simple moving average of $702.98 and a 200 day simple moving average of $620.13. The Goldman Sachs Group, Inc. has a 12-month low of $439.38 and a 12-month high of $749.05.

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

The Goldman Sachs Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Friday, August 29th will be given a dividend of $4.00 per share. This is an increase from The Goldman Sachs Group's previous quarterly dividend of $3.00. The ex-dividend date is Friday, August 29th. This represents a $16.00 dividend on an annualized basis and a dividend yield of 2.2%. The Goldman Sachs Group's dividend payout ratio is 26.44%.

Analysts Set New Price Targets

Several equities analysts recently commented on GS shares. Wells Fargo & Company upped their target price on shares of The Goldman Sachs Group from $650.00 to $785.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. Zacks Research upgraded shares of The Goldman Sachs Group from a "hold" rating to a "strong-buy" rating in a research note on Friday, August 15th. Evercore ISI set a $715.00 price objective on shares of The Goldman Sachs Group and gave the company an "outperform" rating in a research note on Thursday, July 10th. Morgan Stanley increased their price objective on shares of The Goldman Sachs Group from $680.00 to $715.00 and gave the company an "equal weight" rating in a research note on Thursday, July 17th. Finally, Citigroup increased their price objective on shares of 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. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus price target 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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