The Goldman Sachs Group, Inc. $GS Shares Acquired by Citizens Financial Group Inc. RI

Key Points

• Citizens Financial Group increased its stake in Goldman Sachs by 31.7% in the first quarter, adding 14,785 shares and bringing its total holding to 61,467 shares valued at about $52 million.
• Goldman Sachs has been seeing positive business momentum, including two large retirement-plan asset management wins from Verizon and Lockheed Martin that added roughly $70 billion in assets and expanded its outsourced CIO business.
• The company recently posted strong quarterly results, beating earnings and revenue estimates, while analysts remain mixed overall with a consensus rating of Hold and an average target price of $986.91.

Citizens Financial Group Inc. RI boosted its position in The Goldman Sachs Group, Inc. (NYSE:GS - Free Report) by 31.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 61,467 shares of the investment management company's stock after acquiring an additional 14,785 shares during the quarter. The Goldman Sachs Group accounts for about 0.7% of Citizens Financial Group Inc. RI's holdings, making the stock its 26th biggest holding. Citizens Financial Group Inc. RI's holdings in The Goldman Sachs Group were worth $52,000,000 at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in GS. Dagco Inc. purchased a new stake in shares of The Goldman Sachs Group during the 4th quarter worth $25,000. Garton & Associates Financial Advisors LLC acquired a new stake in The Goldman Sachs Group in the fourth quarter valued at $26,000. Manning & Napier Advisors LLC raised its stake in The Goldman Sachs Group by 287.5% in the fourth quarter. Manning & Napier Advisors LLC now owns 31 shares of the investment management company's stock valued at $27,000 after buying an additional 23 shares in the last quarter. Steph & Co. purchased a new stake in The Goldman Sachs Group during the 1st quarter worth about $27,000. Finally, Lifetime Wealth Management P.C. acquired a new position in shares of The Goldman Sachs Group during the 4th quarter worth about $29,000. Hedge funds and other institutional investors own 71.21% of the company's stock.

The Goldman Sachs Group News Summary

Here are the key news stories impacting The Goldman Sachs Group this week:

• Positive Sentiment: Goldman Sachs won two large retirement-plan asset management mandates from Verizon and Lockheed Martin, adding roughly $70 billion in new assets and expanding its outsourced CIO business. Goldman Sachs Secures Massive $70B Retirement Plan Contracts from Verizon and Lockheed Martin
• Positive Sentiment: Multiple previews ahead of Goldman’s July 14 Q2 earnings point to strong investment-banking and trading results, with expectations for higher revenue from market activity and advisory fees. Goldman Q2 Earnings on the Deck: What's in Store for the Stock?
• Positive Sentiment: Goldman’s own research highlighted improved conditions in currency carry trades and warned that higher FX volatility could benefit trading desks, reinforcing the view that market activity may support results. Carry Trades Face Best Conditions Since 2000, Goldman Sachs Says
• Neutral Sentiment: Goldman also moved to restrict employee use of prediction markets tied to finance and politics, a compliance-focused policy change that is unlikely to materially affect near-term earnings. Wall St. Sets Limits on Prediction Market Trading
• Neutral Sentiment: Several headlines were about Goldman’s analyst calls on other companies and broader market commentary, which are not direct catalysts for GS shares.

Insider Buying and Selling at The Goldman Sachs Group

In other news, insider Kathryn H. Ruemmler sold 14,292 shares of the company's stock in a transaction dated Wednesday, May 6th. The shares were sold at an average price of $939.07, for a total value of $13,421,188.44. Following the completion of the sale, the insider directly owned 15,657 shares of the company's stock, valued at approximately $14,703,018.99. This represents a 47.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Sheara J. Fredman sold 10,301 shares of the firm's stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $929.17, for a total value of $9,571,380.17. Following the transaction, the chief accounting officer directly owned 6,338 shares in the company, valued at approximately $5,889,079.46. This represents a 61.91% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 33,681 shares of company stock worth $31,737,875 in the last quarter. 0.55% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on GS shares. JPMorgan Chase & Co. raised their target price on The Goldman Sachs Group from $826.00 to $900.00 and gave the stock a "neutral" rating in a research report on Friday, June 12th. Jefferies Financial Group dropped their price target on shares of The Goldman Sachs Group from $1,125.00 to $1,049.00 and set a "buy" rating on the stock in a research note on Monday, April 6th. Weiss Ratings upgraded shares of The Goldman Sachs Group from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Tuesday, June 30th. UBS Group lifted their price target on shares of The Goldman Sachs Group from $940.00 to $1,120.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 7th. Finally, Daiwa Securities Group boosted their price target on shares of The Goldman Sachs Group from $891.00 to $930.00 and gave the company a "neutral" rating in a research report on Tuesday, May 5th. Ten equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $986.91.

The Goldman Sachs Group Stock Performance

GS traded up $0.07 during trading on Friday, hitting $1,056.04. 1,110,031 shares of the stock were exchanged, compared to its average volume of 1,972,365. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 2.89. The Goldman Sachs Group, Inc. has a 1-year low of $691.30 and a 1-year high of $1,125.00. The stock has a fifty day moving average price of $1,017.99 and a two-hundred day moving average price of $938.64. The firm has a market capitalization of $311.54 billion, a P/E ratio of 19.30, a PEG ratio of 1.35 and a beta of 1.30.

The Goldman Sachs Group (NYSE:GS - Get Free Report) last posted its quarterly earnings data on Monday, April 13th. The investment management company reported $17.55 earnings per share for the quarter, beating the consensus estimate of $15.92 by $1.63. The business had revenue of $17.23 billion during the quarter, compared to the consensus estimate of $16.66 billion. The Goldman Sachs Group had a return on equity of 16.53% and a net margin of 14.13%.The company's revenue was up 14.4% compared to the same quarter last year. During the same period in the prior year, the company earned $14.12 earnings per share. As a group, sell-side analysts predict that The Goldman Sachs Group, Inc. will post 60.44 earnings per share for the current year.

The Goldman Sachs Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 29th. Investors of record on Monday, June 1st were given a $4.50 dividend. The ex-dividend date was Monday, June 1st. This represents a $18.00 annualized dividend and a yield of 1.7%. The Goldman Sachs Group's dividend payout ratio is 32.89%.

About The Goldman Sachs Group

The Goldman Sachs Group, Inc is a global investment banking and financial services firm headquartered in New York City. Founded in 1869 as a commercial paper business, the company has grown into a diversified financial institution that provides a broad range of services to corporations, financial institutions, governments and individuals. The firm is led by Chief Executive Officer David M. Solomon and operates across major financial centers worldwide.

Goldman Sachs' core businesses include investment banking, global markets, asset and wealth management, and consumer banking.

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