Channing Capital Management LLC Raises Stake in The Goldman Sachs Group, Inc. $GS

Key Points

• Channing Capital Management LLC increased its stake in The Goldman Sachs Group by 24.6%, owning 17,511 shares valued at approximately $9.57 million after purchasing an additional 3,456 shares in the first quarter.
• The company announced a quarterly dividend increase to $4.00 per share, up from $3.00, representing a yield of 2.2% on an annualized basis.
• Goldman Sachs reported earnings per share of $10.91 for the latest quarter, exceeding analysts' expectations of $9.82, with a year-over-year revenue growth of 14.5%.

Channing Capital Management LLC boosted its stake in shares of The Goldman Sachs Group, Inc. (NYSE:GS - Free Report) by 24.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 17,511 shares of the investment management company's stock after buying an additional 3,456 shares during the quarter. Channing Capital Management LLC's holdings in The Goldman Sachs Group were worth $9,566,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. GAMMA Investing LLC grew its holdings in shares of The Goldman Sachs Group by 63,864.7% in the first 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 in the last quarter. Northern Trust Corp lifted its position in shares of 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 worth $1,820,677,000 after purchasing an additional 40,125 shares during the last quarter. International Assets Investment Management LLC purchased a new position in The Goldman Sachs Group in the first quarter valued at $1,766,238,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in The Goldman Sachs Group by 15.0% in the fourth 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 buying an additional 256,204 shares during the last quarter. Finally, Castlekeep Investment Advisors LLC acquired a new stake in The Goldman Sachs Group in the fourth quarter valued at $944,334,000. 71.21% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at The Goldman Sachs Group

In other The Goldman Sachs Group news, CEO David M. Solomon sold 6,608 shares of the company's stock in a transaction that occurred on 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 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP John F.W. Rogers sold 6,008 shares of the 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 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 sold a total of 20,079 shares of company stock valued at $14,423,221 in the last ninety days. Insiders own 0.55% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on GS shares. Morgan Stanley increased their price objective 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. Keefe, Bruyette & Woods upped their price target on The Goldman Sachs Group from $771.00 to $790.00 and gave the company a "market perform" rating in a report on Thursday, July 17th. JMP Securities reissued a "market perform" rating and set a $600.00 price objective on shares of The Goldman Sachs Group in a report on Monday, July 14th. Citigroup boosted their price objective on shares of The Goldman Sachs Group from $550.00 to $700.00 and gave the stock a "neutral" rating in a research report on Monday, July 21st. Finally, Wall Street Zen raised shares of The Goldman Sachs Group from a "sell" rating to a "hold" rating in a research report on Saturday, July 12th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $660.00.

The Goldman Sachs Group Stock Performance

Shares of GS traded up $25.8940 during mid-day trading on Friday, reaching $741.8440. 1,948,403 shares of the company's stock were exchanged, compared to its average volume of 1,756,604. The business's fifty day simple moving average is $705.56 and its 200-day simple moving average is $620.70. The stock has a market capitalization of $224.57 billion, a PE ratio of 16.35, a price-to-earnings-growth ratio of 1.58 and a beta of 1.38. The Goldman Sachs Group, Inc. has a 52-week low of $439.38 and a 52-week high of $749.05. 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 (NYSE:GS - Get Free Report) last issued its quarterly earnings results 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 firm 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 earned $8.62 EPS. The Goldman Sachs Group's quarterly revenue was up 14.5% compared to the same quarter last year. On average, equities research analysts expect that The Goldman Sachs Group, Inc. will post 47.12 earnings per share for the current year.

The Goldman Sachs Group Increases Dividend

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

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.