The Goldman Sachs Group, Inc. $GS Shares Sold by Essex LLC

Key Points

• Essex LLC reduced its Goldman Sachs stake by 11.3% in the third quarter, selling 1,562 shares and retaining 12,224 shares valued at approximately $11 million. Institutional investors collectively own 71.21% of GS stock.
• Goldman Sachs reported a strong third quarter, with EPS of $17.01 and revenue of $18.68 billion, exceeding estimates; revenue rose 23% year over year, driven by a 72% increase in equities revenue. The company also declared a $5 quarterly dividend, yielding about 2.3% annually.
• Despite the earnings beat, analysts largely maintain a Hold or neutral outlook, with several lowering price targets. GS shares fell to $877.07 amid inflation and interest-rate concerns that could pressure dealmaking, financing demand and valuations.

Essex LLC lowered its stake in shares of The Goldman Sachs Group, Inc. (NYSE:GS - Free Report) by 11.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 12,224 shares of the investment management company's stock after selling 1,562 shares during the quarter. The Goldman Sachs Group comprises approximately 1.6% of Essex LLC's holdings, making the stock its 16th largest holding. Essex LLC's holdings in The Goldman Sachs Group were worth $11,006,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in GS. Sky Investment Group LLC raised its stake in shares of The Goldman Sachs Group by 0.9% in the 2nd quarter. Sky Investment Group LLC now owns 1,168 shares of the investment management company's stock valued at $1,181,000 after buying an additional 10 shares in the last quarter. Warren Street Wealth Advisors LLC grew its holdings in shares of The Goldman Sachs Group by 3.9% in the 2nd quarter. Warren Street Wealth Advisors LLC now owns 269 shares of the investment management company's stock worth $272,000 after purchasing an additional 10 shares during the last quarter. First Financial Group Corp increased its holdings in shares of The Goldman Sachs Group by 4.7% during the first quarter. First Financial Group Corp now owns 246 shares of the investment management company's stock worth $208,000 after buying an additional 11 shares in the last quarter. Meadow Creek Wealth Advisors LLC boosted its holdings in shares of The Goldman Sachs Group by 1.7% in the 1st quarter. Meadow Creek Wealth Advisors LLC now owns 673 shares of the investment management company's stock worth $569,000 after acquiring an additional 11 shares in the last quarter. Finally, DecisionMap Wealth Management LLC raised its position in The Goldman Sachs Group by 3.2% in the 2nd quarter. DecisionMap Wealth Management LLC now owns 350 shares of the investment management company's stock valued at $354,000 after purchasing an additional 11 shares during the last quarter. 71.21% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on GS shares. Weiss Ratings downgraded The Goldman Sachs Group from a "buy (b-)" rating to a "hold (c+)" rating in a report on Friday. Royal Bank Of Canada reduced their price objective on shares of The Goldman Sachs Group from $1,220.00 to $1,010.00 and set a "sector perform" rating on the stock in a research note on Wednesday. Citigroup restated a "market perform" rating on shares of The Goldman Sachs Group in a research report on Wednesday. Zacks Research downgraded shares of The Goldman Sachs Group from a "strong-buy" rating to a "hold" rating in a research note on Friday, September 18th. Finally, JPMorgan Chase & Co. boosted their price objective on The Goldman Sachs Group from $900.00 to $955.00 and gave the company a "neutral" rating in a research report on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, thirteen have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $1,050.55.

The Goldman Sachs Group News Summary

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

• Positive Sentiment: Goldman Sachs reported third-quarter EPS of $17.01 on revenue of $18.68 billion, well above estimates of $12.86 and $16.83 billion, respectively. Revenue increased 23% year over year, while net earnings rose 29% to $5.29 billion. Goldman Sachs quarterly profit rises on equities strength
• Positive Sentiment: Results were driven by a 72% surge in equities revenue to $6.44 billion, a 21% increase in investment-banking fees and strong financing and wealth-management activity. The board also declared a $5 quarterly dividend, equivalent to a 2.3% annualized yield. Goldman Q3 Earnings Beat on Strong Equities and Investment Banking Revenues
• Positive Sentiment: CEO David Solomon said Goldman has a “big, durable, diverse business,” sees a favorable market environment and does not anticipate a leadership transition. He also pointed to ongoing M&A and financing opportunities. Goldman Sachs CEO Solomon on earnings
• Neutral Sentiment: Citigroup cut its GS price target from $1,050 to $1,000 and adopted a Neutral rating, while RBC lowered its target from $1,220 to $1,010 with a Sector Perform rating. Morgan Stanley maintained a Hold rating and its $1,145 target, signaling that much of the earnings strength may already be reflected in the valuation. Analysts lower their forecasts on Goldman Sachs after Q3 results
• Negative Sentiment: Hotter-than-expected inflation and Solomon’s warning that abrupt interest-rate moves could create headwinds are weighing on financial stocks. Rising rates may also pressure dealmaking, financing demand and valuations, while AI-related infrastructure costs remain a longer-term risk. Why Is Goldman Sachs Stock Falling Wednesday?

The Goldman Sachs Group Stock Performance

Shares of NYSE GS traded down $14.84 during trading hours on Wednesday, reaching $877.07. 3,403,578 shares of the stock were exchanged, compared to its average volume of 2,219,712. The Goldman Sachs Group, Inc. has a 52 week low of $740.01 and a 52 week high of $1,153.99. The firm has a market capitalization of $255.38 billion, a price-to-earnings ratio of 13.54, a P/E/G ratio of 0.98 and a beta of 1.29. The stock's fifty day simple moving average is $984.44 and its 200 day simple moving average is $989.10. The company has a debt-to-equity ratio of 3.17, a quick ratio of 0.63 and a current ratio of 0.63.

The Goldman Sachs Group (NYSE:GS - Get Free Report) last released its quarterly earnings results on Tuesday, October 13th. The investment management company reported $17.01 earnings per share for the quarter, beating analysts' consensus estimates of $12.86 by $4.15. The Goldman Sachs Group had a net margin of 15.53% and a return on equity of 19.16%. The company had revenue of $18.68 billion during the quarter, compared to the consensus estimate of $16.83 billion. During the same period in the previous year, the business earned $12.25 earnings per share. The firm's quarterly revenue was up 23.0% on a year-over-year basis. Sell-side analysts predict that The Goldman Sachs Group, Inc. will post 67.48 EPS for the current year.

The Goldman Sachs Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 30th. Shareholders of record on Wednesday, December 2nd will be paid a dividend of $5.00 per share. This represents a $20.00 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date of this dividend is Wednesday, December 2nd. The Goldman Sachs Group's payout ratio is presently 30.87%.

About The Goldman Sachs Group

The Goldman Sachs Group, Inc is a global financial services company headquartered in New York City. Founded in 1869, the firm provides services to corporations, financial institutions, governments, individuals and other clients through its investment banking, markets, asset management and wealth management businesses.

Goldman Sachs advises clients on mergers and acquisitions, financing and other strategic transactions, and facilitates trading in equities, fixed income, currencies and commodities.

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