The Goldman Sachs Group, Inc. $GS Shares Sold by Western Financial Corp CA

Key Points

• Western Financial Corp. CA cut its Goldman Sachs stake by 70.5% in the third quarter, selling 4,272 shares and retaining 1,784 shares valued at approximately $1.61 million. Institutional investors own 71.21% of GS.
• Goldman Sachs reported a strong third quarter, with EPS of $17.01 and revenue of $18.68 billion, beating estimates as revenue rose 23% year over year. Equities revenue surged 72%, while net earnings increased 29% to $5.29 billion.
• Despite the earnings beat, GS shares fell to $877.07 amid inflation and interest-rate concerns. Analysts’ consensus rating remains Hold with an average price target of $1,050.55, while Goldman declared a $5 quarterly dividend, representing a 2.3% annualized yield.

Western Financial Corp CA trimmed its holdings in shares of The Goldman Sachs Group, Inc. (NYSE:GS - Free Report) by 70.5% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 1,784 shares of the investment management company's stock after selling 4,272 shares during the period. Western Financial Corp CA's holdings in The Goldman Sachs Group were worth $1,606,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in GS. Audent Global Asset Management LLC increased its position in shares of The Goldman Sachs Group by 10.1% during the fourth quarter. Audent Global Asset Management LLC now owns 5,238 shares of the investment management company's stock valued at $4,604,000 after acquiring an additional 479 shares in the last quarter. Wealthfront Advisers LLC purchased a new position in The Goldman Sachs Group in the 2nd quarter worth approximately $53,720,000. Oak Grove Capital LLC bought a new position in The Goldman Sachs Group in the 4th quarter valued at approximately $1,890,000. Sax Wealth Advisors LLC lifted its position in The Goldman Sachs Group by 148.7% in the 2nd quarter. Sax Wealth Advisors LLC now owns 3,529 shares of the investment management company's stock valued at $3,569,000 after acquiring an additional 2,110 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. lifted its position in The Goldman Sachs Group by 14.7% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 17,422 shares of the investment management company's stock valued at $17,606,000 after acquiring an additional 2,230 shares in the last quarter. 71.21% of the stock is currently owned by hedge funds and other institutional investors.

Key Headlines Impacting The Goldman Sachs Group

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?

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. TD Cowen began coverage on The Goldman Sachs Group in a research note on Thursday, October 8th. They issued a "buy" rating and a $1,050.00 price target for the company. Weiss Ratings downgraded The Goldman Sachs Group from a "buy (b-)" rating to a "hold (c+)" rating in a report on Friday. Morgan Stanley set a $1,145.00 price objective on The Goldman Sachs Group in a research report on Wednesday, July 15th. UBS Group reduced their price objective on The Goldman Sachs Group from $1,150.00 to $1,010.00 and set a "neutral" rating for the company in a report on Monday, October 5th. Finally, Bank of America lifted their price objective on The Goldman Sachs Group from $1,150.00 to $1,300.00 and gave the stock a "buy" rating in a report on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, thirteen have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $1,050.55.

The Goldman Sachs Group Price Performance

Shares of The Goldman Sachs Group stock traded down $14.84 on Wednesday, hitting $877.07. 3,403,578 shares of the company traded hands, compared to its average volume of 2,219,712. The stock has a market capitalization of $255.38 billion, a P/E ratio of 13.54, a price-to-earnings-growth ratio of 0.98 and a beta of 1.29. The Goldman Sachs Group, Inc. has a 52 week low of $740.01 and a 52 week high of $1,153.99. 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 business has a 50-day simple moving average of $980.74 and a 200 day simple moving average of $989.49.

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

The Goldman Sachs Group Dividend Announcement

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

The Goldman Sachs Group Company Profile

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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