The Goldman Sachs Group, Inc. $GS Shares Sold by Westpac Banking Corp

Key Points

• Westpac Banking Corp cut its Goldman Sachs stake by 69.2% in the second quarter, selling 12,222 shares and retaining 5,443 shares valued at approximately $5.5 million. Institutional investors collectively own 71.21% of GS.
• Goldman Sachs reported a strong quarter, with earnings of $20.98 per share and revenue of $20.34 billion, surpassing analyst estimates and marking 39.4% year-over-year revenue growth.
• The company raised its quarterly dividend from $4.50 to $5.00 per share, while analysts maintained a “Moderate Buy” consensus with an average price target of $1,062.86.

Westpac Banking Corp lowered its stake in The Goldman Sachs Group, Inc. (NYSE:GS - Free Report) by 69.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,443 shares of the investment management company's stock after selling 12,222 shares during the period. Westpac Banking Corp's holdings in The Goldman Sachs Group were worth $5,505,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also made changes to their positions in GS. Sky Investment Group LLC increased its stake in shares of The Goldman Sachs Group by 0.9% during the second quarter. Sky Investment Group LLC now owns 1,168 shares of the investment management company's stock worth $1,181,000 after buying an additional 10 shares during the period. Warren Street Wealth Advisors LLC lifted its stake in The Goldman Sachs Group by 3.9% in the second quarter. Warren Street Wealth Advisors LLC now owns 269 shares of the investment management company's stock worth $272,000 after acquiring an additional 10 shares during the last quarter. Pines Wealth Management LLC lifted its stake in The Goldman Sachs Group by 0.4% in the fourth quarter. Pines Wealth Management LLC now owns 2,566 shares of the investment management company's stock worth $2,255,000 after acquiring an additional 11 shares during the last quarter. Welch & Forbes LLC grew its holdings in The Goldman Sachs Group by 0.8% during the 4th quarter. Welch & Forbes LLC now owns 1,430 shares of the investment management company's stock worth $1,257,000 after acquiring an additional 11 shares in the last quarter. Finally, First Financial Group Corp grew its holdings in The Goldman Sachs Group by 4.7% during the 1st quarter. First Financial Group Corp now owns 246 shares of the investment management company's stock worth $208,000 after acquiring an additional 11 shares in the last quarter. Hedge funds and other institutional investors own 71.21% of the company's stock.

More The Goldman Sachs Group News

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

• Positive Sentiment: Goldman Sachs was among the financial giants receiving a “Buy” growth grade, reinforcing the view that its earnings growth, capital-markets franchise and strategic positioning remain attractive. Citigroup and Goldman Sachs lead as most financial giants earn Buy growth grades
• Positive Sentiment: The firm is reportedly expanding into India’s government share-sale market. Greater participation in equity offerings could create additional investment-banking revenue and deepen Goldman’s presence in a fast-growing market. Goldman Sachs expands into India's government share sale market
• Positive Sentiment: Goldman agreed to pay up to $2.25 billion for NEOS Investments, the issuer of high-income ETFs. The acquisition supports Goldman’s asset-management and wealth-products strategy, although investors will monitor the price paid and integration execution. Goldman Sachs acquisition of NEOS Investments
• Neutral Sentiment: Goldman research said gold could exceed its $4,900 year-end forecast amid options demand, Western investor buying and central-bank purchases. The call may benefit the firm’s commodities and trading franchise, but changing interest-rate expectations could increase market volatility and forecasting risk. Gold could top Goldman's forecast
• Negative Sentiment: Goldman strategists described July as one of the sharpest hedge-fund de-grossing episodes of the past decade, with hedge funds posting an unusually weak month relative to the S&P 500. Continued de-risking could pressure trading activity and investment-banking sentiment across Wall Street. Goldman Sachs hedge funds worst month versus S&P 500

The Goldman Sachs Group Stock Up 0.2%

GS stock opened at $1,041.35 on Monday. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 3.17. The Goldman Sachs Group, Inc. has a twelve month low of $718.58 and a twelve month high of $1,153.99. The company's 50 day moving average is $1,053.96 and its two-hundred day moving average is $964.52. The stock has a market cap of $303.21 billion, a P/E ratio of 16.07, a PEG ratio of 1.05 and a beta of 1.30.

The Goldman Sachs Group (NYSE:GS - Get Free Report) last issued its earnings results on Tuesday, July 14th. The investment management company reported $20.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $14.47 by $6.51. The business had revenue of $20.34 billion during the quarter, compared to analysts' expectations of $16.22 billion. The Goldman Sachs Group had a net margin of 15.53% and a return on equity of 19.16%. The company's revenue for the quarter was up 39.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $10.91 EPS. Research analysts expect that The Goldman Sachs Group, Inc. will post 68.89 earnings per share for the current fiscal year.

The Goldman Sachs Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 1st will be paid a $5.00 dividend. This is a boost from The Goldman Sachs Group's previous quarterly dividend of $4.50. This represents a $20.00 annualized dividend and a yield of 1.9%. The ex-dividend date is Tuesday, September 1st. The Goldman Sachs Group's payout ratio is currently 27.78%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on GS shares. CICC Research raised their price objective on shares of The Goldman Sachs Group from $825.00 to $980.00 and gave the company an "outperform" rating in a report on Tuesday, May 19th. Keefe, Bruyette & Woods boosted their target price on shares of The Goldman Sachs Group from $1,050.00 to $1,130.00 and gave the stock a "market perform" rating in a research note on Wednesday, July 15th. Zacks Research raised The Goldman Sachs Group from a "hold" rating to a "strong-buy" rating in a report on Thursday, July 16th. Bank of America raised their price target on The Goldman Sachs Group from $1,150.00 to $1,300.00 and gave the company a "buy" rating in a research note on Thursday, July 16th. Finally, Dbs Bank lifted their price target on The Goldman Sachs Group from $890.00 to $1,050.00 in a report on Thursday, May 7th. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $1,062.86.

The Goldman Sachs Group Company Profile

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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