Pinnacle Associates Ltd. Trims Stock Holdings in The Goldman Sachs Group, Inc. (NYSE:GS)

Pinnacle Associates Ltd. cut its position in The Goldman Sachs Group, Inc. (NYSE:GS - Free Report) by 1.0% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 38,611 shares of the investment management company's stock after selling 382 shares during the quarter. Pinnacle Associates Ltd.'s holdings in The Goldman Sachs Group were worth $21,093,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in GS. Geode Capital Management LLC raised its position in shares of The Goldman Sachs Group by 2.5% in the 4th quarter. Geode Capital Management LLC now owns 6,584,202 shares of the investment management company's stock valued at $3,761,576,000 after purchasing an additional 161,500 shares during the last quarter. GAMMA Investing LLC increased its holdings in The Goldman Sachs Group by 63,864.7% in the 1st quarter. GAMMA Investing LLC now owns 3,976,684 shares of the investment management company's stock worth $2,172,423,000 after buying an additional 3,970,467 shares during the period. FMR LLC increased its holdings in The Goldman Sachs Group by 23.7% in the 4th quarter. FMR LLC now owns 3,586,348 shares of the investment management company's stock worth $2,053,614,000 after buying an additional 687,711 shares during the period. Northern Trust Corp increased its holdings in The Goldman Sachs Group by 15.0% in the 4th quarter. Northern Trust Corp now owns 3,292,679 shares of the investment management company's stock worth $1,885,454,000 after buying an additional 428,502 shares during the period. Finally, International Assets Investment Management LLC acquired a new position in The Goldman Sachs Group in the 1st quarter worth approximately $1,766,238,000. 71.21% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Keefe, Bruyette & Woods increased their price target on shares of The Goldman Sachs Group from $771.00 to $790.00 and gave the stock a "market perform" rating in a report on Thursday, July 17th. Royal Bank Of Canada reiterated a "sector perform" rating on shares of The Goldman Sachs Group in a report on Thursday, July 10th. Morgan Stanley raised their price objective on shares of The Goldman Sachs Group from $680.00 to $715.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 17th. Wells Fargo & Company raised their price objective on shares of The Goldman Sachs Group from $650.00 to $785.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. Finally, Daiwa Capital Markets cut shares of The Goldman Sachs Group from an "outperform" rating to a "neutral" rating and set a $560.00 price objective on the stock. in a research note on Friday, April 4th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $660.00.

The Goldman Sachs Group Trading Up 0.2%

Shares of NYSE GS traded up $1.70 during trading on Thursday, hitting $719.22. 1,972,970 shares of the company were exchanged, compared to its average volume of 2,344,804. The Goldman Sachs Group, Inc. has a 12-month low of $437.37 and a 12-month high of $726.00. The company has a debt-to-equity ratio of 2.26, a quick ratio of 0.68 and a current ratio of 1.12. The company has a fifty day moving average price of $655.40 and a 200-day moving average price of $604.55. The firm has a market capitalization of $220.69 billion, a PE ratio of 15.85, a P/E/G ratio of 1.52 and a beta of 1.35.

The Goldman Sachs Group (NYSE:GS - Get Free Report) last posted its quarterly earnings results on Wednesday, July 16th. The investment management company reported $10.91 EPS for the quarter, topping the consensus estimate of $9.82 by $1.09. The Goldman Sachs Group had a return on equity of 13.84% and a net margin of 12.37%. The business had revenue of $14.58 billion for the quarter, compared to analyst estimates of $13.53 billion. During the same quarter in the previous year, the firm earned $8.62 EPS. The company's quarterly revenue was up 14.5% compared to the same quarter last year. As a group, equities research analysts expect that The Goldman Sachs Group, Inc. will post 47.12 EPS for the current year.

The Goldman Sachs Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Friday, August 29th will be issued a $4.00 dividend. This is a positive change from The Goldman Sachs Group's previous quarterly dividend of $3.00. This represents a $16.00 annualized dividend and a yield of 2.22%. The ex-dividend date is Friday, August 29th. The Goldman Sachs Group's payout ratio is 26.44%.

About The Goldman Sachs Group

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.