Patten & Patten Inc. TN Grows Position in The Goldman Sachs Group, Inc. (NYSE:GS)

Key Points

• Patten & Patten Inc. TN increased its holdings in The Goldman Sachs Group, Inc. by 12.4% during the first quarter, with a total value of approximately $2.29 million.
• Goldman Sachs reported an earnings per share (EPS) of $10.91 for the most recent quarter, exceeding analysts' expectations of $9.82, and indicated a 14.5% year-over-year revenue growth.
• The company announced a quarterly dividend increase from $3.00 to $4.00, set to be paid on September 29th, representing an annualized yield of 2.20%.

Patten & Patten Inc. TN lifted its holdings in The Goldman Sachs Group, Inc. (NYSE:GS - Free Report) by 12.4% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 4,188 shares of the investment management company's stock after purchasing an additional 463 shares during the period. Patten & Patten Inc. TN's holdings in The Goldman Sachs Group were worth $2,288,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. Evermay Wealth Management LLC increased its holdings in The Goldman Sachs Group by 88.5% in the 1st quarter. Evermay Wealth Management LLC now owns 213 shares of the investment management company's stock worth $116,000 after acquiring an additional 100 shares in the last quarter. Foundations Investment Advisors LLC increased its holdings in The Goldman Sachs Group by 476.3% in the 1st quarter. Foundations Investment Advisors LLC now owns 47,923 shares of the investment management company's stock worth $26,180,000 after acquiring an additional 39,608 shares in the last quarter. KFA Private Wealth Group LLC increased its holdings in The Goldman Sachs Group by 5.9% in the 1st quarter. KFA Private Wealth Group LLC now owns 378 shares of the investment management company's stock worth $206,000 after acquiring an additional 21 shares in the last quarter. Baldwin Investment Management LLC increased its holdings in The Goldman Sachs Group by 1.1% in the 1st quarter. Baldwin Investment Management LLC now owns 6,243 shares of the investment management company's stock worth $3,410,000 after acquiring an additional 65 shares in the last quarter. Finally, Atlas Legacy Advisors LLC increased its holdings in The Goldman Sachs Group by 65.4% in the 1st quarter. Atlas Legacy Advisors LLC now owns 1,029 shares of the investment management company's stock worth $562,000 after acquiring an additional 407 shares in the last quarter. Institutional investors own 71.21% of the company's stock.

Analysts Set New Price Targets

GS has been the subject of several analyst reports. Barclays reduced their target price on shares of The Goldman Sachs Group from $760.00 to $720.00 and set an "overweight" rating for the company in a report on Tuesday, April 15th. Morgan Stanley increased their target price on shares of The Goldman Sachs Group from $680.00 to $715.00 and gave the stock an "equal weight" rating in a report on Thursday, July 17th. Keefe, Bruyette & Woods increased their target price 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 reaffirmed a "sector perform" rating on shares of The Goldman Sachs Group in a report on Thursday, July 10th. Finally, Wells Fargo & Company increased their price objective on shares of The Goldman Sachs Group from $650.00 to $785.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $660.00.

The Goldman Sachs Group Trading Down 0.7%

GS traded down $4.83 during trading on Thursday, reaching $725.92. The company had a trading volume of 1,452,840 shares, compared to its average volume of 2,616,864. The stock has a market cap of $222.74 billion, a P/E ratio of 16.01, a PEG ratio of 1.55 and a beta of 1.35. The business has a 50 day simple moving average of $665.10 and a 200-day simple moving average of $608.80. The Goldman Sachs Group, Inc. has a 52 week low of $437.37 and a 52 week high of $737.88. The company has a quick ratio of 0.68, a current ratio of 1.12 and a debt-to-equity ratio of 2.26.

The Goldman Sachs Group (NYSE:GS - Get Free Report) last released its earnings results on Wednesday, July 16th. The investment management company reported $10.91 earnings per share 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 during the quarter, compared to the consensus estimate of $13.53 billion. During the same period last year, the company earned $8.62 earnings per share. The business's revenue for the quarter was up 14.5% compared to the same quarter last year. On average, equities analysts anticipate that The Goldman Sachs Group, Inc. will post 47.12 EPS for the current fiscal 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 given 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 annualized dividend and a yield of 2.2%. The ex-dividend date is Friday, August 29th. The Goldman Sachs Group's dividend payout ratio (DPR) is 26.44%.

Insider Activity 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 on Wednesday, July 23rd. The stock was sold at an average price of $712.31, for a total value of $4,706,944.48. Following the completion of the sale, the chief executive officer directly owned 126,176 shares in the company, valued at $89,876,426.56. This represents a 4.98% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP John F.W. Rogers sold 6,008 shares of the company's stock in a transaction on Wednesday, July 23rd. The shares were sold at an average price of $717.39, for a total value of $4,310,079.12. Following the completion of the sale, the executive vice president owned 65,761 shares of the company's stock, valued at approximately $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. Over the last ninety days, insiders sold 20,079 shares of company stock worth $14,423,221. 0.55% of the stock is owned by corporate insiders.

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.