Truist Financial Corp Has $139.49 Million Stock Position in The Goldman Sachs Group, Inc. $GS

Key Points

• Truist Financial Corp reduced its stake in The Goldman Sachs Group by 5.6% during Q2, holding approximately $139.49 million in 197,084 shares after selling 11,702 shares.
• The Goldman Sachs Group recently reported earnings of $10.91 per share for the quarter, exceeding analysts' expectations of $9.82 and showing a 14.5% increase in quarterly revenue year-over-year.
• The company announced a quarterly dividend of $4.00 per share, up from the previous $3.00, yielding an annualized dividend of 2.0% as of the latest payout in September.

Truist Financial Corp lessened its position in shares of The Goldman Sachs Group, Inc. (NYSE:GS - Free Report) by 5.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 197,084 shares of the investment management company's stock after selling 11,702 shares during the quarter. Truist Financial Corp owned approximately 0.06% of The Goldman Sachs Group worth $139,486,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of GS. Clal Insurance Enterprises Holdings Ltd acquired a new position in shares of The Goldman Sachs Group in the 1st quarter valued at $25,000. American Capital Advisory LLC bought a new stake in The Goldman Sachs Group in the first quarter valued at about $29,000. Godsey & Gibb Inc. raised its position in The Goldman Sachs Group by 170.0% in the first quarter. Godsey & Gibb Inc. now owns 54 shares of the investment management company's stock worth $30,000 after purchasing an additional 34 shares in the last quarter. Cornerstone Planning Group LLC lifted its stake in The Goldman Sachs Group by 46.9% during the first quarter. Cornerstone Planning Group LLC now owns 72 shares of the investment management company's stock worth $38,000 after purchasing an additional 23 shares during the period. Finally, Ridgewood Investments LLC lifted its stake in The Goldman Sachs Group by 45.9% during the second quarter. Ridgewood Investments LLC now owns 54 shares of the investment management company's stock worth $38,000 after purchasing an additional 17 shares during the period. 71.21% of the stock is currently owned by institutional investors.

Insider Transactions at The Goldman Sachs Group

In related news, CEO David M. Solomon sold 6,608 shares of the firm's stock in a transaction dated 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 transaction, the chief executive officer owned 126,176 shares in the company, valued at $89,876,426.56. This trade represents a 4.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Denis P. Coleman sold 7,463 shares of the business's stock in a transaction dated Friday, July 25th. The stock was sold at an average price of $724.40, for a total value of $5,406,197.20. Following the sale, the chief financial officer directly owned 18,594 shares of the company's stock, valued at $13,469,493.60. This represents a 28.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 38,323 shares of company stock valued at $28,111,828 over the last 90 days. 0.55% of the stock is currently owned by corporate insiders.

The Goldman Sachs Group Stock Down 1.0%

Shares of NYSE:GS opened at $796.20 on Wednesday. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 2.57. The firm has a market cap of $241.02 billion, a P/E ratio of 17.55, a P/E/G ratio of 1.67 and a beta of 1.41. The Goldman Sachs Group, Inc. has a 12 month low of $439.38 and a 12 month high of $825.25. The company's 50-day moving average price is $751.18 and its two-hundred day moving average price is $650.88.

The Goldman Sachs Group (NYSE:GS - Get Free Report) last announced its earnings results on Wednesday, July 16th. The investment management company reported $10.91 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $9.82 by $1.09. The Goldman Sachs Group had a net margin of 12.37% and a return on equity of 14.32%. The company had revenue of $14.58 billion for the quarter, compared to analyst estimates of $13.53 billion. During the same period in the prior year, the business earned $8.62 earnings per share. The Goldman Sachs Group's quarterly revenue was up 14.5% on a year-over-year basis. As a group, research analysts forecast that The Goldman Sachs Group, Inc. will post 47.12 EPS for the current fiscal year.

The Goldman Sachs Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 29th. Shareholders of record on Friday, August 29th were issued a dividend of $4.00 per share. The ex-dividend date of this dividend was Friday, August 29th. This represents a $16.00 annualized dividend and a yield of 2.0%. This is a positive change from The Goldman Sachs Group's previous quarterly dividend of $3.00. The Goldman Sachs Group's dividend payout ratio (DPR) is currently 35.26%.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. Wall Street Zen upgraded The Goldman Sachs Group from a "sell" rating to a "hold" rating in a research report on Saturday, July 12th. Hsbc Global Res lowered The Goldman Sachs Group from a "hold" rating to a "moderate sell" rating in a research note on Tuesday, July 8th. Evercore ISI boosted their target price on shares of The Goldman Sachs Group from $752.00 to $830.00 and gave the company an "outperform" rating in a research note on Tuesday. Wells Fargo & Company upped their target price on shares of The Goldman Sachs Group from $785.00 to $855.00 and gave the stock an "overweight" rating in a report on Tuesday, September 16th. Finally, HSBC reissued a "reduce" rating and set a $627.00 price target (up from $558.00) on shares of The Goldman Sachs Group in a report on Tuesday, July 8th. Five investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, The Goldman Sachs Group currently has an average rating of "Hold" and an average price target of $690.27.

The Goldman Sachs Group Profile

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.

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