On September 18, 2023, Capital Advisors Wealth Management LLC announced an increase in its position in The Goldman Sachs Group, Inc. (NYSE:GS) during the second quarter of the year. According to their recent filing with the SEC, the fund now owns a total of 2,980 shares of the investment management company’s stock after purchasing an additional 456 shares. At the end of the reporting period, Capital Advisors Wealth Management LLC’s holdings in The Goldman Sachs Group were valued at $961,000.
The Goldman Sachs Group recently released its quarterly earnings data on July 19th. For the quarter, the company reported earnings per share of $3.08 which fell short of analysts’ consensus estimates by $0.17. However, they generated revenue of $10.90 billion during the same period, surpassing analyst estimates of $10.61 billion. Despite these results, The Goldman Sachs Group experienced a decrease in quarterly revenue by 8.1% compared to the previous year.
The firm’s net margin stood at 9.74% with a return on equity of 8.27%. In comparison to the prior year, they earned $7.73 EPS during the same quarter. Analysts are predicting that The Goldman Sachs Group will post earnings per share of $25.55 for this fiscal year.
Following this news, several brokerages have shared their opinions on GS stock recently. Citigroup downgraded their rating from “buy” to “neutral” and raised their price objective for the company from $370.00 to $400.00 in a report conducted on July 25th. Atlantic Securities also upgraded shares from an “underweight” rating to “neutral” and increased their target price from $330.00 to $351.00 on August 1st.
StockNews.com initiated coverage on The Goldman Sachs Group on August 17th and assigned a “hold” rating to the company. Meanwhile, Morgan Stanley reiterated an “equal weight” rating and set a $347.00 target price on July 21st, later increasing it from $337.00.
Lastly, Oppenheimer reduced their target price from $483.00 to $461.00 while maintaining an “outperform” rating on August 18th. In total, seven analysts have rated the stock as a hold and twelve have assigned it a buy rating. According to data from Bloomberg, there is currently a consensus rating of “Moderate Buy” for The Goldman Sachs Group with a consensus target price of $396.04.
Investors and analysts continue to monitor The Goldman Sachs Group’s performance closely as they navigate these market conditions and evaluate its potential for growth moving forward.
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Stakeholder Developments and Analyst Ratings: The Goldman Sachs Group
The Goldman Sachs Group, a renowned investment management company, has recently seen some interesting developments in its stakeholders. Among them is Pictet Asset Management SA, which increased its stake in the company by 1.1% during the first quarter of this year. This move added an additional 1,491 shares to Pictet’s holdings, bringing its total to 141,163 shares worth approximately $46,176,000.
Similarly, Cetera Advisor Networks LLC also bolstered its position in The Goldman Sachs Group by 17.8% during the fourth quarter of last year. This increase added another 5,725 shares to their portfolio, valued at around $12,996,000.
Capital Asset Advisory Services LLC took a different approach and lifted its position in The Goldman Sachs Group by a significant 45.8% during the same period as Cetera Advisor Networks LLC. Their acquisition of an additional 771 shares brought their total holdings to 2,456 shares worth roughly $845,000.
Additionally, Achmea Investment Management B.V raised their position in The Goldman Sachs Group by a minimal but notable 0.5% during the first quarter of this year. This increase added just 64 shares to their portfolio but still valued at $4,238,000.
Finally, Aviva PLC boosted their position in The Goldman Sachs Group by an impressive 41.3% during the fourth quarter of last year. They acquired an additional 25,038 shares worth about $981,000.
It is worth noting that hedge funds and other institutional investors currently own the majority share (69.06%) of The Goldman Sachs Group stock.
In terms of recent trading activity on Monday (September 18), The Goldman Sachs Group stock traded down $1.47 at a mid-day trading price of $341.07 per share with a total volume exchange of 150,071 shares.
The company, with a market capitalization of $112.44 billion, has a debt-to-equity ratio of 2.18 along with a current ratio and quick ratio of 0.81.
The Goldman Sachs Group has experienced both highs and lows in terms of stock price over the past year, ranging from $287.75 as its low point to $389.58 as its high point.
Currently, the company has a 50-day simple moving average of $335.98 and a two-hundred day simple moving average of $330.61.
Several brokerages have recently weighed in on The Goldman Sachs Group’s performance. Citigroup downgraded their rating from “buy” to “neutral” and increased their price objective for the company from $370.00 to $400.00 in a report issued on July 25th.
Similarly, Atlantic Securities upgraded their rating for The Goldman Sachs Group from “underweight” to “neutral” with an increased target price going from $330.00 to $351.00 on August 1st.
StockNews.com initiated coverage on The Goldman Sachs Group stock, assigning it a “hold” rating on August 17th.
Morgan Stanley also reiterated their “equal weight” rating for The Goldman Sachs Group while slightly increasing their target price from $337.00 to $347.00 in a research report published on July 21st.
Oppenheimer took a different approach by reducing The Goldman Sachs Group’s target price from $483.00 to $461.00 but maintained an “outperform” rating for the company on August 18th.
Currently, data retrieved from Bloomberg indicates that analysts have given the company an overall consensus rating of “Moderate Buy” along with an average consensus target price of approximately $396.04.
Furthermore, shareholders will be pleased with the news that The Goldman Sachs Group has announced a quarterly dividend which will be paid out on September 28th. Stockholders of record on August 31st will receive a $2.75 dividend per share. This represents an increase from their previous quarterly dividend of $2.50 and brings the company’s annualized dividend to $11.00 per share, resulting in a dividend yield of 3.23%.
