Pinnacle Associates Ltd. Increases Position in The Goldman Sachs Group, Inc. (NYSE:GS)

by · The Markets Daily

Pinnacle Associates Ltd. boosted its holdings in The Goldman Sachs Group, Inc. (NYSE:GS – Free Report) by 8.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 42,107 shares of the investment management company’s stock after purchasing an additional 3,239 shares during the period. Pinnacle Associates Ltd.’s holdings in The Goldman Sachs Group were worth $20,848,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Legal & General Group Plc boosted its holdings in The Goldman Sachs Group by 2.9% in the 2nd quarter. Legal & General Group Plc now owns 2,780,338 shares of the investment management company’s stock worth $1,257,602,000 after buying an additional 77,700 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of The Goldman Sachs Group by 3.3% in the second quarter. Dimensional Fund Advisors LP now owns 2,117,311 shares of the investment management company’s stock worth $957,684,000 after acquiring an additional 68,141 shares during the period. Jennison Associates LLC raised its stake in shares of The Goldman Sachs Group by 18.0% during the 1st quarter. Jennison Associates LLC now owns 1,801,395 shares of the investment management company’s stock valued at $752,425,000 after purchasing an additional 274,509 shares during the period. Capital Wealth Planning LLC lifted its holdings in The Goldman Sachs Group by 0.3% during the 1st quarter. Capital Wealth Planning LLC now owns 1,193,401 shares of the investment management company’s stock worth $498,472,000 after purchasing an additional 3,396 shares in the last quarter. Finally, Canada Pension Plan Investment Board grew its holdings in The Goldman Sachs Group by 34.8% during the 2nd quarter. Canada Pension Plan Investment Board now owns 843,646 shares of the investment management company’s stock valued at $381,598,000 after buying an additional 217,954 shares in the last quarter. Institutional investors own 71.21% of the company’s stock.

Insider Activity at The Goldman Sachs Group

In related news, insider Brian J. Lee sold 2,000 shares of the firm’s stock in a transaction on Thursday, October 17th. The stock was sold at an average price of $530.90, for a total value of $1,061,800.00. Following the transaction, the insider now directly owns 10,095 shares of the company’s stock, valued at approximately $5,359,435.50. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.57% of the stock is owned by company insiders.

The Goldman Sachs Group Stock Up 0.9 %

Shares of GS stock traded up $4.54 during mid-day trading on Wednesday, reaching $528.82. 428,373 shares of the company’s stock traded hands, compared to its average volume of 2,190,440. The company has a quick ratio of 0.72, a current ratio of 1.11 and a debt-to-equity ratio of 2.07. The company’s 50-day moving average price is $501.30 and its 200-day moving average price is $475.59. The company has a market cap of $167.00 billion, a P/E ratio of 15.51, a P/E/G ratio of 0.75 and a beta of 1.36. The Goldman Sachs Group, Inc. has a 12 month low of $300.70 and a 12 month high of $540.51.

The Goldman Sachs Group (NYSE:GS – Get Free Report) last posted its quarterly earnings data on Tuesday, October 15th. The investment management company reported $8.40 earnings per share for the quarter, beating analysts’ consensus estimates of $6.89 by $1.51. The Goldman Sachs Group had a return on equity of 11.05% and a net margin of 9.89%. The company had revenue of $12.70 billion during the quarter, compared to analyst estimates of $11.77 billion. During the same quarter last year, the company earned $5.47 EPS. The firm’s revenue for the quarter was up 7.4% on a year-over-year basis. On average, equities analysts expect that The Goldman Sachs Group, Inc. will post 37.14 earnings per share for the current fiscal year.

The Goldman Sachs Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Monday, December 2nd will be given a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 2.27%. The ex-dividend date of this dividend is Monday, December 2nd. The Goldman Sachs Group’s dividend payout ratio (DPR) is currently 35.21%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on GS shares. Evercore ISI raised their price objective on shares of The Goldman Sachs Group from $520.00 to $575.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Morgan Stanley upped their target price on The Goldman Sachs Group from $560.00 to $570.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. JMP Securities lifted their price target on The Goldman Sachs Group from $525.00 to $550.00 and gave the company a “market outperform” rating in a research report on Wednesday, October 9th. Wells Fargo & Company upped their price objective on shares of The Goldman Sachs Group from $504.00 to $550.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 16th. Finally, JPMorgan Chase & Co. boosted their price target on shares of The Goldman Sachs Group from $472.00 to $520.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. Five equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, The Goldman Sachs Group has a consensus rating of “Moderate Buy” and a consensus target price of $524.69.

Read Our Latest Stock Analysis on GS

About The Goldman Sachs Group

(Free Report)

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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