Pinnacle Holdings LLC Lowers Stake in Goldman Sachs Group Inc (NYSE:GS)
Pinnacle Holdings LLC lowered its stake in shares of Goldman Sachs Group Inc (NYSE:GS) by 0.9% in the second quarter, Holdings Channel reports. The institutional investor owned 19,152 shares of the investment management company’s stock after selling 177 shares during the period. Goldman Sachs Group accounts for 1.5% of Pinnacle Holdings LLC’s holdings, making the stock its 13th biggest position. Pinnacle Holdings LLC’s holdings in Goldman Sachs Group were worth $3,918,000 at the end of the most recent reporting period.
Other institutional investors also recently bought and sold shares of the company. Geode Capital Management LLC boosted its position in Goldman Sachs Group by 10.6% in the fourth quarter. Geode Capital Management LLC now owns 4,291,537 shares of the investment management company’s stock worth $715,573,000 after purchasing an additional 411,700 shares during the last quarter. Gamco Investors INC. ET AL boosted its position in Goldman Sachs Group by 44.7% in the first quarter. Gamco Investors INC. ET AL now owns 3,510 shares of the investment management company’s stock worth $674,000 after purchasing an additional 1,085 shares during the last quarter. Cornerstone Advisors Inc. boosted its position in Goldman Sachs Group by 27.5% in the first quarter. Cornerstone Advisors Inc. now owns 589 shares of the investment management company’s stock worth $113,000 after purchasing an additional 127 shares during the last quarter. Victory Capital Management Inc. boosted its position in Goldman Sachs Group by 295.5% in the first quarter. Victory Capital Management Inc. now owns 20,477 shares of the investment management company’s stock worth $3,931,000 after purchasing an additional 15,299 shares during the last quarter. Finally, Cetera Investment Advisers purchased a new position in Goldman Sachs Group in the first quarter worth $225,000. Institutional investors own 69.17% of the company’s stock.
GS has been the topic of a number of recent research reports. JPMorgan Chase & Co. reaffirmed a “buy” rating and set a $240.00 price target on shares of Goldman Sachs Group in a research report on Wednesday, July 17th. Zacks Investment Research raised Goldman Sachs Group from a “sell” rating to a “hold” rating and set a $207.00 price target on the stock in a research report on Tuesday, June 25th. Keefe, Bruyette & Woods raised Goldman Sachs Group from a “market perform” rating to an “outperform” rating and upped their price target for the company from $225.00 to $260.00 in a research report on Friday, July 26th. BMO Capital Markets upped their price target on Goldman Sachs Group to $273.00 and gave the company a “market perform” rating in a research report on Wednesday, July 17th. Finally, Odeon Capital Group cut Goldman Sachs Group from a “buy” rating to a “hold” rating in a research report on Thursday, September 5th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $240.92.
Goldman Sachs Group (NYSE:GS) last issued its quarterly earnings data on Tuesday, July 16th. The investment management company reported $5.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.73 by $1.08. The business had revenue of $9.46 billion for the quarter, compared to analysts’ expectations of $8.88 billion. Goldman Sachs Group had a return on equity of 12.43% and a net margin of 22.09%. The firm’s quarterly revenue was up .6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $5.98 EPS. Analysts expect that Goldman Sachs Group Inc will post 22.81 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be issued a dividend of $1.25 per share. This is a boost from Goldman Sachs Group’s previous quarterly dividend of $0.85. The ex-dividend date of this dividend is Thursday, August 29th. This represents a $5.00 dividend on an annualized basis and a yield of 2.28%. Goldman Sachs Group’s dividend payout ratio is 19.79%.
In related news, EVP Dane E. Holmes sold 3,165 shares of the stock in a transaction dated Thursday, July 18th. The stock was sold at an average price of $212.15, for a total transaction of $671,454.75. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 1.41% of the company’s stock.
About Goldman Sachs Group
The Goldman Sachs Group, Inc operates as an investment banking, securities, and investment management company worldwide. It operates in four segments: Investment Banking, Institutional Client Services, Investing & Lending, and Investment Management. The Investment Banking segment provides financial advisory services, including strategic advisory assignments related to mergers and acquisitions, divestitures, corporate defense activities, restructurings, spin-offs, and risk management; and underwriting services, such as debt and equity underwriting of public offerings and private placements of various securities and other financial instruments, as well as derivative transactions with public and private sector clients.
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