State Treasurer State of Michigan raised its holdings in Goldman Sachs Group Inc (NYSE:GS) by 0.6% during the third quarter, Holdings Channel reports. The fund owned 104,650 shares of the investment management company’s stock after purchasing an additional 600 shares during the period. State Treasurer State of Michigan’s holdings in Goldman Sachs Group were worth $23,467,000 at the end of the most recent reporting period.
A number of other institutional investors have also added to or reduced their stakes in the business. Asset Advisors Investment Management LLC bought a new stake in shares of Goldman Sachs Group during the third quarter worth about $115,000. Russell Investments Group Ltd. grew its holdings in shares of Goldman Sachs Group by 0.7% during the third quarter. Russell Investments Group Ltd. now owns 381,739 shares of the investment management company’s stock worth $86,062,000 after purchasing an additional 2,535 shares during the last quarter. Autus Asset Management LLC grew its holdings in shares of Goldman Sachs Group by 3.4% during the third quarter. Autus Asset Management LLC now owns 14,638 shares of the investment management company’s stock worth $3,283,000 after purchasing an additional 485 shares during the last quarter. Diligent Investors LLC grew its holdings in shares of Goldman Sachs Group by 20.2% during the third quarter. Diligent Investors LLC now owns 1,827 shares of the investment management company’s stock worth $410,000 after purchasing an additional 307 shares during the last quarter. Finally, Private Wealth Partners LLC grew its holdings in shares of Goldman Sachs Group by 4.7% during the third quarter. Private Wealth Partners LLC now owns 75,187 shares of the investment management company’s stock worth $16,860,000 after purchasing an additional 3,381 shares during the last quarter. Hedge funds and other institutional investors own 71.17% of the company’s stock.
In other Goldman Sachs Group news, insider David M. Solomon sold 8,488 shares of the business’s stock in a transaction that occurred on Wednesday, August 1st. The stock was sold at an average price of $237.92, for a total value of $2,019,464.96. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 2.57% of the stock is currently owned by insiders.
Goldman Sachs Group (NYSE:GS) last issued its quarterly earnings results on Tuesday, October 16th. The investment management company reported $6.28 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $5.38 by $0.90. Goldman Sachs Group had a return on equity of 13.57% and a net margin of 16.68%. The firm had revenue of $8.65 billion for the quarter, compared to analyst estimates of $8.43 billion. During the same period in the previous year, the firm earned $5.02 earnings per share. The company’s revenue was up 3.8% compared to the same quarter last year. Equities analysts predict that Goldman Sachs Group Inc will post 25.43 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 28th. Shareholders of record on Friday, November 30th will be paid a $0.80 dividend. This represents a $3.20 annualized dividend and a yield of 1.51%. The ex-dividend date of this dividend is Thursday, November 29th. Goldman Sachs Group’s dividend payout ratio (DPR) is presently 16.19%.
Several analysts have recently weighed in on GS shares. JPMorgan Chase & Co. restated a “buy” rating and set a $285.00 price target on shares of Goldman Sachs Group in a report on Tuesday, October 16th. Zacks Investment Research raised Goldman Sachs Group from a “hold” rating to a “buy” rating and set a $259.00 price objective on the stock in a research note on Friday, July 20th. Wells Fargo & Co reaffirmed a “buy” rating on shares of Goldman Sachs Group in a research note on Thursday, September 20th. Societe Generale raised Goldman Sachs Group from a “sell” rating to a “hold” rating in a research note on Wednesday, July 18th. Finally, Keefe, Bruyette & Woods cut their price objective on Goldman Sachs Group from $260.00 to $255.00 and set a “hold” rating on the stock in a research note on Wednesday, July 18th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and ten have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $281.84.
About Goldman Sachs Group
The Goldman Sachs Group, Inc operates as an investment banking, securities, and investment management company worldwide. It operates through 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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