Pinnacle Associates Ltd. Acquires 3,239 Shares of The Goldman Sachs Group, Inc. (NYSE:GS)

Pinnacle Associates Ltd. lifted its stake in The Goldman Sachs Group, Inc. (NYSE:GS) by 8.3% in the 3rd quarter, HoldingsChannel reports. The fund owned 42,107 shares of the investment management company’s stock after purchasing an additional 3,239 shares during the quarter. Pinnacle Associates Ltd.’s holdings in The Goldman Sachs Group were worth $20,848,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Semmax Financial Advisors Inc. acquired a new position in shares of The Goldman Sachs Group during the 2nd quarter worth approximately $26,000. POM Investment Strategies LLC purchased a new stake in shares of The Goldman Sachs Group during the second quarter worth approximately $26,000. Headlands Technologies LLC purchased a new position in The Goldman Sachs Group in the 2nd quarter valued at $27,000. SJS Investment Consulting Inc. grew its holdings in shares of The Goldman Sachs Group by 103.3% during the second quarter. SJS Investment Consulting Inc. now owns 61 shares of the investment management company’s stock worth $28,000 after buying an additional 31 shares in the last quarter. Finally, West Branch Capital LLC purchased a new position in shares of The Goldman Sachs Group in the third quarter worth about $30,000. 71.21% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at The Goldman Sachs Group

In related news, insider Brian J. Lee sold 2,000 shares of the company’s stock in a transaction that occurred on Thursday, October 17th. The stock was sold at an average price of $530.90, for a total transaction of $1,061,800.00. Following the sale, the insider now directly owns 10,095 shares of the company’s stock, valued at approximately $5,359,435.50. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.57% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on GS. Barclays upped their price target on The Goldman Sachs Group from $565.00 to $588.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. Seaport Res Ptn lowered shares of The Goldman Sachs Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 2nd. Citigroup boosted their target price on shares of The Goldman Sachs Group from $460.00 to $485.00 and gave the company a “neutral” rating in a report on Tuesday, July 16th. UBS Group boosted their price target on shares of The Goldman Sachs Group from $550.00 to $560.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. Finally, Keefe, Bruyette & Woods boosted their price target on shares of The Goldman Sachs Group from $555.00 to $570.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Five equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $524.69.

The Goldman Sachs Group Trading Up 0.9 %

GS traded up $4.54 during midday trading on Wednesday, hitting $528.82. The company’s stock had a trading volume of 428,373 shares, compared to its average volume of 2,190,440. The Goldman Sachs Group, Inc. has a 52-week low of $300.70 and a 52-week high of $540.51. The company has a current ratio of 1.11, a quick ratio of 0.72 and a debt-to-equity ratio of 2.07. The firm has a 50-day moving average price of $501.30 and a two-hundred day moving average price of $475.59. The firm has a market cap of $167.00 billion, a P/E ratio of 15.51, a PEG ratio of 0.75 and a beta of 1.36.

The Goldman Sachs Group (NYSE:GS) last released its quarterly earnings data on Tuesday, October 15th. The investment management company reported $8.40 EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $11.77 billion. During the same period last year, the company posted $5.47 earnings per share. The firm’s revenue was up 7.4% compared to the same quarter last year. On average, research analysts anticipate that The Goldman Sachs Group, Inc. will post 37.14 earnings per share for the current year.

The Goldman Sachs Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Monday, December 2nd will be paid 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 is Monday, December 2nd. The Goldman Sachs Group’s dividend payout ratio (DPR) is currently 35.21%.

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.