Concert Wealth Management Inc. Acquires 2,439 Shares of Goldman Sachs Group Inc. (GS)
Concert Wealth Management Inc. increased its stake in Goldman Sachs Group Inc. (NYSE:GS) by 21.3% during the second quarter, Holdings Channel reports. The firm owned 13,909 shares of the investment management company’s stock after buying an additional 2,439 shares during the period. Concert Wealth Management Inc.’s holdings in Goldman Sachs Group were worth $2,056,000 at the end of the most recent quarter.
Other hedge funds also recently added to or reduced their stakes in the company. CKW Financial Group raised its stake in Goldman Sachs Group by 33.3% in the second quarter. CKW Financial Group now owns 800 shares of the investment management company’s stock valued at $119,000 after buying an additional 200 shares during the period. Burke & Herbert Bank & Trust Co. bought a new stake in Goldman Sachs Group during the second quarter valued at about $209,000. Benjamin F. Edwards & Company Inc. raised its stake in Goldman Sachs Group by 15.6% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 1,552 shares of the investment management company’s stock valued at $231,000 after buying an additional 209 shares during the period. Prospera Financial Services Inc raised its stake in Goldman Sachs Group by 33.7% in the second quarter. Prospera Financial Services Inc now owns 1,831 shares of the investment management company’s stock valued at $272,000 after buying an additional 462 shares during the period. Finally, Atria Investments LLC bought a new stake in Goldman Sachs Group during the second quarter valued at about $288,000. 71.33% of the stock is currently owned by institutional investors.
Shares of Goldman Sachs Group Inc. (NYSE:GS) traded up 1.54% during midday trading on Wednesday, reaching $175.29. The company’s stock had a trading volume of 2,385,963 shares. The company has a market capitalization of $74.74 billion, a P/E ratio of 16.62 and a beta of 1.61. Goldman Sachs Group Inc. has a 12-month low of $138.20 and a 12-month high of $199.90. The company’s 50-day moving average price is $167.16 and its 200 day moving average price is $160.04.
Goldman Sachs Group (NYSE:GS) last posted its quarterly earnings data on Tuesday, October 18th. The investment management company reported $4.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.79 by $1.09. Goldman Sachs Group had a return on equity of 8.83% and a net margin of 18.12%. The firm earned $8.17 billion during the quarter, compared to analysts’ expectations of $7.41 billion. During the same period in the prior year, the business earned $4.51 EPS. The company’s revenue for the quarter was up 19.0% compared to the same quarter last year. On average, equities research analysts forecast that Goldman Sachs Group Inc. will post $14.25 earnings per share for the current year.
Several analysts have recently issued reports on the company. Vetr raised Goldman Sachs Group from a “hold” rating to a “buy” rating and set a $153.68 target price on the stock in a report on Tuesday, July 5th. Oppenheimer Holdings Inc. reissued an “outperform” rating and set a $214.00 target price (down from $243.00) on shares of Goldman Sachs Group in a report on Wednesday, July 6th. Berenberg Bank initiated coverage on Goldman Sachs Group in a report on Wednesday, July 13th. They set a “hold” rating and a $140.00 target price on the stock. Finally, Citigroup Inc. reaffirmed a “buy” rating on shares of Goldman Sachs Group in a research note on Wednesday, June 29th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and ten have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $181.81.
In related news, EVP Edith W. Cooper sold 14,000 shares of the stock in a transaction dated Friday, August 26th. The stock was sold at an average price of $166.11, for a total transaction of $2,325,540.00. Following the completion of the sale, the executive vice president now directly owns 33,634 shares in the company, valued at approximately $5,586,943.74. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Sarah G. Smith sold 2,664 shares of the stock in a transaction dated Wednesday, August 31st. The shares were sold at an average price of $170.00, for a total value of $452,880.00. Following the sale, the insider now owns 13,075 shares of the company’s stock, valued at $2,222,750. The disclosure for this sale can be found here. Corporate insiders own 2.61% of the company’s stock.
About Goldman Sachs Group
The Goldman Sachs Group, Inc is a bank holding company and a financial holding company. The Company operates through four segments: Investment Banking, Institutional Client Services, Investing & Lending, and Investment Management. The Company’s Investment Banking segment provides financial advisory services, which include advisory assignments with respect to mergers and acquisitions, divestitures, corporate defense activities, restructurings, spin-offs and risk management.
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