Palisade Capital Management LLC NJ Cuts Stock Position in The Goldman Sachs Group, Inc. (NYSE:GS)

Palisade Capital Management LLC NJ cut its holdings in The Goldman Sachs Group, Inc. (NYSE:GSGet Rating) by 24.6% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,475 shares of the investment management company’s stock after selling 480 shares during the quarter. Palisade Capital Management LLC NJ’s holdings in The Goldman Sachs Group were worth $487,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Joseph P. Lucia & Associates LLC bought a new stake in shares of The Goldman Sachs Group during the first quarter worth $26,000. Nauset Wealth Management. LLC bought a new stake in shares of The Goldman Sachs Group during the first quarter worth $27,000. Rise Advisors LLC bought a new stake in shares of The Goldman Sachs Group during the fourth quarter worth $38,000. Comprehensive Financial Consultants Institutional Inc. bought a new stake in shares of The Goldman Sachs Group during the fourth quarter worth $35,000. Finally, Emerald Advisers LLC bought a new stake in shares of The Goldman Sachs Group during the fourth quarter worth $43,000. 71.42% of the stock is owned by hedge funds and other institutional investors.

The Goldman Sachs Group Price Performance

Shares of GS stock opened at $334.67 on Friday. The Goldman Sachs Group, Inc. has a fifty-two week low of $277.84 and a fifty-two week high of $426.16. The firm has a market capitalization of $114.94 billion, a price-to-earnings ratio of 7.57, a PEG ratio of 0.75 and a beta of 1.39. The company has a debt-to-equity ratio of 2.13, a quick ratio of 0.88 and a current ratio of 1.17. The stock’s 50-day simple moving average is $306.88 and its 200-day simple moving average is $323.78.

The Goldman Sachs Group (NYSE:GSGet Rating) last issued its quarterly earnings results on Monday, July 18th. The investment management company reported $7.73 earnings per share for the quarter, topping analysts’ consensus estimates of $6.61 by $1.12. The Goldman Sachs Group had a return on equity of 15.48% and a net margin of 27.75%. The business had revenue of $11.86 billion for the quarter, compared to analyst estimates of $10.70 billion. During the same quarter in the previous year, the firm earned $15.02 earnings per share. The company’s revenue was down 22.9% on a year-over-year basis. As a group, equities analysts forecast that The Goldman Sachs Group, Inc. will post 34.48 earnings per share for the current fiscal year.

The Goldman Sachs Group Dividend Announcement

The company also recently announced a dividend, which will be paid on Wednesday, August 10th. Investors of record on Tuesday, July 26th will be given a $2.50 dividend. The ex-dividend date is Monday, July 25th. The Goldman Sachs Group’s dividend payout ratio is currently 18.09%.

Insider Activity at The Goldman Sachs Group

In related news, Director Goldman Sachs Group Inc sold 90,427 shares of the company’s stock in a transaction that occurred on Tuesday, May 17th. The stock was sold at an average price of $19.16, for a total value of $1,732,581.32. Following the sale, the director now owns 3,130,987 shares in the company, valued at $59,989,710.92. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders have sold a total of 1,320,622 shares of company stock worth $25,684,252 over the last quarter. Insiders own 0.57% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently weighed in on GS shares. Royal Bank of Canada decreased their target price on The Goldman Sachs Group from $390.00 to $370.00 and set a “sector perform” rating for the company in a research report on Friday, July 1st. Barclays decreased their target price on The Goldman Sachs Group from $505.00 to $450.00 and set an “overweight” rating for the company in a research report on Tuesday, July 19th. Oppenheimer decreased their price objective on The Goldman Sachs Group from $546.00 to $519.00 and set an “overweight” rating for the company in a report on Tuesday, May 3rd. BMO Capital Markets decreased their price objective on The Goldman Sachs Group from $475.00 to $461.00 in a report on Tuesday, July 19th. Finally, Wells Fargo & Company decreased their price objective on The Goldman Sachs Group from $420.00 to $380.00 and set an “overweight” rating for the company in a report on Friday, July 1st. Six equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $413.92.

The Goldman Sachs Group Company Profile

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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 four segments: Investment Banking, Global Markets, Asset Management, and Consumer & Wealth Management.

See Also

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Institutional Ownership by Quarter for The Goldman Sachs Group (NYSE:GS)

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