Essex LLC Sells 1,562 Shares of The Goldman Sachs Group, Inc. $GS

Essex LLC decreased its holdings in shares of The Goldman Sachs Group, Inc. (NYSE:GS) by 11.3% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,224 shares of the investment management company’s stock after selling 1,562 shares during the period. The Goldman Sachs Group accounts for about 1.6% of Essex LLC’s portfolio, making the stock its 16th biggest position. Essex LLC’s holdings in The Goldman Sachs Group were worth $11,006,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Turim 21 Investimentos Ltda. acquired a new position in shares of The Goldman Sachs Group during the first quarter valued at about $25,000. Strive Financial Group LLC boosted its stake in The Goldman Sachs Group by 316.7% during the 2nd quarter. Strive Financial Group LLC now owns 25 shares of the investment management company’s stock valued at $25,000 after purchasing an additional 19 shares during the last quarter. BOK Financial Private Wealth Inc. raised its position in The Goldman Sachs Group by 188.9% in the 2nd quarter. BOK Financial Private Wealth Inc. now owns 26 shares of the investment management company’s stock valued at $26,000 after buying an additional 17 shares during the last quarter. Steph & Co. bought a new position in shares of The Goldman Sachs Group during the first quarter valued at about $27,000. Finally, Lifetime Wealth Management P.C. bought a new position in shares of The Goldman Sachs Group in the fourth quarter valued at approximately $29,000. Institutional investors and hedge funds own 71.21% of the company’s stock.

The Goldman Sachs Group News Roundup

Here are the key news stories impacting The Goldman Sachs Group this week:

• Positive Sentiment: Goldman Sachs reported third-quarter EPS of $17.01 on revenue of $18.68 billion, well above estimates of $12.86 and $16.83 billion, respectively. Revenue increased 23% year over year, while net earnings rose 29% to $5.29 billion. Goldman Sachs quarterly profit rises on equities strength
• Positive Sentiment: Results were driven by a 72% surge in equities revenue to $6.44 billion, a 21% increase in investment-banking fees and strong financing and wealth-management activity. The board also declared a $5 quarterly dividend, equivalent to a 2.3% annualized yield. Goldman Q3 Earnings Beat on Strong Equities and Investment Banking Revenues
• Positive Sentiment: CEO David Solomon said Goldman has a “big, durable, diverse business,” sees a favorable market environment and does not anticipate a leadership transition. He also pointed to ongoing M&A and financing opportunities. Goldman Sachs CEO Solomon on earnings
• Neutral Sentiment: Citigroup cut its GS price target from $1,050 to $1,000 and adopted a Neutral rating, while RBC lowered its target from $1,220 to $1,010 with a Sector Perform rating. Morgan Stanley maintained a Hold rating and its $1,145 target, signaling that much of the earnings strength may already be reflected in the valuation. Analysts lower their forecasts on Goldman Sachs after Q3 results
• Negative Sentiment: Hotter-than-expected inflation and Solomon’s warning that abrupt interest-rate moves could create headwinds are weighing on financial stocks. Rising rates may also pressure dealmaking, financing demand and valuations, while AI-related infrastructure costs remain a longer-term risk. Why Is Goldman Sachs Stock Falling Wednesday?

The Goldman Sachs Group Stock Down 1.7%

GS traded down $14.84 during trading on Wednesday, reaching $877.07. The stock had a trading volume of 3,403,578 shares, compared to its average volume of 2,219,712. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 3.17. The stock’s 50 day moving average is $984.44 and its two-hundred day moving average is $989.10. The Goldman Sachs Group, Inc. has a one year low of $740.01 and a one year high of $1,153.99. The company has a market capitalization of $255.38 billion, a price-to-earnings ratio of 13.54, a P/E/G ratio of 0.98 and a beta of 1.29.

The Goldman Sachs Group (NYSE:GS) last released its quarterly earnings data on Tuesday, October 13th. The investment management company reported $17.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $12.86 by $4.15. The Goldman Sachs Group had a return on equity of 19.16% and a net margin of 15.53%. The business had revenue of $18.68 billion for the quarter, compared to analysts’ expectations of $16.83 billion. During the same period in the prior year, the firm posted $12.25 EPS. The firm’s quarterly revenue was up 23.0% on a year-over-year basis. As a group, analysts expect that The Goldman Sachs Group, Inc. will post 67.48 earnings per share for the current year.

The Goldman Sachs Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 30th. Stockholders of record on Wednesday, December 2nd will be given a $5.00 dividend. This represents a $20.00 annualized dividend and a dividend yield of 2.3%. The ex-dividend date is Wednesday, December 2nd. The Goldman Sachs Group’s payout ratio is presently 30.87%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Morgan Stanley set a $1,145.00 target price on The Goldman Sachs Group in a research note on Wednesday, July 15th. Bank of America lifted their price objective on The Goldman Sachs Group from $1,150.00 to $1,300.00 and gave the company a “buy” rating in a research note on Thursday, July 16th. Wells Fargo & Company decreased their price objective on shares of The Goldman Sachs Group from $1,325.00 to $1,175.00 and set an “overweight” rating on the stock in a research report on Friday, September 25th. Keefe, Bruyette & Woods cut their target price on shares of The Goldman Sachs Group from $1,130.00 to $1,100.00 and set a “market perform” rating for the company in a research report on Wednesday. Finally, Loop Capital set a $1,050.00 price objective on shares of The Goldman Sachs Group in a report on Thursday, October 8th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, thirteen have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, The Goldman Sachs Group presently has an average rating of “Hold” and a consensus price target of $1,050.55.

The Goldman Sachs Group Profile

The Goldman Sachs Group, Inc is a global financial services company headquartered in New York City. Founded in 1869, the firm provides services to corporations, financial institutions, governments, individuals and other clients through its investment banking, markets, asset management and wealth management businesses.

Goldman Sachs advises clients on mergers and acquisitions, financing and other strategic transactions, and facilitates trading in equities, fixed income, currencies and commodities.