Summit Financial LLC Increases Stock Position in The Goldman Sachs Group, Inc. (NYSE:GS)

Summit Financial LLC raised its holdings in shares of The Goldman Sachs Group, Inc. (NYSE:GS - Free Report) by 149.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,861 shares of the investment management company's stock after buying an additional 1,714 shares during the period. Summit Financial LLC's holdings in The Goldman Sachs Group were worth $1,294,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. International Assets Investment Management LLC purchased a new stake in shares of The Goldman Sachs Group during the first quarter valued at approximately $1,903,374,000. Norges Bank acquired a new position in shares of The Goldman Sachs Group in the fourth quarter worth about $1,120,119,000. AMF Tjanstepension AB boosted its holdings in The Goldman Sachs Group by 1,102.4% in the second quarter. AMF Tjanstepension AB now owns 810,836 shares of the investment management company's stock valued at $366,780,000 after purchasing an additional 743,402 shares during the last quarter. Wellington Management Group LLP boosted its holdings in The Goldman Sachs Group by 27.0% in the fourth quarter. Wellington Management Group LLP now owns 2,184,196 shares of the investment management company's stock valued at $842,597,000 after purchasing an additional 464,954 shares during the last quarter. Finally, Verity & Verity LLC grew its stake in The Goldman Sachs Group by 26,378.2% during the 1st quarter. Verity & Verity LLC now owns 407,764 shares of the investment management company's stock valued at $170,000 after purchasing an additional 406,224 shares in the last quarter. 71.21% of the stock is currently owned by hedge funds and other institutional investors.

The Goldman Sachs Group Price Performance

Shares of GS traded up $3.15 during trading hours on Monday, hitting $510.25. 1,839,000 shares of the company were exchanged, compared to its average volume of 2,274,770. The firm has a fifty day simple moving average of $485.69 and a 200-day simple moving average of $444.90. The company has a market capitalization of $161.14 billion, a PE ratio of 19.92, a PEG ratio of 0.79 and a beta of 1.37. The company has a debt-to-equity ratio of 2.20, a current ratio of 0.72 and a quick ratio of 0.72. The Goldman Sachs Group, Inc. has a one year low of $289.36 and a one year high of $517.26.

The Goldman Sachs Group (NYSE:GS - Get Free Report) last released its earnings results on Monday, July 15th. The investment management company reported $8.62 earnings per share for the quarter, topping the consensus estimate of $8.52 by $0.10. The Goldman Sachs Group had a net margin of 9.36% and a return on equity of 10.56%. The business had revenue of $12.73 billion for the quarter, compared to the consensus estimate of $12.60 billion. As a group, sell-side analysts predict that The Goldman Sachs Group, Inc. will post 35.07 earnings per share for the current year.

The Goldman Sachs Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, August 30th will be paid a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 2.35%. The ex-dividend date is Friday, August 30th. This is a positive change from The Goldman Sachs Group's previous quarterly dividend of $2.75. The Goldman Sachs Group's dividend payout ratio is currently 42.95%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on GS shares. Evercore ISI boosted their target price on shares of The Goldman Sachs Group from $475.00 to $520.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 16th. Barclays increased their target price on The Goldman Sachs Group from $493.00 to $565.00 and gave the stock an "overweight" rating in a report on Tuesday, July 16th. Seaport Res Ptn downgraded The Goldman Sachs Group from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 2nd. Keefe, Bruyette & Woods raised their price objective on The Goldman Sachs Group from $485.00 to $520.00 and gave the stock an "outperform" rating in a research note on Thursday, June 27th. Finally, Citigroup lifted their price objective on shares of The Goldman Sachs Group from $460.00 to $485.00 and gave the stock a "neutral" rating in a report on Tuesday, July 16th. Five equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $495.94.

Insiders Place Their Bets

In other The Goldman Sachs Group news, insider Brian J. Lee sold 3,500 shares of the business's stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $505.99, for a total value of $1,770,965.00. Following the transaction, the insider now owns 12,095 shares in the company, valued at $6,119,949.05. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Brian J. Lee sold 3,500 shares of the firm's stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $505.99, for a total transaction of $1,770,965.00. Following the transaction, the insider now owns 12,095 shares in the company, valued at approximately $6,119,949.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Thomas K. Montag sold 10,000 shares of the company's stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $505.04, for a total transaction of $5,050,400.00. Following the completion of the sale, the director now owns 12,450 shares of the company's stock, valued at $6,287,748. The disclosure for this sale can be found here. Insiders sold a total of 4,013,500 shares of company stock worth $32,181,365 in the last quarter. 0.54% of the stock is currently owned by corporate insiders.

The Goldman Sachs Group Company 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.