Conning Inc. has reduced its holdings in The Goldman Sachs Group, Inc. (NYSE: GS) by 3.2%, according to a recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor now owns 2,135 shares of Goldman Sachs, reflecting a decrease of 71 shares during the second quarter. At the end of this reporting period, Conning’s stake in Goldman Sachs was valued at approximately $1.51 million.
Several other institutional investors and hedge funds have also adjusted their positions in Goldman Sachs recently. Notably, Dogwood Wealth Management LLC significantly increased its stake by 1,800% during the second quarter, now holding 38 shares valued at $26,000 after acquiring an additional 36 shares. Additionally, Clal Insurance Enterprises Holdings Ltd purchased a new stake in Goldman Sachs valued at $25,000, while American Capital Advisory LLC bought in for $29,000. Ridgewood Investments LLC raised its position by 45.9%, bringing its total to 54 shares worth $38,000.
As of now, institutional investors and hedge funds collectively own 71.21% of Goldman Sachs’ stock.
Analyst Ratings and Stock Performance
Recent analysis from various financial institutions has offered mixed reviews on Goldman Sachs shares. Keefe, Bruyette & Woods raised their target price from $771.00 to $790.00 while maintaining a “market perform” rating. Wells Fargo & Company also increased its target from $785.00 to $855.00, providing an “overweight” rating. Conversely, HSBC Global Research downgraded Goldman Sachs from a “hold” to a “moderate sell” rating.
According to MarketBeat data, Goldman Sachs has received five “Buy” ratings, fourteen “Hold” ratings, and one “Sell” rating. The consensus rating stands at “Hold” with an average price target of $727.31.
As of the last trading session, Goldman Sachs opened at $765.14, with a market capitalization of $231.62 billion. The company has noted a 12-month low of $439.38 and a 12-month high of $825.25. The stock’s 50-day moving average is $760.79, while its 200-day moving average is $662.32.
Recent Financial Results and Dividend Increase
Goldman Sachs recently reported its earnings for the second quarter on July 16, 2023. The firm posted earnings per share (EPS) of $10.91, exceeding the consensus estimate of $9.82 by $1.09. Revenue for the quarter reached $14.58 billion, compared to the expected $13.53 billion. The company experienced a year-over-year revenue increase of 14.5%, with a return on equity of 14.32% and a net margin of 12.37%.
In a positive move for shareholders, Goldman Sachs announced a quarterly dividend of $4.00 per share, payable on September 29, 2023. This marks an increase from the previous quarterly dividend of $3.00, representing an annualized dividend of $16.00 and a yield of 2.1%. The dividend payout ratio currently stands at 35.26%.
In insider trading news, Chief Operating Officer John E. Waldron sold 9,244 shares on August 27, 2023, at an average price of $750.11, totaling approximately $6.93 million. Following this transaction, Waldron’s ownership decreased by 7.42%. Additionally, Chief Financial Officer Denis P. Coleman sold 7,463 shares on July 25, 2023, at an average price of $724.40, resulting in a total value of about $5.41 million.
Overall, insider selling over the past three months has totaled 38,323 shares, valued at approximately $28.11 million, with insiders owning 0.55% of the company’s stock.
Goldman Sachs continues to operate as a leading financial institution, offering a wide range of financial services globally, including investment banking, asset management, and securities trading. As the market evolves, the firm’s strategic decisions and performance will be closely monitored by investors and analysts alike.
