GC Wealth Management RIA LLC has significantly reduced its holdings in The Goldman Sachs Group, Inc., cutting its stake by 39.2% during the second quarter of 2024. According to the firm’s latest Form 13F filing with the U.S. Securities and Exchange Commission (SEC), GC Wealth Management now owns 3,513 shares of Goldman Sachs, down from 5,781 shares after selling 2,268 shares during this period. The total value of its holdings stands at approximately $2.49 million.
Several other institutional investors have also made adjustments to their positions in Goldman Sachs. Brighton Jones LLC increased its holdings by 17.1% in the fourth quarter, now owning 3,474 shares valued at $1.99 million. Revolve Wealth Partners LLC raised its stake by 7.0%, acquiring an additional 58 shares for a total of 888 shares, worth around $508,000. AdvisorNet Financial Inc. made a more substantial increase of 49.0% in the first quarter, now holding 1,125 shares valued at $614,000.
Fifth Third Wealth Advisors LLC also grew its holdings by 8.6%, bringing its total to 16,279 shares worth $8.89 million. Meanwhile, Allied Investment Advisors LLC increased its position by 1.0%, now owning 22,105 shares valued at approximately $12.08 million. Collectively, institutional investors and hedge funds own 71.21% of Goldman Sachs.
Insider Transactions and Recent Performance
In related developments, CEO David M. Solomon sold 6,608 shares of the company on July 23, 2024, at an average price of $712.31, amounting to a total of $4.71 million. Post-sale, Solomon holds 126,176 shares, valued at approximately $89.88 million. This transaction reflects a 4.98% decrease in his holdings.
Similarly, CFO Denis P. Coleman sold 7,463 shares on July 25, 2024, for an average price of $724.40, resulting in a total of $5.41 million. Following the sale, Coleman’s remaining shares amount to 18,594 shares, valued at about $13.47 million, indicating a 28.64% decline in his ownership. In total, insiders have sold 38,323 shares worth around $28.11 million in the past 90 days.
The Goldman Sachs Group recently reported its quarterly earnings on July 16, 2024, announcing $10.91 earnings per share (EPS), surpassing analyst expectations of $9.82. The firm generated $14.58 billion in revenue during the quarter, exceeding the consensus estimate of $13.53 billion. This marks a year-over-year revenue increase of 14.5%, up from $8.62 EPS in the same quarter last year.
Dividend Announcement and Analyst Ratings
In a positive development for shareholders, Goldman Sachs declared a quarterly dividend of $4.00 per share, set to be paid on September 29, 2024. This announcement follows an increase from the previous quarterly dividend of $3.00, making the annualized dividend $16.00 with a yield of 2.0%. The ex-dividend date is August 29, 2024, and the firm’s current dividend payout ratio stands at 35.26%.
Analyst ratings have shown mixed sentiments towards Goldman Sachs. HSBC recently reaffirmed a “reduce” rating with a target price of $627.00, while Wells Fargo & Company raised its target price from $785.00 to $855.00 with an “overweight” rating. Keefe, Bruyette & Woods also increased its target price from $771.00 to $790.00, maintaining a “market perform” rating. Currently, five analysts have issued a “Buy” rating, eleven maintain a “Hold” rating, and one has issued a “Sell” rating, resulting in an average price target of $665.00 according to MarketBeat.com.
The Goldman Sachs Group, Inc. operates globally, offering a range of financial services for corporations, financial institutions, governments, and individuals. Its business segments include Global Banking & Markets, Asset & Wealth Management, and Platform Solutions, each providing essential advisory and financial services across various sectors.
