Castle Rock Wealth Management LLC Sells 1,220 Shares of The Goldman Sachs Group, Inc. $GS

Castle Rock Wealth Management LLC decreased its stake in shares of The Goldman Sachs Group, Inc. (NYSE:GS) by 39.5% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 1,866 shares of the investment management company’s stock after selling 1,220 shares during the quarter. Castle Rock Wealth Management LLC’s holdings in The Goldman Sachs Group were worth $1,674,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in the stock. BlackRock Inc. acquired a new stake in shares of The Goldman Sachs Group during the second quarter valued at $24,172,123,000. Bank of America Corp DE acquired a new position in The Goldman Sachs Group in the 2nd quarter valued at about $6,756,772,000. Orange County Employees Retirement System acquired a new position in The Goldman Sachs Group in the 2nd quarter valued at about $69,537,544,000. Bank of New York Mellon Corp purchased a new position in The Goldman Sachs Group in the 2nd quarter valued at about $2,560,028,000. Finally, Corient Private Wealth LLC lifted its holdings in The Goldman Sachs Group by 1,657.7% in the 4th quarter. Corient Private Wealth LLC now owns 2,596,487 shares of the investment management company’s stock valued at $2,282,312,000 after purchasing an additional 2,448,767 shares in the last quarter. 71.21% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

GS has been the subject of a number of recent research reports. Wall Street Zen downgraded shares of The Goldman Sachs Group from a “buy” rating to a “hold” rating in a report on Sunday, September 13th. Morgan Stanley set a $1,145.00 price objective on shares of The Goldman Sachs Group in a research note on Wednesday, July 15th. Loop Capital set a $1,050.00 target price on shares of The Goldman Sachs Group in a research report on Thursday. Evercore reaffirmed an “outperform” rating on shares of The Goldman Sachs Group in a research note on Monday, July 6th. Finally, Wells Fargo & Company cut their price target on The Goldman Sachs Group from $1,325.00 to $1,175.00 and set an “overweight” rating for the company in a report on Friday, September 25th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, twelve have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $1,055.09.

The Goldman Sachs Group Trading Up 1.5%

GS traded up $12.99 during midday trading on Friday, hitting $895.58. The company’s stock had a trading volume of 1,858,373 shares, compared to its average volume of 2,200,068. The Goldman Sachs Group, Inc. has a 52-week low of $740.01 and a 52-week high of $1,153.99. The firm has a 50-day moving average price of $992.83 and a two-hundred day moving average price of $987.89. 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 firm has a market cap of $260.77 billion, a P/E ratio of 13.82, a PEG ratio of 0.97 and a beta of 1.29.

The Goldman Sachs Group (NYSE:GS) last announced its quarterly earnings data on Tuesday, July 14th. The investment management company reported $20.98 earnings per share for the quarter, topping the consensus estimate of $14.47 by $6.51. The Goldman Sachs Group had a net margin of 15.53% and a return on equity of 19.16%. The business had revenue of $20.34 billion for the quarter, compared to analyst estimates of $16.22 billion. During the same period in the prior year, the firm posted $10.91 EPS. The company’s revenue was up 39.4% on a year-over-year basis. On average, research analysts anticipate that The Goldman Sachs Group, Inc. will post 67.48 earnings per share for the current year.

The Goldman Sachs Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 1st were paid a dividend of $5.00 per share. This is an increase from The Goldman Sachs Group’s previous quarterly dividend of $4.50. This represents a $20.00 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend was Tuesday, September 1st. The Goldman Sachs Group’s payout ratio is 30.87%.

The Goldman Sachs Group News Summary

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

• Positive Sentiment: TD Cowen initiated coverage with a Strong Buy rating, while its broader coverage assigned GS a Buy rating and a $1,050 price target—about 17% above the referenced price. The upgrade provides an additional bullish signal ahead of earnings. Goldman Stock Before Q3 Earnings: Buy Now or Wait for Results?
• Positive Sentiment: Analysts expect third-quarter growth to be supported by resilient equity-trading activity and investment-banking revenue. Goldman is also projected to be a leading contributor to Wall Street’s estimated $19 billion in third-quarter trading revenue. Goldman Sachs expected to lead Wall Street’s trading revenue
• Positive Sentiment: Goldman was reportedly hired by Cinven to help revive a potential $2 billion sale of JLA, highlighting continued investment-banking and advisory activity. Goldman Sachs Hired by Cinven to Revive $2 Billion JLA Sale

About The Goldman Sachs Group

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.