The Goldman Sachs Group (NYSE:GS) Shares Down 1% – Here’s What Happened

The Goldman Sachs Group, Inc. (NYSE:GS)’s stock price was down 1% on Tuesday . The company traded as low as $595.42 and last traded at $596.07. Approximately 437,477 shares changed hands during mid-day trading, a decline of 80% from the average daily volume of 2,223,020 shares. The stock had previously closed at $602.34.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on GS shares. BMO Capital Markets increased their price target on shares of The Goldman Sachs Group from $360.00 to $373.00 and gave the company a “market perform” rating in a research report on Wednesday, July 17th. Evercore ISI raised their target price on shares of The Goldman Sachs Group from $520.00 to $575.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Bank of America raised their target price on shares of The Goldman Sachs Group from $563.00 to $575.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $500.00 price target on shares of The Goldman Sachs Group in a research note on Tuesday, July 30th. Finally, UBS Group raised their price target on shares of The Goldman Sachs Group from $550.00 to $560.00 and gave the stock a “buy” rating in a research note on Tuesday, October 8th. Five analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, The Goldman Sachs Group currently has an average rating of “Moderate Buy” and a consensus price target of $527.63.

The Goldman Sachs Group Stock Performance

The company has a debt-to-equity ratio of 2.32, a current ratio of 0.67 and a quick ratio of 0.67. The stock’s 50-day simple moving average is $513.80 and its 200 day simple moving average is $486.51. The stock has a market capitalization of $184.72 billion, a P/E ratio of 17.21, a PEG ratio of 0.86 and a beta of 1.35.

The Goldman Sachs Group (NYSE:GS) last announced its earnings results on Tuesday, October 15th. The investment management company reported $8.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.89 by $1.51. The company had revenue of $12.70 billion during the quarter, compared to analysts’ expectations of $11.77 billion. The Goldman Sachs Group had a net margin of 9.89% and a return on equity of 11.39%. The Goldman Sachs Group’s quarterly revenue was up 7.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $5.47 earnings per share. Research analysts expect that The Goldman Sachs Group, Inc. will post 37.15 EPS for the current fiscal year.

The Goldman Sachs Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Monday, December 2nd will be given a $3.00 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $12.00 dividend on an annualized basis and a dividend yield of 2.04%. The Goldman Sachs Group’s payout ratio is presently 35.21%.

Insider Activity

In other news, insider Brian J. Lee sold 2,000 shares of the stock in a transaction dated Thursday, October 17th. The shares were sold at an average price of $530.90, for a total value of $1,061,800.00. Following the completion of the transaction, the insider now owns 10,095 shares of the company’s stock, valued at approximately $5,359,435.50. This represents a 16.54 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Sheara J. Fredman sold 2,974 shares of the stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $594.51, for a total transaction of $1,768,072.74. Following the completion of the transaction, the chief accounting officer now directly owns 8,489 shares of the company’s stock, valued at $5,046,795.39. This trade represents a 25.94 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 11,390 shares of company stock valued at $6,656,119. 0.54% of the stock is owned by company insiders.

Institutional Trading of The Goldman Sachs Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Semmax Financial Advisors Inc. acquired a new stake in shares of The Goldman Sachs Group during the 2nd quarter worth approximately $26,000. POM Investment Strategies LLC bought a new position in shares of The Goldman Sachs Group in the 2nd quarter worth $26,000. Headlands Technologies LLC bought a new position in shares of The Goldman Sachs Group in the 2nd quarter worth $27,000. SJS Investment Consulting Inc. lifted its holdings in shares of The Goldman Sachs Group by 103.3% in the 2nd quarter. SJS Investment Consulting Inc. now owns 61 shares of the investment management company’s stock worth $28,000 after purchasing an additional 31 shares in the last quarter. Finally, West Branch Capital LLC bought a new position in shares of The Goldman Sachs Group in the 3rd quarter worth $30,000. Institutional investors and hedge funds own 71.21% of the company’s stock.

About The Goldman Sachs Group

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.