Pettee Investors Inc. Has $895,000 Stock Position in The Goldman Sachs Group, Inc. (NYSE:GS)

Pettee Investors Inc. cut its stake in shares of The Goldman Sachs Group, Inc. (NYSE:GS) by 25.2% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,978 shares of the investment management company’s stock after selling 665 shares during the period. Pettee Investors Inc.’s holdings in The Goldman Sachs Group were worth $895,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of the stock. Waldron Private Wealth LLC grew its stake in The Goldman Sachs Group by 0.8% during the second quarter. Waldron Private Wealth LLC now owns 2,399 shares of the investment management company’s stock worth $1,085,000 after purchasing an additional 20 shares during the period. Fulton Bank N.A. increased its stake in shares of The Goldman Sachs Group by 0.8% in the 2nd quarter. Fulton Bank N.A. now owns 2,727 shares of the investment management company’s stock valued at $1,233,000 after acquiring an additional 22 shares in the last quarter. Jacobi Capital Management LLC lifted its position in shares of The Goldman Sachs Group by 1.5% during the 1st quarter. Jacobi Capital Management LLC now owns 1,564 shares of the investment management company’s stock valued at $653,000 after acquiring an additional 23 shares during the period. Pinnacle Wealth Planning Services Inc. boosted its stake in The Goldman Sachs Group by 1.3% during the first quarter. Pinnacle Wealth Planning Services Inc. now owns 1,866 shares of the investment management company’s stock worth $779,000 after acquiring an additional 24 shares in the last quarter. Finally, Powell Investment Advisors LLC boosted its stake in The Goldman Sachs Group by 0.7% during the first quarter. Powell Investment Advisors LLC now owns 3,838 shares of the investment management company’s stock worth $1,603,000 after acquiring an additional 25 shares in the last quarter. 71.21% of the stock is currently owned by institutional investors.

The Goldman Sachs Group Stock Performance

NYSE:GS opened at $490.86 on Wednesday. The business’s fifty day moving average is $487.26 and its 200 day moving average is $446.50. The firm has a market cap of $155.01 billion, a price-to-earnings ratio of 19.03, a PEG ratio of 0.79 and a beta of 1.37. The company has a debt-to-equity ratio of 2.20, a quick ratio of 0.72 and a current ratio of 0.72. The Goldman Sachs Group, Inc. has a 52-week low of $289.36 and a 52-week high of $517.26.

The Goldman Sachs Group (NYSE:GS) last announced its quarterly earnings results on Monday, July 15th. The investment management company reported $8.62 earnings per share for the quarter, beating the consensus estimate of $8.52 by $0.10. The Goldman Sachs Group had a return on equity of 10.56% and a net margin of 9.36%. The firm had revenue of $12.73 billion for the quarter, compared to analysts’ expectations of $12.60 billion. Research analysts predict that The Goldman Sachs Group, Inc. will post 35.07 EPS for the current year.

The Goldman Sachs Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, August 30th will be issued a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 2.44%. This is an increase from The Goldman Sachs Group’s previous quarterly dividend of $2.75. The ex-dividend date of this dividend is Friday, August 30th. The Goldman Sachs Group’s dividend payout ratio (DPR) is presently 42.95%.

Insider Activity

In related news, Director Thomas K. Montag sold 10,000 shares of The Goldman Sachs Group 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, insider Brian J. Lee sold 3,500 shares of The Goldman Sachs Group 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 completion of the sale, the insider now directly owns 12,095 shares of the company’s stock, valued at approximately $6,119,949.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 transaction, 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 4,013,500 shares of company stock worth $32,181,365 in the last three months. Corporate insiders own 0.54% of the company’s stock.

Wall Street Analyst Weigh In

GS has been the subject of several research reports. Oppenheimer raised their target price on The Goldman Sachs Group from $504.00 to $559.00 and gave the company an “outperform” rating in a research note on Tuesday, July 16th. Citigroup increased their target price on The Goldman Sachs Group from $460.00 to $485.00 and gave the stock a “neutral” rating in a report on Tuesday, July 16th. JPMorgan Chase & Co. boosted their price target on shares of The Goldman Sachs Group from $461.00 to $464.00 and gave the company an “overweight” rating in a research note on Tuesday, July 16th. Keefe, Bruyette & Woods raised their price objective on shares of The Goldman Sachs Group from $485.00 to $520.00 and gave the company an “outperform” rating in a research note on Thursday, June 27th. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $500.00 target price on shares of The Goldman Sachs Group in a research report on Tuesday, July 30th. Five research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $495.94.

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.