Everence Capital Management Inc. Reduces Stake in Goldman Sachs Group, Inc.

Everence Capital Management Inc. has decreased its stake in The Goldman Sachs Group, Inc. (NYSE:GS) by 14.9% during the fourth quarter, according to its recent 13F filing with the SEC. Following the sale of 1,530 shares during this period, the fund now holds 8,730 shares of the investment management company’s stock, which is currently valued at approximately $4,999,000.

Other Institutional Investors

In addition to Everence, several other hedge funds have also adjusted their positions in Goldman Sachs. Procyon Advisors LLC increased its holdings by 5.5% during the third quarter, acquiring an additional 43 shares and bringing its total to 830 shares, worth around $411,000. Brookstone Capital Management saw a more significant rise of 19.9% during the same quarter, bringing its total shares to 4,582, valued at $2,268,000 after adding 761 shares. Granite Bay Wealth Management LLC established a new position in The Goldman Sachs Group in the second quarter worth $5,529,000. Fisher Asset Management LLC raised its stake by 2.7% during the third quarter, now holding 6,042,640 shares valued at approximately $2.99 billion after buying an additional 161,133 shares. Lastly, Principal Financial Group Inc. increased its holdings by 2.1% during the third quarter to 364,276 shares, worth $180,357,000. Currently, hedge funds and other institutional investors collectively own 71.21% of the company’s stock.

Analyst Ratings Updates

Goldman Sachs (GS) has recently been the subject of various analyst ratings. For instance, Wells Fargo & Company raised their price target from $600.00 to $680.00 while assigning an "overweight" rating. Barclays increased their price objective from $565.00 to $588.00 and also issued an "overweight" rating. Conversely, Oppenheimer reduced their target price from $677.00 to $639.00 while maintaining an "outperform" rating on the stock. HSBC Global Research downgraded Goldman Sachs from a "strong-buy" to a "hold" rating, while Morgan Stanley raised their price target from $560.00 to $570.00 alongside an "overweight" rating. At present, seven analysts have given Goldman Sachs a hold rating and thirteen have issued buy ratings, resulting in an average rating of "Moderate Buy" and an average price target of $558.38 according to MarketBeat.

Stock Performance

On recent trading days, Goldman Sachs's stock exhibited slight movement, trading up 0.1% at $575.65. There were approximately 422,594 shares exchanged, which is lower than the average trading volume of 1,294,089 shares. Goldman Sachs currently holds a market capitalization of $180.70 billion, with a PE ratio of 16.89 and a price-to-earnings-growth ratio of 0.85. Over the past year, the stock reached a low of $372.07 and a high of $612.73. The company also shows a debt-to-equity ratio of 2.32.

Recent Earnings and Dividend Announcement

Goldman Sachs last announced its earnings results on October 15, where it reported earnings per share (EPS) of $8.40 for the quarter, exceeding the analyst consensus estimate of $6.89 by $1.51. Total revenue for the quarter was $12.70 billion, surpassing the expected $11.77 billion. The firm's revenue experienced a year-over-year growth of 7.4%, up from $5.47 EPS in the same quarter last year. Analysts forecast that Goldman Sachs will achieve earnings of 37.06 per share for the current fiscal year. In addition to earnings, Goldman Sachs declared a quarterly dividend of $3.00, payable to investors of record as of December 2, with an ex-dividend date of the same day. This equates to an annualized dividend of $12.00, representing a yield of 2.08%.

Insider Transactions

In recent insider activity, Director David A. Viniar offloaded 5,000 shares of Goldman Sachs stock at an average price of $612.08, amounting to a total of $3,060,400. The transaction decreased his overall ownership to 608,425 shares, valued at about $372,404,774. Additionally, insider Brian J. Lee sold 2,000 shares at an average price of $530.90 for $1,061,800, reducing his ownership to 10,095 shares worth approximately $5,359,435. Over the last 90 days, insiders sold a total of 22,940 shares valued at $13,717,979, with insiders holding about 0.54% of the company's stock.

Company Overview

The Goldman Sachs Group, Inc. is a global financial institution that offers a broad range of financial services to corporations, financial institutions, governments, and individuals. It operates through various segments including Global Banking & Markets, Asset & Wealth Management, and Platform Solutions, providing advisory services, secured lending, and financing related to mergers, acquisitions, and other corporate transactions.

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