Summit Securities Group LLC Acquires New Stake in The Goldman Sachs Group, Inc. (NYSE:GS)

Summit Securities Group LLC bought a new position in shares of The Goldman Sachs Group, Inc. (NYSE:GS) in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 14,600 shares of the investment management company’s stock, valued at approximately $8,360,000. The Goldman Sachs Group makes up approximately 1.7% of Summit Securities Group LLC’s investment portfolio, making the stock its 7th largest position.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Asset Management One Co. Ltd. lifted its stake in The Goldman Sachs Group by 2.5% in the 4th quarter. Asset Management One Co. Ltd. now owns 224,148 shares of the investment management company’s stock valued at $129,144,000 after acquiring an additional 5,541 shares in the last quarter. Erste Asset Management GmbH boosted its holdings in The Goldman Sachs Group by 5.9% during the fourth quarter. Erste Asset Management GmbH now owns 5,743 shares of the investment management company’s stock worth $3,309,000 after purchasing an additional 320 shares during the last quarter. Franklin Street Advisors Inc. NC grew its position in The Goldman Sachs Group by 8.1% in the fourth quarter. Franklin Street Advisors Inc. NC now owns 38,304 shares of the investment management company’s stock valued at $21,934,000 after purchasing an additional 2,863 shares in the last quarter. Atlas Legacy Advisors LLC acquired a new stake in The Goldman Sachs Group in the 4th quarter valued at $356,000. Finally, Park Edge Advisors LLC bought a new stake in The Goldman Sachs Group during the 4th quarter worth about $703,000. Institutional investors and hedge funds own 71.21% of the company’s stock.

Insider Buying and Selling

In other The Goldman Sachs Group news, insider Kathryn H. Ruemmler sold 7,498 shares of the firm’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $634.69, for a total value of $4,758,905.62. Following the sale, the insider now owns 9,589 shares of the company’s stock, valued at approximately $6,086,042.41. This trade represents a 43.88 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Sheara J. Fredman sold 2,034 shares of the company’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $627.01, for a total value of $1,275,338.34. Following the sale, the chief accounting officer now owns 6,455 shares of the company’s stock, valued at approximately $4,047,349.55. This represents a 23.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 19,925 shares of company stock valued at $12,630,683 over the last quarter. 0.55% of the stock is owned by company insiders.

The Goldman Sachs Group Price Performance

NYSE:GS opened at $543.04 on Friday. The company has a debt-to-equity ratio of 2.32, a quick ratio of 0.67 and a current ratio of 0.67. The firm has a market cap of $169.45 billion, a price-to-earnings ratio of 13.39, a P/E/G ratio of 0.89 and a beta of 1.37. The Goldman Sachs Group, Inc. has a 52 week low of $387.12 and a 52 week high of $672.19. The firm’s 50-day simple moving average is $608.15 and its 200 day simple moving average is $571.66.

The Goldman Sachs Group (NYSE:GS) last released its quarterly earnings results on Wednesday, January 15th. The investment management company reported $11.95 earnings per share for the quarter, beating analysts’ consensus estimates of $8.21 by $3.74. The Goldman Sachs Group had a net margin of 11.32% and a return on equity of 13.30%. The company had revenue of $13.87 billion during the quarter, compared to the consensus estimate of $12.36 billion. During the same period in the previous year, the business earned $5.48 earnings per share. The firm’s quarterly revenue was up 22.5% on a year-over-year basis. As a group, sell-side analysts predict that The Goldman Sachs Group, Inc. will post 47.12 earnings per share for the current year.

The Goldman Sachs Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, February 28th were paid a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 2.21%. The ex-dividend date was Friday, February 28th. The Goldman Sachs Group’s dividend payout ratio (DPR) is presently 29.59%.

Analysts Set New Price Targets

Several research firms recently issued reports on GS. Citigroup dropped their target price on The Goldman Sachs Group from $585.00 to $550.00 and set a “neutral” rating on the stock in a report on Monday, March 24th. UBS Group raised their target price on shares of The Goldman Sachs Group from $610.00 to $640.00 and gave the company a “neutral” rating in a research note on Tuesday, January 21st. Morgan Stanley dropped their price target on shares of The Goldman Sachs Group from $782.00 to $659.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. Wells Fargo & Company decreased their price objective on shares of The Goldman Sachs Group from $720.00 to $680.00 and set an “overweight” rating for the company in a research report on Friday. Finally, JPMorgan Chase & Co. raised their target price on shares of The Goldman Sachs Group from $605.00 to $625.00 and gave the company an “overweight” rating in a research note on Tuesday, March 25th. Ten research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $590.60.

The Goldman Sachs Group Profile

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.