Everence Capital Management Inc. Reduces Stake in Goldman Sachs

Everence Capital Management Inc. has decreased its holdings in The Goldman Sachs Group, Inc. (NYSE:GS) by 14.9% during the last quarter of the year. According to the company's most recent 13F filing with the SEC, this reduction means that the firm now owns 8,730 shares of Goldman Sachs after selling 1,530 shares during that period. As of the latest SEC submission, these holdings were valued at approximately $4,999,000.

Other Hedge Funds Activity

In addition to Everence Capital Management Inc., several other hedge funds have either bought or sold shares of Goldman Sachs. For example, Procyon Advisors LLC increased its stake by 5.5% in the third quarter, now holding 830 shares valued at around $411,000. Similarly, Brookstone Capital Management raised its stake by 19.9%, owning 4,582 shares valued at approximately $2,268,000 after acquiring an additional 761 shares. Granite Bay Wealth Management LLC also made a significant move by establishing a new position valued at $5,529,000 during the second quarter. In the same third quarter, Fisher Asset Management LLC boosted its stake by 2.7%, now owning over 6 million shares worth around $2.99 billion after buying 161,133 shares. Finally, Principal Financial Group Inc. increased their holdings by 2.1%, with a total of 364,276 shares valued at $180,357,000. Overall, hedge funds and other institutional investors hold about 71.21% of Goldman Sachs' stock.

Analyst Ratings and Price Targets

The stock has attracted the attention of various analysts who have issued reports regarding its performance. For instance, Wells Fargo & Company raised their price target from $600.00 to $680.00 while maintaining an "overweight" rating. Barclays also increased their price objective from $565.00 to $588.00, giving it an "overweight" rating. Conversely, Oppenheimer lowered Goldman Sachs' target price from $677.00 to $639.00, while maintaining an “outperform” rating. In another report, HSBC Global Research downgraded the stock from a “strong-buy” rating to a “hold” rating. Morgan Stanley adjusted their price target upwards from $560.00 to $570.00, also issuing an “overweight” rating. Currently, seven analysts hold a "hold" rating, while thirteen have given the stock a "buy" rating. According to MarketBeat, the average rating for Goldman Sachs is classified as "Moderate Buy" with an average price target of $558.38.

Goldman Sachs Stock Performance

As of the latest trading session, shares of Goldman Sachs saw a slight increase, trading up by $0.68 to reach $575.65. A total of 422,594 shares exchanged hands, compared to the average volume of 1,294,089. Goldman Sachs holds a market capitalization of $180.70 billion, with a price-to-earnings (PE) ratio of 16.89. It has a price-to-earnings-growth (PEG) ratio of 0.85 and a beta of 1.38. The stock's performance over the past 12 months has been notable, with a low of $372.07 and a high of $612.73. Financial metrics for Goldman Sachs include a debt-to-equity ratio of 2.32, a quick ratio of 0.67, and a current ratio of 0.67, along with a 50-day moving average of $576.91 and a 200-day average of $519.89.

Earnings and Dividend Announcements

Goldman Sachs recently released its earnings results, showing an impressive $8.40 earnings per share (EPS) for the quarter, exceeding the consensus estimate of $6.89 by $1.51. The reported revenue for the quarter was $12.70 billion, also surpassing the forecasted $11.77 billion. With a net margin of 9.89% and a return on equity of 11.39%, Goldman Sachs’ revenue was up 7.4% compared to the previous year’s earnings. Analysts predict that the company will report EPS of 37.06 for the current fiscal year.

The company has also recently declared a quarterly dividend of $3.00, payable on December 30th to investors who were on record by December 2nd. This annualizes to a dividend of $12.00, representing a yield of 2.08% with a dividend payout ratio of 35.21%.

Insider Transactions

In recent insider transactions, Director David A. Viniar sold 5,000 shares on November 29th for an average price of $612.08, totaling $3,060,400. After this transaction, he retains ownership of 608,425 shares worth over $372 million. Additionally, Brian J. Lee, an insider, sold 2,000 shares on October 17th for $1,061,800, now having 10,095 shares remaining valued at $5,359,435. Over the past three months, insiders have sold an aggregate of 22,940 shares valued at almost $13.72 million, with insiders maintaining ownership of only 0.54% of the company’s stock.

Company Overview

Goldman Sachs Group, Inc. is a prominent financial institution providing various services to corporations, financial institutions, governments, and individuals across the globe. The company operates through multiple segments, including Global Banking & Markets, Asset & Wealth Management, and Platform Solutions. Their Global Banking & Markets division offers financial advisory services for mergers and acquisitions, corporate defense, restructurings, and more.

investment, stocks, Goldman, management, dividend