Vestmark Advisory Solutions Inc. has raised its investment in The Goldman Sachs Group, Inc. by 8.5% during the third quarter of 2023. According to the company’s latest 13F filing with the Securities and Exchange Commission, Vestmark now owns 9,873 shares of the prominent investment management firm. This increase follows the acquisition of an additional 771 shares during the quarter, bringing the total value of Vestmark’s holdings to approximately $7,863,000.
The recent activity is part of a broader trend among institutional investors, with several hedge funds and other entities adjusting their positions in Goldman Sachs. For instance, Harbor Capital Advisors Inc. initiated a new position worth approximately $26,000, while First PREMIER Bank acquired a stake valued at about $28,000. Additionally, Corundum Trust Company INC invested around $29,000 in the company during the same period. Elevation Wealth Partners LLC notably doubled its holdings by acquiring 20 additional shares, bringing its total to 40 shares with a valuation of $32,000.
As of now, institutional investors collectively own 71.21% of Goldman Sachs’ stock, reflecting significant confidence in the firm’s financial standing.
Stock Performance and Dividend Announcement
Goldman Sachs shares opened at $922.03 on Monday, with a 50-day moving average of $922.42 and a 200-day moving average of $831.56. The company has experienced a price fluctuation over the past year, with a low of $439.38 and a high of $984.70. With a market capitalization of $276.54 billion, Goldman Sachs currently holds a price-to-earnings ratio of 17.98, a PEG ratio of 1.13, and a beta of 1.34.
In a positive development for shareholders, Goldman Sachs recently announced a quarterly dividend of $4.50 per share, set to be paid on March 30, 2024. This marks an increase from the previous quarterly dividend of $4.00. The upcoming dividend represents an annualized total of $18.00 and a dividend yield of 2.0%. The ex-dividend date is also noted as March 2, 2024, with a dividend payout ratio of 31.20%.
Analyst Ratings and Insider Transactions
Recent evaluations from equities research analysts indicate a mixed sentiment surrounding Goldman Sachs. Weiss Ratings maintained a “hold (c+)” rating, while Argus raised its price target from $863.00 to $1,066.00 and issued a “buy” rating. UBS Group reiterated a “neutral” stance with a price objective of $990.00, whereas Barclays increased its target from $850.00 to $1,048.00 with an “overweight” rating. Analysts have generally assigned an average rating of “Hold” to the stock, with a consensus target price of $916.86.
Recent insider transactions have also drawn attention. On January 23, 2024, insider Kathryn H. Ruemmler sold 9,589 shares for approximately $8.89 million, decreasing her position by 34.10%. Meanwhile, Director David A. Viniar sold 45,000 shares on January 16, 2024, for a total of $43.44 million, resulting in a 7.50% reduction of his ownership stake. In total, insiders have sold 117,283 shares worth $112.02 million over the past three months.
Goldman Sachs, headquartered in New York City, is a leading global investment banking and financial services firm, serving a diverse client base that includes corporations, financial institutions, and governments. The firm is recognized for its expertise in investment banking, global markets, asset management, and consumer banking, under the leadership of Chief Executive Officer David M. Solomon.
