Vestmark Advisory Solutions Inc. has expanded its investment in The Goldman Sachs Group, Inc. by 8.5% during the third quarter of 2023, according to a recent filing with the Securities and Exchange Commission (SEC). The firm now holds 9,873 shares of Goldman Sachs stock, having acquired an additional 771 shares during this period, bringing the total value of its holdings to approximately $7.86 million.
Other institutional investors have also adjusted their positions in Goldman Sachs. Harbor Capital Advisors Inc. entered the market with a new stake valued at around $26,000. First PREMIER Bank and Corundum Trust Company INC followed suit, with new investments worth about $28,000 and $29,000, respectively. Elevation Wealth Partners LLC doubled its holdings by acquiring 20 additional shares, raising its total to 40 shares valued at $32,000.
Market Performance and Dividend Increase
As of the latest trading session, shares of Goldman Sachs opened at $922.03. The stock has shown significant movement, with a 50-day moving average of $922.42 and a 200-day moving average of $831.56. Over the past year, Goldman Sachs has experienced a low of $439.38 and a high of $984.70. The company’s market capitalization stands at approximately $276.54 billion, and it has a price-to-earnings ratio of 17.98.
In a positive development for shareholders, Goldman Sachs recently announced an increase in its quarterly dividend from $4.00 to $4.50 per share. This new dividend will be payable on March 30, 2024, to investors on record as of March 2, 2024. The annualized dividend now totals $18.00 per share, representing a yield of 2.0%. The firm maintains a dividend payout ratio of 31.20%.
Analyst Ratings and Insider Transactions
Recent reports from equity analysts have provided varied perspectives on Goldman Sachs. Weiss Ratings maintained a “hold” rating, while Argus raised its price target from $863.00 to $1,066.00 and assigned a “buy” rating. UBS Group reiterated a “neutral” stance with a price objective of $990.00, and Barclays increased its target from $850.00 to $1,048.00, rating it as “overweight.” Overall, analysts have issued one Strong Buy rating, eight Buy ratings, and fourteen Hold ratings, with a consensus target price of $916.86.
Insider trading activity has seen notable movements recently. Kathryn H. Ruemmler sold 9,589 shares at an average price of $927.51, totaling around $8.89 million. After this transaction, Ruemmler holds 18,533 shares valued at approximately $17.19 million. Similarly, Director David A. Viniar sold 45,000 shares at an average price of $965.33, amounting to $43.44 million, resulting in a 7.50% decrease in his ownership.
Over the past three months, insiders have sold a total of 117,283 shares worth approximately $112 million. Currently, insiders hold about 0.55% of the company’s stock.
Goldman Sachs continues to influence the market with its strategic decisions and outlooks. Positive sentiment surrounds its recent oil price forecasts, projecting an increase for Brent crude to $60 and WTI to $56 by the fourth quarter of 2026. This forecast could enhance commodities trading and merchant banking revenue.
As Goldman Sachs navigates a complex financial landscape, the adjustments by institutional investors and analysts reflect a mixture of confidence and caution as the firm continues to adapt its strategies in response to market dynamics.
