Sumitomo Life Insurance Co. Raises Stock Position in The Goldman Sachs Group, Inc. (NYSE:GS)

Sumitomo Life Insurance Co. lifted its position in shares of The Goldman Sachs Group, Inc. (NYSE:GS) by 598.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 25,441 shares of the investment management company’s stock after acquiring an additional 21,798 shares during the quarter. The Goldman Sachs Group accounts for about 0.3% of Sumitomo Life Insurance Co.’s holdings, making the stock its 29th biggest position. Sumitomo Life Insurance Co.’s holdings in The Goldman Sachs Group were worth $14,568,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Susquehanna Fundamental Investments LLC acquired a new stake in shares of The Goldman Sachs Group in the second quarter valued at approximately $1,040,000. Ascent Group LLC grew its holdings in The Goldman Sachs Group by 34.0% during the 2nd quarter. Ascent Group LLC now owns 1,477 shares of the investment management company’s stock valued at $668,000 after buying an additional 375 shares during the last quarter. NewEdge Advisors LLC increased its position in The Goldman Sachs Group by 25.8% during the second quarter. NewEdge Advisors LLC now owns 18,696 shares of the investment management company’s stock worth $8,457,000 after buying an additional 3,833 shares in the last quarter. Gateway Wealth Partners LLC acquired a new position in shares of The Goldman Sachs Group in the second quarter worth $397,000. Finally, EP Wealth Advisors LLC lifted its position in shares of The Goldman Sachs Group by 11.1% in the second quarter. EP Wealth Advisors LLC now owns 3,349 shares of the investment management company’s stock valued at $1,515,000 after acquiring an additional 335 shares in the last quarter. Institutional investors and hedge funds own 71.21% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. JPMorgan Chase & Co. boosted their target price on shares of The Goldman Sachs Group from $550.00 to $605.00 and gave the company an “overweight” rating in a research note on Thursday, January 16th. UBS Group upped their price objective 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. Hsbc Global Res cut shares of The Goldman Sachs Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 26th. HSBC lowered The Goldman Sachs Group from a “buy” rating to a “hold” rating and increased their price target for the stock from $569.00 to $608.00 in a research note on Tuesday, November 26th. Finally, Wells Fargo & Company lifted their price objective on The Goldman Sachs Group from $600.00 to $680.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Eight investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $591.06.

The Goldman Sachs Group Price Performance

GS opened at $637.71 on Wednesday. The Goldman Sachs Group, Inc. has a 52-week low of $374.24 and a 52-week high of $645.54. The company has a 50 day moving average of $592.09 and a two-hundred day moving average of $537.59. The company has a market cap of $200.18 billion, a P/E ratio of 15.73, a P/E/G ratio of 0.88 and a beta of 1.38. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 2.32.

The Goldman Sachs Group (NYSE:GS) last announced its quarterly earnings results on Wednesday, January 15th. The investment management company reported $11.95 earnings per share for the quarter, topping 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 firm had revenue of $13.87 billion during the quarter, compared to analysts’ expectations of $12.36 billion. During the same period in the prior year, the company earned $5.48 EPS. The firm’s revenue was up 22.5% on a year-over-year basis. On average, analysts expect that The Goldman Sachs Group, Inc. will post 46.81 earnings per share for the current year.

The Goldman Sachs Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, February 28th will be issued a dividend of $3.00 per share. The ex-dividend date is Friday, February 28th. This represents a $12.00 annualized dividend and a dividend yield of 1.88%. The Goldman Sachs Group’s payout ratio is currently 29.59%.

Insider Buying and Selling

In related news, Treasurer Carey Halio sold 3,640 shares of The Goldman Sachs Group stock in a transaction on Friday, January 24th. The shares were sold at an average price of $636.74, for a total transaction of $2,317,733.60. Following the sale, the treasurer now owns 4,552 shares of the company’s stock, valued at $2,898,440.48. The trade was a 44.43 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Sheara J. Fredman sold 2,974 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $594.51, for a total value of $1,768,072.74. Following the sale, the chief accounting officer now owns 8,489 shares of the company’s stock, valued at $5,046,795.39. This represents a 25.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 35,657 shares of company stock valued at $21,973,272. Corporate insiders own 0.54% of the company’s stock.

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.