Everence Capital Management Reduces Stake in Goldman Sachs

Everence Capital Management Inc. has cut its holding in The Goldman Sachs Group, Inc. (NYSE:GS) by 14.9% during the fourth quarter, as revealed in its latest 13F filing with the Securities and Exchange Commission (SEC). After selling 1,530 shares, the fund now owns 8,730 shares of the investment management firm's stock, which were valued at approximately $4,999,000 according to the most recent SEC filing.

Several other hedge funds have also adjusted their positions in Goldman Sachs shares. Procyon Advisors LLC increased its holdings by 5.5% during the third quarter, now owning 830 shares valued at $411,000 after acquiring 43 additional shares. Similarly, Brookstone Capital Management raised its stake by 19.9%, bringing its total to 4,582 shares worth $2,268,000 after purchasing 761 shares recently. Furthermore, Granite Bay Wealth Management LLC established a new position in Goldman Sachs valued at $5,529,000 during the second quarter.

Fisher Asset Management LLC also expanded its stake in the investment management company by 2.7% in the third quarter, now owning 6,042,640 shares with a value of about $2,991,772,000 post a purchase of 161,133 shares. Additionally, Principal Financial Group Inc. increased its holdings by 2.1%, owning 364,276 shares worth $180,357,000 following the acquisition of an extra 7,644 shares. It's notable that hedge funds and institutional investors collectively hold 71.21% of Goldman Sachs shares.

Analyst Ratings and Market Response

Goldman Sachs has received various analyst upgrades and downgrades recently. Wells Fargo & Company raised its price target on Goldman Sachs shares from $600.00 to $680.00 while maintaining an "overweight" rating. Barclays also increased its price objective from $565.00 to $588.00, echoing a similar rating. However, Oppenheimer reduced its target from $677.00 to $639.00 while still rating the stock as "outperform." In contrast, HSBC Global Research downgraded the company from a "strong-buy" to a "hold" rating.

Morgan Stanley raised its price target for Goldman Sachs shares from $560.00 to $570.00, declaring an "overweight" rating as well. As a result of these evaluations, seven analysts currently rate the stock as holding, while thirteen consider it a buy. MarketBeat indicates that Goldman Sachs has an average rating of "Moderate Buy" and a typical price target of $558.38.

Goldman Sachs Stock Performance

As for the stock's performance, shares of Goldman Sachs traded up by 0.1% on a recent trading day, reaching $575.65. During this period, approximately 422,594 shares changed hands compared to an average volume of 1,294,089. The company boasts a market capitalization of $180.70 billion, with a price-to-earnings (PE) ratio of 16.89 and a price-to-earnings-growth (PEG) ratio of 0.85. Over the past year, the stock experienced a low of $372.07 and a high of $612.73.

Goldman Sachs released its latest earnings results on October 15, showcasing earnings of $8.40 per share that exceeded expectations of $6.89. The company reported revenue of $12.70 billion, surpassing the estimate of $11.77 billion and showing a year-over-year revenue increase of 7.4%.

Dividend Announcement

Goldman Sachs also declared a quarterly dividend recently, paid on December 30. Shareholders on record as of December 2 received a dividend of $3.00, translating to an annualized amount of $12.00 and a yield of 2.08%. The company has a dividend payout ratio of 35.21%.

Insider Transactions

In related news, Director David A. Viniar sold 5,000 shares on November 29, at an average price of $612.08, amounting to $3,060,400. Following the sale, he now holds 608,425 shares valued at $372,404,774, representing a decrease of 0.82% in his stocks. Additionally, insider Brian J. Lee sold 2,000 shares on October 17 for $530.90 each, totaling $1,061,800.

In the past three months, insiders have sold 22,940 shares worth about $13,717,979, and company insiders own only 0.54% of the stock at this time.

Company Overview

The Goldman Sachs Group, Inc. is a global financial services provider offering a broad range of services to corporations, financial institutions, governments, and individuals. It operates through several segments, including Global Banking & Markets, Asset & Wealth Management, and Platform Solutions.

Everence, Goldman, Securities