Westfuller Advisors LLC significantly increased its investment in The Goldman Sachs Group, Inc. (NYSE: GS) by purchasing an additional 889 shares during the third quarter of 2023. This move raised the firm’s total holdings to 2,009 shares, marking a substantial increase of 79.4%. According to the latest Form 13F filing with the Securities and Exchange Commission (SEC), Westfuller Advisors’ stake in Goldman Sachs was valued at approximately $1.6 million at the end of the reporting period.
The increase in Westfuller Advisors’ holdings is part of a broader trend among institutional investors in the investment management company. Hartline Investment Corp also expanded its position in Goldman Sachs by 153.3% during the same quarter, acquiring 860 additional shares to reach a total of 1,421 shares valued at about $1.132 million. Other notable investors, such as Ignite Planners LLC and Bank of New York Mellon Corp, have adjusted their portfolios as well, reflecting growing confidence in the financial giant.
At the close of trading on Friday, shares of The Goldman Sachs Group were down 3.6%, opening at $919.82. The company’s stock has had a volatile year, with a 12-month low of $439.38 and a high of $984.70. Goldman Sachs currently boasts a market capitalization of $275.88 billion, a price-to-earnings ratio of 17.93, and a beta of 1.33.
Dividend Increase and Analyst Ratings
In addition to the share purchases, Goldman Sachs recently announced a quarterly dividend increase. Shareholders of record on March 2, 2024, will receive a dividend of $4.50 per share, up from the previous $4.00. This translates to an annualized dividend of $18.00 and a yield of 2.0%. The company’s dividend payout ratio stands at 31.20%, reflecting a commitment to returning value to shareholders.
Analysts have also been active in reassessing their outlook on Goldman Sachs. Bank of America recently raised its target price for the stock from $1,050.00 to $1,100.00, maintaining a “buy” rating. Similarly, Argus increased its target from $863.00 to $1,066.00, also rating the stock as a buy. In contrast, Autonomous Research reduced its price target from $1,047.00 to $960.00, while still maintaining an “outperform” rating.
The consensus among analysts is generally positive, with one rating a strong buy, eight indicating a buy, and fifteen suggesting a hold. Currently, the average price target stands at $898.00, according to data from MarketBeat.
Insider Transactions and Corporate Overview
In related news, Director David A. Viniar sold 19,796 shares of Goldman Sachs on January 16, 2024, at an average price of $964.27, totaling nearly $19.1 million. Following this transaction, Viniar retained 103,390 shares, valued at approximately $99.7 million. This sale constituted a 16.07% reduction in his stake. Over the past 90 days, insiders have sold a total of 68,186 shares worth about $65.8 million, and insiders hold 0.55% of the company’s stock.
Founded in 1869, The Goldman Sachs Group, Inc. is a leading global investment banking and financial services firm headquartered in New York City. The company provides a wide range of services to corporations, financial institutions, governments, and individuals, led by Chief Executive Officer David M. Solomon. Goldman Sachs operates across major financial centers worldwide, focusing on investment banking, global markets, asset and wealth management, and consumer banking.
As institutional interest grows and dividends increase, The Goldman Sachs Group continues to play a pivotal role in the global financial landscape.
