Saving Grace
1 week ago
Insiders Dumping Large positions. They are running away.
Over the past year, many The Goldman Sachs Group, Inc. (NYSE:GS) insiders sold a significant stake in the company which may have piqued investors' interest. When evaluating insider transactions, knowing whether insiders are buying versus if they selling is usually more beneficial, as the latter can be open to many interpretations. However, when multiple insiders sell stock over a specific duration, shareholders should take notice as that could possibly be a red flag.
https://finance.yahoo.com/news/possible-bearish-signals-goldman-sachs-110021095.html
DiscoverGold
5 months ago
The Goldman Sachs Group, Inc. (GS) Shares Sold by The Manufacturers Life Insurance Company
By: MarketBeat | November 24, 2023
• The Manufacturers Life Insurance Company trimmed its holdings in The Goldman Sachs Group, Inc. (NYSE:GS) by 7.3% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,639,384 shares of the investment management company's stock after selling 129,011 shares during the period. The Manufacturers Life Insurance Company owned 0.50% of The Goldman Sachs Group worth $528,767,000 as of its most recent filing with the Securities and Exchange Commission...
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DiscoverGold
6 months ago
Goldman profit tops estimates as dealmaking cushions hit from GreenSky, real estate
By: Investing | October 17, 2023
(Reuters) -Goldman Sachs' third-quarter profit dropped less than expected as a nascent recovery in dealmaking offset the $864 million writedown related to its GreenSky fintech business and real estate investments.
The Wall Street giant's net profit slumped 33% to $2.06 billion, or $5.47 per share, it said on Tuesday. Analysts on average had expected a profit of $5.31 per share, according to LSEG data.
Shares of the bank inched up 0.3% at $315.30 in volatile premarket trading.
"The work we're doing now provides us a much stronger platform for 2024. I also expect a continued recovery in both capital markets and strategic activity if conditions remain conducive," CEO David Solomon said in a statement.
Goldman was an underwriter for high-profile initial public offerings (IPO) in September, including SoftBank (TYO:9984) Group's chip designer Arm Holdings (NASDAQ:ARM) and grocery delivery app Instacart (NASDAQ:CART).
The share sales sparked optimism about a recovery in the IPO market, but poor performance after debuts and the lukewarm reception to Germany's sandal maker Birkenstock have raised doubts.
Goldman's investment banking fees of $1.55 billion was largely unchanged from last year as debt underwriting activity resumed and the market for initial public offerings picked up.
The U.S. Federal Reserve may raise interest rates one more time this year, while several bank executives have said they expected borrowing costs to stay higher for longer.
CONSUMER BANKING WEAKNESS LINGERS
Goldman's ill-fated foray into consumer banking, which has lost $3 billion over three years, continued to weigh.
The bank took a $506 million writedown on GreenSky, which facilitates home improvement loans for consumers and was sold to a consortium of investment firms led by Sixth Street Partners.
It was bought for $1.7 billion last year although it was valued at $2.2 billion when the deal was first announced in 2021. Goldman took a charge of $504 million on GreenSky in the second quarter.
Real estate investments were another drag on earnings as the bank booked an impairment charge of $358 million compared with $485 million in the second quarter.
That weighed on revenue from its asset and wealth management unit, which slipped 20% to $3.23 billion.
Commercial real estate loans, which have emerged as a risk for banks as interest rates rise, accounted for 14% of the total loan portfolio of Goldman.
Solomon has shifted the firm's focus back to its traditional strengths - investment banking and trading, and aims to grow in asset and wealth management.
Investment banking results have been mixed for peers, with JPMorgan Chase (NYSE:JPM) reporting a 6% decline in revenue, while Citigroup (NYSE:C) said fees jumped 34%. Morgan Stanley is set to report its earnings on Wednesday.
Goldman had a headcount of 45,900 as of September end, up 3% from a quarter ago, but down nearly 7% from the year-ago period.
The bank has laid off thousands of employees this year, including a round of cuts in January that was its largest since the 2008 financial crisis.
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DiscoverGold
7 months ago
KG&L Capital Management LLC Acquires 1,871 Shares of The Goldman Sachs Group, Inc. (GS)
By: MarketBeat | September 29, 2023
• KG&L Capital Management LLC boosted its stake in shares of The Goldman Sachs Group, Inc. (NYSE:GS) by 23.1% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 9,959 shares of the investment management company's stock after acquiring an additional 1,871 shares during the period. The Goldman Sachs Group accounts for 1.5% of KG&L Capital Management LLC's portfolio, making the stock its 15th largest holding. KG&L Capital Management LLC's holdings in The Goldman Sachs Group were worth $3,212,000 as of its most recent filing with the SEC...
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DiscoverGold
8 months ago
OLD Mission Capital LLC Decreases Holdings in The Goldman Sachs Group, Inc. (GS)
By: MarketBeat | September 9, 2023
• OLD Mission Capital LLC decreased its position in shares of The Goldman Sachs Group, Inc. (NYSE:GS) by 44.9% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 53,836 shares of the investment management company's stock after selling 43,818 shares during the period. OLD Mission Capital LLC's holdings in The Goldman Sachs Group were worth $17,610,000 as of its most recent filing with the Securities & Exchange Commission...
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