Eastern Bank Cuts Goldman Sachs Stake Amid Mixed Market Sentiment
Eastern Bank significantly reduced its stake in The Goldman Sachs Group, Inc. (NYSE: GS) during the third quarter, cutting its holdings by 71.6%. According to its latest Form 13F filing with the SEC, the bank sold 6,934 shares, leaving it with 2,744 shares valued at $2,471,000. Other institutional investors have also adjusted their positions, with BlackRock Inc., Bank of America Corp DE, and Orange County Employees Retirement System all acquiring new stakes in the second quarter, valued at billions of dollars. Corient Private Wealth LLC notably increased its holdings by 1,657.7% during the fourth quarter, now owning shares worth $2,282,312,000.
The Goldman Sachs Group has seen mixed sentiment this week. Positive news includes the increased October distribution of its Nasdaq covered-call income fund and analysts' views that artificial-intelligence data-center growth remains strong, supporting related investment activities. However, Jim Cramer described the stock as having 'come down greatly' without providing fundamental analysis. Additionally, UBS lowered its price target for GS from $1,150 to $1,010, assigning a Neutral rating, which likely contributed to the stock's recent decline.
Trading at $893.52 on Tuesday, The Goldman Sachs Group has a market capitalization of $260.17 billion and a price-to-earnings ratio of 13.79. The company reported strong earnings for the quarter ending July 14th, with $20.98 earnings per share, exceeding analyst estimates by $6.51. Revenue also surged 39.4% year-over-year to $20.34 billion. Despite this, the stock has a one-year low of $740.01 and a high of $1,153.99.
Analysts have mixed opinions on Goldman Sachs, with some upgrading their price targets and ratings. Bank of America lifted its target to $1,300 with a 'buy' rating, while others like JPMorgan Chase & Co. and BMO Capital Markets also raised their targets but maintained a 'neutral' or 'market perform' rating. Overall, the stock has a consensus rating of 'Hold' with an average target price of $1,066.60.