Franklin Street Advisors Trims Stake in Goldman Sachs Amid Strong Earnings

Franklin Street Advisors Inc. NC reduced its stake in Goldman Sachs Group (NYSE: GS) by 17.3% during the second quarter, according to a recent filing with the Securities & Exchange Commission. The firm sold 10,229 shares of the investment management company's stock, leaving it with 49,031 shares worth $49,589,000.

The Goldman Sachs Group accounts for 2.8% of Franklin Street Advisors Inc. NC's portfolio, making it the firm's 8th largest holding. Other institutional investors and hedge funds have also modified their holdings in GS, including Turim 21 Investimentos Ltda., Garton & Associates Financial Advisors LLC, Manning & Napier Advisors LLC, and Lifetime Wealth Management P.C.

The company reported a 39.4% increase in revenue to $20.34 billion during the quarter, beating analyst estimates of $16.22 billion. Goldman Sachs Group also declared a quarterly dividend of $5.00 per share, representing a 10% increase from its previous quarterly dividend.