10 Best Bank Stocks with High Dividends

5. The Goldman Sachs Group, Inc. (NYSE:GS)

Number of Hedge Fund Holders: 72

Dividend Yield as of August 4: 2.55%

The Goldman Sachs Group, Inc. (NYSE:GS) is a global investment banking company that offers securities in asset and wealth management. The stock has gained over 26.4% in the past 12 months, compared with a 14.7% return of the broader market. The bank’s stock, which was at $336 last April, hit an all-time high of $509 in July and is currently trading at approximately $451 per share. One of the main reasons for this surge is the bank’s announcement of a significant $470 million loss due to the shutdown of its Marcus personal loans, marking its initial attempt at consumer banking, which proved unsuccessful. Analysts suggest that Goldman’s swift move to halt its consumer financial ventures and refocus on its core business areas has been crucial in this turnaround.

In the second quarter of 2024, The Goldman Sachs Group, Inc. (NYSE:GS) reported strong earnings, showing growth on various fronts. Its Asset & Wealth Management segment generated nearly $3.9 billion in revenues, up 27% from the same period last year. The company’s Global Banking & Markets revenue also showed a 14% YoY growth at over $8 billion. Its ‘One Goldman Strategy’ strategy is enabling the company to present its full range of services to clients, enhancing relationships and providing support in an increasingly complex, yet improving, environment. The company’s overall revenues for the quarter came in at $12.73 billion and its net income amounted to $3.04 billion.

On July 15, The Goldman Sachs Group, Inc. (NYSE:GS) announced a quarterly dividend of $3.00 per share, having raised it by 9% after its Comprehensive Capital Analysis and Review Process. The company remained committed to its shareholder obligation, returning $4.43 billion to investors in the most recent quarter, including $929 million in dividends. With a dividend yield of 2.55% as of August 4, GS is one of the best dividend stocks in the banking sector.

Insider Monkey’s database of Q1 2024 indicated that 72 hedge funds owned stakes in The Goldman Sachs Group, Inc. (NYSE:GS), up from 69 in the previous quarter. These stakes are collectively valued at nearly $7 billion. Fisher Asset Management owned the largest stake in the company.