4. The Goldman Sachs Group, Inc. (NYSE:GS)
Number of Hedge Fund Holders: 75
The Goldman Sachs Group, Inc. (NYSE:GS) provides a range of financial services. On February 17, the company boosted targets on return-on-investment, assets, and wealth management, outlining that it expected the wealth management business to grow at a compound annual growth rate of 12% this year.
The Goldman Sachs Group, Inc. (NYSE:GS) remains one of the top finance stocks in the hedge fund universe. Among the hedge funds being tracked by Insider Monkey, New York-based investment firm Eagle Capital Management is a leading shareholder in The Goldman Sachs Group, Inc. (NYSE:GS) with 3.5 million shares worth more than $1.3 billion.
In its Q1 2021 investor letter, Artisan Partners, an asset management firm, highlighted a few stocks and The Goldman Sachs Group, Inc. (NYSE:GS) was one of them. Here is what the fund said:
“Financial services firm The Goldman Sachs Group, Inc. (NYSE:GS) is a best-in-class franchise with a premier brand that attracts top talent and sustains market share across its businesses. We believe this has helped Goldman weather recent market volatility. In addition to de-levering risk-weighted assets, The Goldman Sachs Group, Inc. (NYSE:GS) is also growing its digital investment footprint through the expansion of features on its Marcus Invest platform. The company’s stability—and ability to grow its brand even in tough times—has kept us invested over the long term.”
3. Citigroup Inc. (NYSE:C)
Number of Hedge Fund Holders: 97
Citigroup Inc. (NYSE:C) is a diversified financial services firm. Hedge funds have been piling into the stock as inflation rises. At the end of the fourth quarter of 2021, 97 hedge funds in the database of Insider Monkey held stakes worth $6.6 billion in Citigroup Inc. (NYSE:C), compared to 79 the preceding quarter worth $5.5 billion.
On March 14, Wells Fargo analyst Mike Mayo kept an Overweight rating on Citigroup Inc. (NYSE:C) stock with a price target of $70. The company has expanded an exit from Russia in recent weeks as the US places sanctions on Moscow for the Ukraine invasion.
In its Q1 2021 investor letter, Artisan Partners Limited Partnership, an asset management firm, highlighted a few stocks and Citigroup Inc. (NYSE:C) was one of them. Here is what the fund said:
“We fully exited position in Citigroup Inc. (NYSE:C). Global financial services company Citigroup Inc. (NYSE:C) made a $900 million clerical error and received a public reprimand from federal regulators. This, after a decade focused on process control, information technology and risk systems, makes the error substantially more costly than just the $900 million mistake. Regulators believe the company’s risk management improvements have fallen short of expectations. To rectify the situation, a process and technology spending surge could negatively affect 2021-2022 profits by 10% to 20%. Trust and confidence are important in large financial institutions, and this incident combined with the CEO’s sudden retirement shook ours.”
