Retail traders are keeping a close eye on insider sell-offs of Goldman Sachs Group, Inc. (GS) shares. Over the past 12 months, members of the international investment banker reportedly sold an estimated $25m of GS stock.
Goldman Sachs Insider Stock Sell-offs and Executive Pay Hikes Raising Eyebrows
Although analysts admit insider traffic is not the only factor influencing investment decisions, these trading trends are important. Based on Simply Wall St data, Goldman Sachs’s Chief Financial Officer Denis Coleman sold shares to the value of $5m. The financial information platform also indicated that no Goldman Sachs insiders bought any GS shares in the last year.
Records show insiders sold stocks worth approximately $14m during the last quarter without making any GS buys. However, relevant data also reflects an estimated $628m insider share ownership, which translates to more or less 0.5% of the institution to boost investor confidence.
Moreover, a 15 March 2024 filing revealed the company’s top three executives received average pay hikes of 24% in 2023 on the back of profit losses. According to a Reuters report, this firm’s compensation committee based the increases on aspects such as “decisive leadership” in identifying the need for simplified strategies and a “series of actions” focusing on these.
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Some initiatives included Chief Executive Officer David Solomon’s stop to unsecured lending and the sale of GreenSky. Reuters reported that Solomon’s remuneration of $31m constituted a 24% year-on-year increase, while the company’s president, John Waldron, who earned $30m, received close to a 28% increase in 2023. Denis Coleman, the chief finance officer, received an 18% pay hike, putting his 2023 remuneration at $20m.
