Goldman Sachs partners reduce stake in company
NEW YORK, March 8
NEW YORK, March 8 (Reuters) - Partners in Goldman Sachs Group Inc exercised options and sold shares in February, cutting their stake in the company from 11 percent to 10.2 percent, according to a company disclosure.
The firm's top employees held 48.2 million shares as of February 21, down from the 52.8 million they owned on January 27, according to the company's monthly filings with the U.S. Securities and Exchange Commission. The most recent report was filed on March 7 and covered more than 400 employees.
Goldman shares have been on a tear, moving from under $90 in June 2012 to close at $174.26 on Friday. Most employees whose sales were reported in the most recent filing sold at prices between $161 and $166 a share. A part of partner's compensation comes in the form of shares of the company; they typically must wait five years after receiving them to sell the shares.
According to the filing, partners also exercised more than 4 million options, netting some $175 million.
A Goldman Sachs spokesman was not immediately available to comment.