1ST Source Bank Cuts Position in Alphabet Inc. (NASDAQ:GOOG)

1ST Source Bank trimmed its position in shares of Alphabet Inc. (NASDAQ:GOOG) by 1.0% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 54,064 shares of the information services provider’s stock after selling 572 shares during the period. Alphabet makes up approximately 0.6% of 1ST Source Bank’s holdings, making the stock its 26th biggest holding. 1ST Source Bank’s holdings in Alphabet were worth $9,916,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. 1620 Investment Advisors Inc. bought a new position in Alphabet during the second quarter valued at $37,000. Richardson Financial Services Inc. bought a new position in shares of Alphabet in the 4th quarter valued at about $34,000. Slocum Gordon & Co LLP purchased a new position in Alphabet in the second quarter worth about $44,000. Hoese & Co LLP increased its stake in Alphabet by 62.5% during the second quarter. Hoese & Co LLP now owns 260 shares of the information services provider’s stock worth $45,000 after acquiring an additional 100 shares during the last quarter. Finally, Iron Horse Wealth Management LLC purchased a new stake in Alphabet during the second quarter valued at approximately $48,000. 27.26% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Alphabet

In related news, CAO Amie Thuener O’toole sold 682 shares of Alphabet stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $183.47, for a total transaction of $125,126.54. Following the transaction, the chief accounting officer now directly owns 30,650 shares of the company’s stock, valued at $5,623,355.50. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, Director John L. Hennessy sold 700 shares of Alphabet stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $165.00, for a total value of $115,500.00. Following the transaction, the director now owns 29,324 shares of the company’s stock, valued at approximately $4,838,460. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Amie Thuener O’toole sold 682 shares of the stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $183.47, for a total transaction of $125,126.54. Following the sale, the chief accounting officer now directly owns 30,650 shares of the company’s stock, valued at approximately $5,623,355.50. The disclosure for this sale can be found here. In the last quarter, insiders sold 201,867 shares of company stock valued at $34,218,581. Company insiders own 12.99% of the company’s stock.

Alphabet Stock Performance

Alphabet stock opened at $158.37 on Friday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.08 and a current ratio of 2.08. The company has a market capitalization of $1.95 trillion, a PE ratio of 24.29, a P/E/G ratio of 1.13 and a beta of 1.04. The company has a 50 day moving average price of $169.06 and a 200-day moving average price of $166.15. Alphabet Inc. has a fifty-two week low of $121.46 and a fifty-two week high of $193.31.

Alphabet (NASDAQ:GOOG) last issued its earnings results on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share for the quarter, beating analysts’ consensus estimates of $1.85 by $0.04. Alphabet had a return on equity of 30.49% and a net margin of 26.70%. The business had revenue of $84.74 billion during the quarter, compared to analyst estimates of $84.22 billion. During the same period in the previous year, the company posted $1.44 EPS. Alphabet’s revenue was up 13.6% on a year-over-year basis. As a group, equities analysts forecast that Alphabet Inc. will post 7.63 earnings per share for the current year.

Alphabet Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Monday, September 9th will be issued a $0.20 dividend. The ex-dividend date is Monday, September 9th. This represents a $0.80 annualized dividend and a dividend yield of 0.51%. Alphabet’s dividend payout ratio is currently 12.27%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on GOOG. Wolfe Research upgraded Alphabet to a “strong-buy” rating in a report on Tuesday, July 16th. Oppenheimer boosted their price objective on shares of Alphabet from $205.00 to $210.00 and gave the company an “outperform” rating in a research report on Wednesday, July 24th. TD Cowen raised their target price on shares of Alphabet from $200.00 to $220.00 and gave the stock a “buy” rating in a report on Wednesday, July 10th. DA Davidson upgraded shares of Alphabet to a “hold” rating in a report on Tuesday, September 10th. Finally, Rosenblatt Securities downgraded shares of Alphabet from a “buy” rating to a “neutral” rating and set a $181.00 price objective for the company. in a research note on Friday, June 28th. Three analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $182.86.

Alphabet Profile

Alphabet Inc offers various products and platforms in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. It operates through Google Services, Google Cloud, and Other Bets segments. The Google Services segment provides products and services, including ads, Android, Chrome, devices, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.