Alphabet Inc. $GOOGL Shares Sold by SVB Wealth LLC

Key Points

• SVB Wealth LLC reduced its holdings in Alphabet Inc. by 13.6%, selling 34,731 shares and retaining 221,159 shares, which are now valued at approximately $34.2 million.
• Other institutional investors made significant adjustments to their Alphabet positions, with B&D White Capital increasing their stake by 68.3% and Bahl & Gaynor raising theirs by 374.1%.
• Alphabet announced a quarterly dividend of $0.21 per share, with the ex-dividend date set for September 8, resulting in an annualized yield of 0.4%.

SVB Wealth LLC trimmed its holdings in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 13.6% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 221,159 shares of the information services provider's stock after selling 34,731 shares during the period. Alphabet comprises approximately 1.4% of SVB Wealth LLC's holdings, making the stock its 11th largest holding. SVB Wealth LLC's holdings in Alphabet were worth $34,200,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in the business. B&D White Capital Company LLC raised its position in shares of Alphabet by 68.3% in the 1st quarter. B&D White Capital Company LLC now owns 686,567 shares of the information services provider's stock valued at $106,171,000 after purchasing an additional 278,535 shares in the last quarter. Cadence Bank raised its position in shares of Alphabet by 0.6% in the 1st quarter. Cadence Bank now owns 88,099 shares of the information services provider's stock valued at $13,624,000 after purchasing an additional 535 shares in the last quarter. Cedar Point Capital Partners LLC raised its position in shares of Alphabet by 13.7% in the 1st quarter. Cedar Point Capital Partners LLC now owns 1,423 shares of the information services provider's stock valued at $220,000 after purchasing an additional 172 shares in the last quarter. Bahl & Gaynor Inc. raised its position in shares of Alphabet by 374.1% in the 1st quarter. Bahl & Gaynor Inc. now owns 225,901 shares of the information services provider's stock valued at $34,933,000 after purchasing an additional 178,248 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its position in shares of Alphabet by 2.7% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 2,240,337 shares of the information services provider's stock valued at $346,446,000 after purchasing an additional 59,135 shares in the last quarter. 40.03% of the stock is owned by institutional investors and hedge funds.

Alphabet Price Performance

Shares of GOOGL opened at $207.14 on Wednesday. The company has a market cap of $2.51 trillion, a P/E ratio of 22.06, a PEG ratio of 1.40 and a beta of 1.01. The stock has a fifty day moving average price of $188.07 and a 200 day moving average price of $173.51. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90. Alphabet Inc. has a 12 month low of $140.53 and a 12 month high of $210.52.

Alphabet (NASDAQ:GOOGL - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, topping analysts' consensus estimates of $2.15 by $0.16. The firm had revenue of $96,428,000 billion during the quarter, compared to the consensus estimate of $93.60 billion. Alphabet had a return on equity of 34.31% and a net margin of 31.12%. On average, research analysts forecast that Alphabet Inc. will post 8.9 earnings per share for the current year.

Alphabet Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Monday, September 8th will be paid a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date is Monday, September 8th. Alphabet's dividend payout ratio is presently 8.95%.

Insider Buying and Selling

In other Alphabet news, insider John Kent Walker sold 23,820 shares of the business's stock in a transaction on Monday, August 4th. The stock was sold at an average price of $194.70, for a total transaction of $4,637,754.00. Following the completion of the transaction, the insider owned 42,999 shares in the company, valued at approximately $8,371,905.30. The trade was a 35.65% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Kavitark Ram Shriram sold 18,566 shares of the business's stock in a transaction on Friday, July 18th. The stock was sold at an average price of $185.76, for a total value of $3,448,820.16. Following the transaction, the director owned 243,400 shares of the company's stock, valued at $45,213,984. This trade represents a 7.09% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 254,719 shares of company stock valued at $47,223,172 in the last 90 days. Corporate insiders own 11.55% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Bank of America upped their target price on Alphabet from $210.00 to $217.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Wells Fargo & Company upped their target price on Alphabet from $184.00 to $187.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 29th. Sanford C. Bernstein upped their target price on Alphabet from $185.00 to $195.00 and gave the company a "market perform" rating in a research report on Tuesday, July 22nd. Morgan Stanley boosted their price target on Alphabet from $185.00 to $205.00 and gave the company an "overweight" rating in a report on Monday, July 21st. Finally, DA Davidson boosted their price target on Alphabet from $160.00 to $180.00 and gave the company a "neutral" rating in a report on Thursday, July 24th. Four research analysts have rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating and ten have issued a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $211.53.

About Alphabet

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.

Want to see what other hedge funds are holding GOOGL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Alphabet Inc. (NASDAQ:GOOGL - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.