AMG National Trust Bank Has $9.79 Million Stock Position in Alphabet Inc. (NASDAQ:GOOGL)

Key Points

• AMG National Trust Bank increased its stake in Alphabet Inc. (GOOGL) by 3.4% during the first quarter, owning a total of 63,308 shares valued at approximately $9.79 million.
• Alphabet reported $2.81 earnings per share for the quarter, significantly exceeding analysts' expectations of $2.02, though revenue of $76.49 billion fell short of estimates of $89.30 billion.
• The company recently announced a $0.21 quarterly dividend, with a payment date set for September 15th, representing an annualized yield of 0.43%.

AMG National Trust Bank lifted its stake in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 3.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 63,308 shares of the information services provider's stock after acquiring an additional 2,064 shares during the quarter. AMG National Trust Bank's holdings in Alphabet were worth $9,790,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Buckhead Capital Management LLC grew its holdings in shares of Alphabet by 0.8% in the 1st quarter. Buckhead Capital Management LLC now owns 39,831 shares of the information services provider's stock worth $6,159,000 after acquiring an additional 319 shares during the last quarter. ARQ Wealth Advisors LLC grew its holdings in shares of Alphabet by 10.3% in the 1st quarter. ARQ Wealth Advisors LLC now owns 1,931 shares of the information services provider's stock worth $299,000 after acquiring an additional 180 shares during the last quarter. Formidable Asset Management LLC grew its holdings in shares of Alphabet by 0.9% during the first quarter. Formidable Asset Management LLC now owns 25,883 shares of the information services provider's stock valued at $4,002,000 after buying an additional 229 shares in the last quarter. Private Advisor Group LLC grew its holdings in shares of Alphabet by 1.9% during the first quarter. Private Advisor Group LLC now owns 420,356 shares of the information services provider's stock valued at $65,004,000 after buying an additional 7,859 shares in the last quarter. Finally, FLC Capital Advisors grew its holdings in shares of Alphabet by 2.8% during the first quarter. FLC Capital Advisors now owns 29,229 shares of the information services provider's stock valued at $4,520,000 after buying an additional 800 shares in the last quarter. Institutional investors own 40.03% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on GOOGL shares. KeyCorp lifted their price target on Alphabet from $215.00 to $230.00 and gave the company an "overweight" rating in a report on Thursday. Truist Financial reiterated a "buy" rating and set a $200.00 price target on shares of Alphabet in a report on Wednesday, July 2nd. Mizuho reduced their price objective on Alphabet from $230.00 to $205.00 and set an "outperform" rating for the company in a research report on Wednesday, April 9th. Wells Fargo & Company lifted their price objective on Alphabet from $177.00 to $184.00 and gave the company an "equal weight" rating in a research report on Thursday. Finally, BMO Capital Markets lifted their price objective on Alphabet from $208.00 to $225.00 and gave the company an "outperform" rating in a research report on Thursday. Ten research analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and four have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $211.32.

Insider Activity at Alphabet

In other Alphabet news, CEO Sundar Pichai sold 32,500 shares of the company's stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $178.52, for a total value of $5,801,900.00. Following the transaction, the chief executive officer directly owned 2,559,892 shares of the company's stock, valued at $456,991,919.84. This represents a 1.25% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Kavitark Ram Shriram sold 18,566 shares of Alphabet 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 sale, the director directly owned 243,400 shares of the company's stock, valued at $45,213,984. This represents a 7.09% decrease in their position. The disclosure for this sale can be found here. Insiders sold 249,409 shares of company stock worth $43,523,710 in the last ninety days. 11.64% of the stock is owned by company insiders.

Alphabet Stock Performance

NASDAQ:GOOGL traded up $1.01 on Friday, hitting $193.18. The company's stock had a trading volume of 39,738,342 shares, compared to its average volume of 41,427,228. The company has a current ratio of 1.90, a quick ratio of 1.77 and a debt-to-equity ratio of 0.07. The stock has a fifty day moving average of $175.77 and a two-hundred day moving average of $172.93. The firm has a market capitalization of $2.34 trillion, a P/E ratio of 20.57, a price-to-earnings-growth ratio of 1.33 and a beta of 1.00. Alphabet Inc. has a one year low of $140.53 and a one year high of $207.05.

Alphabet (NASDAQ:GOOGL - Get Free Report) last released its quarterly earnings data on Thursday, April 24th. The information services provider reported $2.81 EPS for the quarter, topping analysts' consensus estimates of $2.02 by $0.79. The firm had revenue of $76.49 billion during the quarter, compared to analysts' expectations of $89.30 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. During the same period in the previous year, the business posted $1.89 earnings per share. Research analysts predict that Alphabet Inc. will post 8.9 earnings per share for the current year.

Alphabet Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Monday, September 8th will be issued a $0.21 dividend. The ex-dividend date is Monday, September 8th. This represents a $0.84 annualized dividend and a yield of 0.43%. Alphabet's dividend payout ratio is currently 8.95%.

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.