Apple Inc. $AAPL is Security National Bank's 4th Largest Position

Key Points

• Security National Bank reduced its stake in Apple Inc. by 5%, owning 110,858 shares valued at approximately $22.7 million, making Apple its 4th largest position.
• Apple reported a quarterly earnings of $1.57 per share, exceeding expectations, with revenues of $94.04 billion for the quarter, a 9.6% increase compared to the previous year.
• Several analysts have raised their price targets for Apple, with Goldman Sachs setting a target price of $266.00, while the average consensus rating for the stock is a "Moderate Buy".

Security National Bank lessened its stake in Apple Inc. (NASDAQ:AAPL - Free Report) by 5.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 110,858 shares of the iPhone maker's stock after selling 5,780 shares during the period. Apple makes up about 3.9% of Security National Bank's holdings, making the stock its 4th biggest holding. Security National Bank's holdings in Apple were worth $22,745,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of AAPL. Norges Bank purchased a new stake in Apple during the 4th quarter valued at $46,868,648,000. Nuveen LLC purchased a new position in Apple in the first quarter valued at $17,472,482,000. GAMMA Investing LLC lifted its holdings in shares of Apple by 25,934.1% in the 1st quarter. GAMMA Investing LLC now owns 60,066,398 shares of the iPhone maker's stock valued at $133,425,490,000 after buying an additional 59,835,676 shares during the period. Vanguard Group Inc. increased its stake in Apple by 3.7% during the fourth quarter. Vanguard Group Inc. now owns 1,395,785,512 shares of the iPhone maker's stock worth $349,532,608,000 after acquiring an additional 49,168,843 shares during the last quarter. Finally, Northern Trust Corp boosted its holdings in shares of Apple by 13.3% during the fourth quarter. Northern Trust Corp now owns 171,385,531 shares of the iPhone maker's stock valued at $42,918,365,000 after acquiring an additional 20,079,472 shares during the period. 67.73% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Barclays increased their price target on shares of Apple from $173.00 to $180.00 and gave the company an "underweight" rating in a research note on Friday, August 1st. Rosenblatt Securities lifted their price objective on shares of Apple from $223.00 to $241.00 and gave the stock a "neutral" rating in a research report on Wednesday, September 10th. Citigroup reiterated a "buy" rating on shares of Apple in a research report on Wednesday, September 10th. The Goldman Sachs Group reissued a "buy" rating and issued a $266.00 target price on shares of Apple in a report on Tuesday, August 26th. Finally, Sanford C. Bernstein initiated coverage on Apple in a report on Monday, September 15th. They set an "outperform" rating and a $290.00 price objective on the stock. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, thirteen have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $245.66.

Apple Stock Performance

Shares of Apple stock opened at $255.46 on Friday. Apple Inc. has a twelve month low of $169.21 and a twelve month high of $260.10. The stock has a market cap of $3.79 trillion, a price-to-earnings ratio of 38.76, a P/E/G ratio of 2.65 and a beta of 1.11. The company's fifty day moving average is $228.87 and its 200 day moving average is $213.20. The company has a quick ratio of 0.83, a current ratio of 0.87 and a debt-to-equity ratio of 1.25.

Apple (NASDAQ:AAPL - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The iPhone maker reported $1.57 earnings per share for the quarter, topping the consensus estimate of $1.43 by $0.14. Apple had a net margin of 24.30% and a return on equity of 170.91%. The company had revenue of $94.04 billion for the quarter, compared to analysts' expectations of $88.64 billion. During the same period in the prior year, the business earned $1.40 earnings per share. Apple's revenue for the quarter was up 9.6% compared to the same quarter last year. Sell-side analysts forecast that Apple Inc. will post 7.28 EPS for the current year.

Apple Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 14th. Investors of record on Monday, August 11th were paid a $0.26 dividend. The ex-dividend date of this dividend was Monday, August 11th. This represents a $1.04 annualized dividend and a yield of 0.4%. Apple's dividend payout ratio is 15.78%.

Insiders Place Their Bets

In other news, SVP Deirdre O'brien sold 34,821 shares of Apple stock in a transaction on Friday, August 8th. The shares were sold at an average price of $223.20, for a total transaction of $7,772,047.20. Following the completion of the sale, the senior vice president directly owned 136,687 shares in the company, valued at approximately $30,508,538.40. The trade was a 20.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.06% of the stock is currently owned by company insiders.

About Apple

Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. The company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, and HomePod.

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