Bangor Savings Bank Decreases Stock Position in Alphabet Inc. $GOOGL

Key Points

• Bangor Savings Bank has reduced its position in Alphabet Inc. by 3.8% during the second quarter, resulting in ownership of 29,661 shares valued at approximately $5.2 million.
• Multiple institutional investors, including Thurston Springer Miller Herd & Titak Inc. and Neumann Advisory Hong Kong Ltd., increased their stakes in Alphabet during the same period, reflecting a trend of growing interest in the company.
• Alphabet recently announced a quarterly dividend of $0.21 per share, with an annualized yield of 0.3%, indicating continued financial health despite the recent stock reductions by some investors.

Bangor Savings Bank reduced its position in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 3.8% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 29,661 shares of the information services provider's stock after selling 1,172 shares during the quarter. Alphabet makes up about 0.5% of Bangor Savings Bank's holdings, making the stock its 23rd largest position. Bangor Savings Bank's holdings in Alphabet were worth $5,227,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of the company. Thurston Springer Miller Herd & Titak Inc. increased its position in Alphabet by 11.2% in the second quarter. Thurston Springer Miller Herd & Titak Inc. now owns 21,983 shares of the information services provider's stock worth $3,874,000 after buying an additional 2,214 shares during the last quarter. Centurion Wealth Management LLC increased its position in Alphabet by 2.5% in the second quarter. Centurion Wealth Management LLC now owns 8,853 shares of the information services provider's stock worth $1,560,000 after buying an additional 220 shares during the last quarter. Taylor & Morgan Wealth Management LLC increased its position in Alphabet by 1.4% in the second quarter. Taylor & Morgan Wealth Management LLC now owns 15,907 shares of the information services provider's stock worth $2,803,000 after buying an additional 221 shares during the last quarter. Neumann Advisory Hong Kong Ltd grew its position in shares of Alphabet by 2.0% in the second quarter. Neumann Advisory Hong Kong Ltd now owns 41,239 shares of the information services provider's stock valued at $7,268,000 after purchasing an additional 800 shares in the last quarter. Finally, RB Capital Management LLC grew its position in shares of Alphabet by 4.0% in the second quarter. RB Capital Management LLC now owns 34,742 shares of the information services provider's stock valued at $6,123,000 after purchasing an additional 1,351 shares in the last quarter. 40.03% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have recently weighed in on GOOGL shares. Wedbush lifted their price target on Alphabet from $225.00 to $245.00 and gave the company an "outperform" rating in a research report on Wednesday, September 3rd. Royal Bank Of Canada lifted their price target on Alphabet from $220.00 to $260.00 and gave the company an "outperform" rating in a research report on Wednesday, September 3rd. Citigroup reiterated an "outperform" rating on shares of Alphabet in a research report on Wednesday, September 3rd. Susquehanna lifted their price target on Alphabet from $220.00 to $225.00 and gave the company a "positive" rating in a research report on Thursday, July 24th. Finally, Piper Sandler lifted their price target on Alphabet from $195.00 to $220.00 and gave the company an "overweight" rating in a research report on Thursday, July 24th. Three research analysts have rated the stock with a Strong Buy rating, thirty-two have issued a Buy rating and ten have given a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $221.44.

Insider Buying and Selling

In related news, CEO Sundar Pichai sold 32,500 shares of the firm's stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $199.92, for a total transaction of $6,497,400.00. Following the completion of the transaction, the chief executive officer owned 2,462,392 shares of the company's stock, valued at $492,281,408.64. This trade represents a 1.30% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John L. Hennessy sold 1,000 shares of the firm's stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $200.00, for a total value of $200,000.00. Following the transaction, the director directly owned 6,916 shares of the company's stock, valued at approximately $1,383,200. This trade represents a 12.63% decrease in their position. The disclosure for this sale can be found here. Insiders sold 254,710 shares of company stock worth $49,208,380 in the last 90 days. Corporate insiders own 11.64% of the company's stock.

Alphabet Trading Up 0.2%

GOOGL opened at $240.80 on Friday. The business has a 50 day simple moving average of $201.89 and a two-hundred day simple moving average of $177.51. The firm has a market capitalization of $2.91 trillion, a price-to-earnings ratio of 25.64, a PEG ratio of 1.62 and a beta of 1.01. 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 one year low of $140.53 and a one year high of $242.25.

Alphabet (NASDAQ:GOOGL - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, beating analysts' consensus estimates of $2.15 by $0.16. The business had revenue of $96.43 billion during the quarter, compared to analyst estimates of $93.60 billion. Alphabet had a return on equity of 34.31% and a net margin of 31.12%. Analysts predict that Alphabet Inc. will post 8.9 EPS for the current year.

Alphabet Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Monday, September 8th will be given a dividend of $0.21 per share. The ex-dividend date of this dividend is Monday, September 8th. This represents a $0.84 dividend on an annualized basis and a yield of 0.3%. Alphabet's dividend payout ratio is presently 8.95%.

Alphabet Company 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.

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