Comerica Bank Has $173.87 Million Stock Holdings in Alphabet Inc. $GOOG

Key Points

• Comerica Bank has reduced its stake in Alphabet Inc. by 1.5%, now holding approximately $173.87 million in shares after selling 17,493 shares in the first quarter.
• Alphabet recently declared a quarterly dividend of $0.21 per share, with a dividend yield of 0.4% and a payout ratio of 8.95%.
• Despite recent insider selling, analysts continue to show confidence in Alphabet, with a consensus rating of "Moderate Buy" and an average target price of $215.19.

Comerica Bank decreased its position in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 1.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,112,876 shares of the information services provider's stock after selling 17,493 shares during the quarter. Alphabet comprises approximately 0.7% of Comerica Bank's holdings, making the stock its 20th largest position. Comerica Bank's holdings in Alphabet were worth $173,865,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. JDM Financial Group LLC lifted its stake in shares of Alphabet by 10.6% in the 4th quarter. JDM Financial Group LLC now owns 593 shares of the information services provider's stock valued at $113,000 after acquiring an additional 57 shares during the last quarter. Objectivity Squared LLC lifted its stake in shares of Alphabet by 0.4% in the 1st quarter. Objectivity Squared LLC now owns 16,342 shares of the information services provider's stock valued at $2,605,000 after acquiring an additional 62 shares during the last quarter. Tranquility Partners LLC lifted its stake in shares of Alphabet by 0.4% in the 1st quarter. Tranquility Partners LLC now owns 14,488 shares of the information services provider's stock valued at $2,263,000 after acquiring an additional 63 shares during the last quarter. Stonebridge Financial Group LLC lifted its stake in shares of Alphabet by 0.6% in the 1st quarter. Stonebridge Financial Group LLC now owns 10,648 shares of the information services provider's stock valued at $1,664,000 after acquiring an additional 64 shares during the last quarter. Finally, True Wealth Design LLC lifted its stake in shares of Alphabet by 28.5% in the 4th quarter. True Wealth Design LLC now owns 293 shares of the information services provider's stock valued at $56,000 after acquiring an additional 65 shares during the last quarter. 27.26% of the stock is owned by hedge funds and other institutional investors.

Alphabet Trading Up 1.2%

Alphabet stock traded up $2.44 during trading hours on Monday, reaching $209.16. 22,763,775 shares of the company's stock were exchanged, compared to its average volume of 19,873,476. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07. The firm's 50 day simple moving average is $188.33 and its 200 day simple moving average is $174.76. Alphabet Inc. has a twelve month low of $142.66 and a twelve month high of $211.09. The firm has a market capitalization of $2.53 trillion, a PE ratio of 22.27, a PEG ratio of 1.39 and a beta of 1.02.

Alphabet (NASDAQ:GOOG - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, topping analysts' consensus estimates of $2.12 by $0.19. Alphabet had a return on equity of 34.31% and a net margin of 31.12%.The firm had revenue of $96.43 billion during the quarter, compared to the consensus estimate of $93.67 billion. During the same period last year, the business posted $1.89 EPS. The business's revenue was up 13.8% compared to the same quarter last year. Research analysts predict that Alphabet Inc. will post 8.89 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 15th. Shareholders of record on Monday, September 8th will be issued 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 (DPR) is presently 8.95%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on GOOG shares. Barclays reiterated a "buy" rating on shares of Alphabet in a research note on Wednesday, July 9th. Pivotal Research raised their target price on Alphabet from $225.00 to $245.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Wells Fargo & Company reaffirmed an "equal weight" rating on shares of Alphabet in a research report on Wednesday, July 9th. The Goldman Sachs Group reaffirmed a "buy" rating and set a $220.00 target price on shares of Alphabet in a research report on Monday, June 2nd. Finally, Scotiabank raised their target price on Alphabet from $200.00 to $240.00 and gave the stock a "sector outperform" rating in a research report on Tuesday, July 22nd. Five research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, six have assigned a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat, Alphabet currently has a consensus rating of "Moderate Buy" and a consensus target price of $215.19.

Insiders Place Their Bets

In other Alphabet news, Director John L. Hennessy sold 600 shares of the stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $203.79, for a total transaction of $122,274.00. Following the completion of the sale, the director directly owned 6,316 shares in the company, valued at approximately $1,287,137.64. This trade represents a 8.68% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider John Kent Walker sold 23,820 shares of the firm's stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $194.70, for a total value of $4,637,754.00. Following the completion of the sale, the insider owned 42,999 shares of the company's stock, valued at approximately $8,371,905.30. This represents a 35.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 254,719 shares of company stock valued at $47,223,172. 12.99% of the stock is currently owned by insiders.

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.