Eastern Bank Has $126.13 Million Stock Position in Alphabet Inc. (NASDAQ:GOOGL)

Eastern Bank lowered its position in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 5.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 815,638 shares of the information services provider's stock after selling 50,670 shares during the quarter. Alphabet comprises 2.5% of Eastern Bank's investment portfolio, making the stock its 7th biggest holding. Eastern Bank's holdings in Alphabet were worth $126,130,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Vestcor Inc grew its position in shares of Alphabet by 6.3% during the 1st quarter. Vestcor Inc now owns 135,123 shares of the information services provider's stock worth $20,895,000 after buying an additional 8,059 shares during the period. Orca Wealth Management LLC grew its holdings in Alphabet by 2.6% in the first quarter. Orca Wealth Management LLC now owns 8,937 shares of the information services provider's stock worth $1,382,000 after purchasing an additional 223 shares during the period. Brucke Financial Inc. increased its stake in Alphabet by 13.1% in the first quarter. Brucke Financial Inc. now owns 16,965 shares of the information services provider's stock valued at $2,694,000 after purchasing an additional 1,964 shares in the last quarter. Capricorn Fund Managers Ltd increased its stake in Alphabet by 27.0% in the first quarter. Capricorn Fund Managers Ltd now owns 66,965 shares of the information services provider's stock valued at $10,355,000 after purchasing an additional 14,256 shares in the last quarter. Finally, Banque Cantonale Vaudoise acquired a new position in shares of Alphabet during the first quarter valued at about $42,474,000. 40.03% of the stock is currently owned by institutional investors and hedge funds.

Alphabet Stock Up 0.7%

Alphabet stock opened at $196.09 on Thursday. The firm has a 50 day simple moving average of $179.76 and a 200 day simple moving average of $173.12. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07. Alphabet Inc. has a 1-year low of $140.53 and a 1-year high of $207.05. The firm has a market capitalization of $2.37 trillion, a price-to-earnings ratio of 20.88, a P/E/G ratio of 1.32 and a beta of 1.01.

Alphabet (NASDAQ:GOOGL - Get Free Report) last posted its quarterly earnings results 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. Alphabet had a return on equity of 34.31% and a net margin of 31.12%. The firm had revenue of $96,428,000 billion during the quarter, compared to analyst estimates of $93.60 billion. On average, analysts predict that Alphabet Inc. will post 8.9 earnings per share for the current year.

Alphabet Announces Dividend

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

Insider Buying and Selling

In other news, Director John L. Hennessy sold 400 shares of the firm's stock in a transaction that occurred on Monday, July 14th. The shares were sold at an average price of $181.98, for a total value of $72,792.00. Following the completion of the transaction, the director directly owned 6,013 shares in the company, valued at approximately $1,094,245.74. This trade represents a 6.24% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kavitark Ram Shriram sold 15,000 shares of the business's stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $185.76, for a total transaction of $2,786,400.00. Following the transaction, the director directly owned 240,400 shares of the company's stock, valued at approximately $44,656,704. This represents a 5.87% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 273,219 shares of company stock valued at $49,474,273. Corporate insiders own 11.64% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on GOOGL. DA Davidson raised their target price on Alphabet from $160.00 to $180.00 and gave the company a "neutral" rating in a research note on Thursday, July 24th. JMP Securities boosted their price objective on Alphabet from $220.00 to $225.00 and gave the company a "market outperform" rating in a report on Thursday, July 24th. Wells Fargo & Company upped their target price on Alphabet from $184.00 to $187.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 29th. Citigroup lifted their price target on shares of Alphabet from $203.00 to $225.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Finally, Needham & Company LLC boosted their price target on shares of Alphabet from $210.00 to $220.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Ten research analysts have rated the stock with a hold rating, twenty-nine have issued a buy rating and four have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $211.53.

Alphabet 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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