Eastern Bank Has $267.69 Million Position in Alphabet Inc. $GOOGL

Key Points

• Eastern Bank trimmed its Alphabet position by 2.2% in the second quarter, selling 16,926 shares and retaining 749,066 shares valued at approximately $267.69 million. Alphabet remains the bank’s third-largest holding, representing 4.1% of its portfolio.
• Institutional ownership remains significant at approximately 40.03%, with several funds—including Matrix Asset Advisors, Sequoia Financial Advisors and United Bank—increasing their Alphabet stakes during the quarter.
• Alphabet reported strong quarterly results, with $119.8 billion in revenue and $9.11 in earnings per share, while analysts maintain a consensus “Buy” rating and an average price target of $419.86.

Eastern Bank lowered its holdings in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 2.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 749,066 shares of the information services provider's stock after selling 16,926 shares during the period. Alphabet comprises 4.1% of Eastern Bank's holdings, making the stock its 3rd biggest holding. Eastern Bank's holdings in Alphabet were worth $267,694,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Brighton Jones LLC increased its holdings in shares of Alphabet by 3.9% in the fourth quarter. Brighton Jones LLC now owns 110,330 shares of the information services provider's stock valued at $20,886,000 after buying an additional 4,110 shares in the last quarter. Revolve Wealth Partners LLC boosted its stake in shares of Alphabet by 3.5% during the 4th quarter. Revolve Wealth Partners LLC now owns 14,930 shares of the information services provider's stock worth $2,826,000 after acquiring an additional 506 shares in the last quarter. Matrix Asset Advisors Inc. NY boosted its stake in shares of Alphabet by 17.6% during the 2nd quarter. Matrix Asset Advisors Inc. NY now owns 3,888 shares of the information services provider's stock worth $685,000 after acquiring an additional 581 shares in the last quarter. Sequoia Financial Advisors LLC grew its holdings in shares of Alphabet by 11.2% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 485,486 shares of the information services provider's stock worth $85,557,000 after acquiring an additional 48,805 shares during the last quarter. Finally, United Bank grew its holdings in shares of Alphabet by 6.9% in the 2nd quarter. United Bank now owns 48,204 shares of the information services provider's stock worth $8,495,000 after acquiring an additional 3,120 shares during the last quarter. 40.03% of the stock is currently owned by institutional investors.

Key Alphabet News

Here are the key news stories impacting Alphabet this week:

• Positive Sentiment: Alphabet reportedly raised its 2026 capital-expenditure outlook to approximately $205 billion, signaling strong expected demand for AI computing capacity. The spending could support Google Cloud, data-center growth and Alphabet’s competitive position in AI. Alphabet's Higher AI Spending Could Boost These ETFs
• Positive Sentiment: Google Cloud revenue grew 82% year over year, while its contracted backlog reached roughly $514 billion. Investors view that momentum as evidence that AI adoption may justify Alphabet’s aggressive infrastructure investments and provide a substantial source of future revenue. Alphabet's Cloud Computing Business Just Posted 82% Revenue Growth
• Positive Sentiment: Google Play is adding Venmo as a payment option for apps, games and digital content. The move could make purchases more convenient and modestly support Google’s digital-commerce ecosystem. Google Play adds Venmo as a payment option
• Positive Sentiment: An investment commentary identifies Alphabet as a leading AI stock, reinforcing institutional interest following its strong earnings and AI-related growth outlook. Is Alphabet Still One of the Best AI Stocks to Own?
• Neutral Sentiment: Broader market commentary points to positive technology momentum, possible Federal Reserve liquidity support and recent earnings strength. These factors may help Alphabet’s valuation, but they are marketwide rather than company-specific. Why Momentum, Fed Liquidity, and Tech Suggest More Upside
• Negative Sentiment: Google, along with other social-media platforms, continues to face thousands of lawsuits alleging user addiction. Prolonged litigation could create legal costs, regulatory pressure and reputational risks for Alphabet. Social Media Platforms Still Facing Thousands of User Addiction Lawsuits
• Negative Sentiment: Waymo’s rapid expansion is exposing its autonomous vehicles to more unusual “edge cases.” Although Waymo is an Alphabet subsidiary, continued incidents or safety concerns could increase operating costs and regulatory scrutiny. Waymo Is Growing Faster Than Ever. So Are Its Edge Cases.

Alphabet Stock Performance

Shares of Alphabet stock opened at $357.52 on Tuesday. The stock has a market cap of $4.37 trillion, a PE ratio of 17.96, a price-to-earnings-growth ratio of 0.99 and a beta of 1.24. The business has a fifty day simple moving average of $355.30 and a 200-day simple moving average of $340.74. The company has a quick ratio of 2.64, a current ratio of 2.72 and a debt-to-equity ratio of 0.16. Alphabet Inc. has a 12 month low of $196.60 and a 12 month high of $408.61.

Alphabet (NASDAQ:GOOGL - Get Free Report) last issued its quarterly earnings results on Wednesday, July 22nd. The information services provider reported $9.11 earnings per share for the quarter, beating analysts' consensus estimates of $2.89 by $6.22. The business had revenue of $119.80 billion for the quarter, compared to the consensus estimate of $117.07 billion. Alphabet had a return on equity of 51.32% and a net margin of 54.77%. On average, sell-side analysts anticipate that Alphabet Inc. will post 20.51 EPS for the current fiscal year.

Alphabet Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 14th. Stockholders of record on Monday, September 7th will be issued a $0.22 dividend. The ex-dividend date is Friday, September 4th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.2%. Alphabet's dividend payout ratio is currently 4.42%.

Insider Activity

In other news, major shareholder 2019 Gp L.L.C. Gv sold 196,931 shares of the stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $19.46, for a total value of $3,832,277.26. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider John Kent Walker sold 8,998 shares of the firm's stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $349.29, for a total transaction of $3,142,911.42. Following the sale, the insider owned 75,290 shares of the company's stock, valued at approximately $26,298,044.10. This represents a 10.68% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 600,547 shares of company stock worth $16,255,540 in the last 90 days. Company insiders own 11.61% of the company's stock.

Analysts Set New Price Targets

GOOGL has been the topic of a number of recent analyst reports. Citigroup reaffirmed an "outperform" rating on shares of Alphabet in a research report on Monday, May 4th. Zacks Research raised Alphabet from a "hold" rating to a "strong-buy" rating in a research note on Monday, July 13th. BNP Paribas Exane boosted their price objective on Alphabet from $390.00 to $420.00 and gave the stock an "outperform" rating in a report on Thursday, April 30th. Canaccord Genuity Group upped their price objective on shares of Alphabet from $415.00 to $450.00 and gave the company a "buy" rating in a research note on Thursday, April 30th. Finally, China Renaissance upped their price objective on shares of Alphabet from $400.00 to $485.00 and gave the company a "buy" rating in a research note on Monday, May 4th. Six analysts have rated the stock with a Strong Buy rating, forty-four have assigned a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and an average price target of $419.86.

Alphabet Company Profile

Alphabet Inc is the holding company created in 2015 to organize Google and a portfolio of businesses developing technologies beyond Google’s core internet services. Its principal operations are led by Google, which builds and operates consumer-facing products such as Google Search, YouTube, Android, Chrome, Gmail, Google Maps and Google Workspace, as well as advertising platforms (Google Ads and AdSense) that historically generate the majority of its revenue. Google also develops consumer hardware (Pixel phones, Nest smart-home devices, Chromecast) and developer and distribution platforms such as Google Play.

Beyond Google’s consumer and advertising businesses, Alphabet invests in enterprise and infrastructure offerings through Google Cloud, which provides cloud computing, data analytics and productivity services to businesses and institutions.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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