Fifth Third Bancorp Decreases Stock Position in Alphabet Inc. $GOOGL

Key Points

• Fifth Third Bancorp reduced its stake in Alphabet Inc. by 0.8%, owning approximately 3.96 million shares worth $697.2 million, making it the bank's 8th largest investment.
• In a recent insider transaction, John Kent Walker sold 23,820 shares of Alphabet at an average price of $194.70, reflecting a 35.65% decrease in his position.
• Alphabet announced a quarterly dividend of $0.21, with a current dividend yield of 0.3%, and plans to post an earnings per share of 8.9 for the current year.

Fifth Third Bancorp decreased its stake in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 0.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,956,257 shares of the information services provider's stock after selling 30,714 shares during the period. Alphabet comprises about 2.4% of Fifth Third Bancorp's investment portfolio, making the stock its 8th biggest position. Fifth Third Bancorp's holdings in Alphabet were worth $697,211,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in the stock. CCM Investment Advisers LLC increased its holdings in shares of Alphabet by 0.7% in the 2nd quarter. CCM Investment Advisers LLC now owns 151,028 shares of the information services provider's stock worth $26,616,000 after buying an additional 1,064 shares during the last quarter. Waycross Partners LLC increased its holdings in shares of Alphabet by 5.4% in the 2nd quarter. Waycross Partners LLC now owns 266,664 shares of the information services provider's stock worth $46,994,000 after buying an additional 13,760 shares during the last quarter. AM Investment Strategies LLC boosted its stake in shares of Alphabet by 0.9% in the 2nd quarter. AM Investment Strategies LLC now owns 6,477 shares of the information services provider's stock valued at $1,141,000 after purchasing an additional 57 shares in the last quarter. Retirement Income Solutions Inc boosted its stake in shares of Alphabet by 2.7% in the 2nd quarter. Retirement Income Solutions Inc now owns 8,185 shares of the information services provider's stock valued at $1,442,000 after purchasing an additional 217 shares in the last quarter. Finally, Compagnie Lombard Odier SCmA boosted its stake in shares of Alphabet by 1.9% in the 2nd quarter. Compagnie Lombard Odier SCmA now owns 2,880,545 shares of the information services provider's stock valued at $507,639,000 after purchasing an additional 53,372 shares in the last quarter. Institutional investors own 40.03% of the company's stock.

Insider Transactions at Alphabet

In other news, 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 directly owned 42,999 shares of the company's stock, valued at approximately $8,371,905.30. This trade represents a 35.65% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director John L. Hennessy sold 600 shares of the firm's stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $249.44, for a total transaction of $149,664.00. Following the completion of the sale, the director directly owned 5,716 shares of the company's stock, valued at approximately $1,425,799.04. This represents a 9.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 258,088 shares of company stock worth $52,405,304. 11.64% of the stock is owned by corporate insiders.

Alphabet Trading Up 0.3%

Shares of GOOGL opened at $246.54 on Friday. The stock has a market capitalization of $2.98 trillion, a P/E ratio of 26.26, a PEG ratio of 1.66 and a beta of 1.01. 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 has a fifty day simple moving average of $215.93 and a two-hundred day simple moving average of $183.03. Alphabet Inc. has a twelve month low of $140.53 and a twelve month high of $256.00.

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

Alphabet Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Monday, September 8th were given a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 0.3%. The ex-dividend date of this dividend was Monday, September 8th. Alphabet's dividend payout ratio (DPR) is currently 8.95%.

Analyst Upgrades and Downgrades

GOOGL has been the subject of a number of research reports. Phillip Securities cut shares of Alphabet from a "strong-buy" rating to a "moderate buy" rating in a research note on Monday, September 8th. DA Davidson upped their price objective on shares of Alphabet from $180.00 to $190.00 and gave the company a "neutral" rating in a research note on Tuesday, September 2nd. Piper Sandler upped their price objective on shares of Alphabet from $220.00 to $285.00 and gave the company an "overweight" rating in a research note on Thursday, September 18th. Truist Financial upped their price objective on shares of Alphabet from $225.00 to $285.00 and gave the company a "buy" rating in a research note on Monday, September 22nd. Finally, Citizens Jmp upped their price objective on shares of Alphabet from $250.00 to $290.00 and gave the company an "outperform" rating in a research note on Friday, September 19th. Three investment analysts have rated the stock with a Strong Buy rating, thirty-three have assigned a Buy rating and ten have given a Hold rating to the company. According to MarketBeat.com, Alphabet has a consensus rating of "Moderate Buy" and a consensus price target of $233.44.

About Alphabet

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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