Truist Financial Corp Has $448.68 Million Stock Holdings in Alphabet Inc. $GOOGL

Key Points

• Truist Financial Corp increased its stake in Alphabet Inc. by 2.3%, holding approximately $448.68 million in GOOGL stock at the end of the second quarter.
• Alphabet recently reported $2.31 earnings per share for the quarter, exceeding analysts' expectations, with revenue totaling $96.43 billion.
• The company's annual dividend was announced at $0.84 per share, with a yield of 0.3%, payable to investors of record from early September.

Truist Financial Corp lifted its position in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 2.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,546,012 shares of the information services provider's stock after acquiring an additional 56,295 shares during the period. Alphabet makes up approximately 0.7% of Truist Financial Corp's holdings, making the stock its 25th biggest holding. Truist Financial Corp's holdings in Alphabet were worth $448,684,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of GOOGL. Guardian Wealth Management Inc. raised its holdings in Alphabet by 242.9% during the 1st quarter. Guardian Wealth Management Inc. now owns 168 shares of the information services provider's stock worth $26,000 after buying an additional 119 shares during the period. IMA Advisory Services Inc. acquired a new stake in Alphabet during the 1st quarter worth approximately $28,000. von Borstel & Associates Inc. acquired a new stake in Alphabet during the 1st quarter worth approximately $28,000. NBZ Investment Advisors LLC raised its holdings in Alphabet by 85.7% during the 1st quarter. NBZ Investment Advisors LLC now owns 195 shares of the information services provider's stock worth $30,000 after buying an additional 90 shares during the period. Finally, Financial Gravity Asset Management Inc. acquired a new stake in Alphabet during the 1st quarter worth approximately $39,000. 40.03% of the stock is currently owned by institutional investors and hedge funds.

Alphabet Price Performance

Shares of GOOGL opened at $250.43 on Tuesday. The company has a market cap of $3.03 trillion, a price-to-earnings ratio of 26.67, a PEG ratio of 1.66 and a beta of 1.00. Alphabet Inc. has a 1-year low of $140.53 and a 1-year high of $256.00. The company's fifty day simple moving average is $222.41 and its 200 day simple moving average is $186.72. 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 (NASDAQ:GOOGL - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, topping analysts' consensus estimates of $2.15 by $0.16. The business had revenue of $96.43 billion for the quarter, compared to the consensus estimate of $93.60 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. On average, research analysts forecast that Alphabet Inc. will post 8.9 earnings per share for the current fiscal year.

Alphabet Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Monday, September 8th were issued a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date was Monday, September 8th. Alphabet's payout ratio is presently 8.95%.

Insider Buying and Selling

In related news, CEO Sundar Pichai sold 32,500 shares of the business's stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $184.38, for a total transaction of $5,992,350.00. Following the transaction, the chief executive officer directly owned 2,527,392 shares in the company, valued at approximately $466,000,536.96. The trade was a 1.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Kavitark Ram Shriram sold 18,566 shares of Alphabet stock in a transaction on Friday, July 18th. The stock was sold at an average price of $185.76, for a total transaction of $3,448,820.16. Following the transaction, the director directly owned 243,400 shares of the company's stock, valued at approximately $45,213,984. This trade represents a 7.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 276,738 shares of company stock worth $59,135,475. Insiders own 11.64% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on GOOGL shares. Roth Capital lifted their price objective on shares of Alphabet from $205.00 to $210.00 and gave the company a "buy" rating in a report on Thursday, July 24th. DA Davidson lifted their price objective on shares of Alphabet from $180.00 to $190.00 and gave the company a "neutral" rating in a report on Tuesday, September 2nd. Citizens Jmp lifted their price objective on shares of Alphabet from $250.00 to $290.00 and gave the company an "outperform" rating in a report on Friday, September 19th. Barclays lifted their price objective on shares of Alphabet from $235.00 to $250.00 and gave the company an "overweight" rating in a report on Wednesday, September 3rd. Finally, Phillip Securities downgraded shares of Alphabet from a "strong-buy" rating to a "moderate buy" rating in a report on Monday, September 8th. Four investment analysts have rated the stock with a Strong Buy rating, thirty-three have given a Buy rating and ten have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $240.76.

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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