Washington Trust Advisors Inc. lowered its holdings in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 1.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 226,808 shares of the information services provider's stock after selling 4,301 shares during the quarter. Alphabet makes up 3.1% of Washington Trust Advisors Inc.'s portfolio, making the stock its 9th biggest holding. Washington Trust Advisors Inc.'s holdings in Alphabet were worth $35,434,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Jacobsen Capital Management boosted its stake in shares of Alphabet by 3.8% during the 1st quarter. Jacobsen Capital Management now owns 5,854 shares of the information services provider's stock worth $915,000 after purchasing an additional 215 shares during the period. New Wave Wealth Advisors LLC lifted its stake in Alphabet by 28.2% in the first quarter. New Wave Wealth Advisors LLC now owns 11,586 shares of the information services provider's stock worth $1,810,000 after purchasing an additional 2,549 shares during the last quarter. Northwest Wealth Management LLC boosted its position in shares of Alphabet by 2.5% during the first quarter. Northwest Wealth Management LLC now owns 7,449 shares of the information services provider's stock valued at $1,164,000 after buying an additional 181 shares during the period. Amalgamated Bank grew its stake in shares of Alphabet by 1.4% during the first quarter. Amalgamated Bank now owns 1,045,866 shares of the information services provider's stock valued at $163,396,000 after buying an additional 14,516 shares during the last quarter. Finally, Verity Asset Management Inc. raised its holdings in shares of Alphabet by 5.5% in the first quarter. Verity Asset Management Inc. now owns 2,244 shares of the information services provider's stock worth $351,000 after buying an additional 116 shares during the period. Institutional investors own 27.26% of the company's stock.
Alphabet Stock Up 1.0%
Shares of Alphabet stock traded up $1.83 on Wednesday, reaching $178.74. The stock had a trading volume of 6,548,664 shares, compared to its average volume of 21,076,498. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 0.03. The stock has a market capitalization of $2.17 trillion, a P/E ratio of 19.91, a P/E/G ratio of 1.25 and a beta of 1.01. The company has a 50 day moving average price of $168.84 and a 200 day moving average price of $175.81. Alphabet Inc. has a 1 year low of $142.66 and a 1 year high of $208.70.
Alphabet (NASDAQ:GOOG - Get Free Report) last released its quarterly earnings results on Thursday, April 24th. The information services provider reported $2.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.02 by $0.79. Alphabet had a net margin of 30.86% and a return on equity of 34.54%. The business had revenue of $90.23 billion for the quarter, compared to analyst estimates of $89.30 billion. During the same period in the previous year, the company earned $1.89 earnings per share. The business's revenue for the quarter was up 12.0% on a year-over-year basis. As a group, equities research analysts forecast that Alphabet Inc. will post 8.89 EPS for the current year.
Alphabet Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Monday, June 9th were paid a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 0.47%. This is an increase from Alphabet's previous quarterly dividend of $0.20. The ex-dividend date was Monday, June 9th. Alphabet's payout ratio is 9.36%.
Insider Buying and Selling
In other news, Director John L. Hennessy sold 600 shares of the company's stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $175.00, for a total transaction of $105,000.00. Following the transaction, the director owned 6,813 shares in the company, valued at $1,192,275. This represents a 8.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Sundar Pichai sold 32,500 shares of the stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $170.87, for a total transaction of $5,553,275.00. Following the completion of the transaction, the chief executive officer directly owned 2,620,196 shares of the company's stock, valued at $447,712,890.52. The trade was a 1.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 183,143 shares of company stock worth $30,529,028 in the last ninety days. 12.99% of the stock is owned by insiders.
Wall Street Analyst Weigh In
A number of research firms recently issued reports on GOOG. Oppenheimer boosted their price objective on Alphabet from $185.00 to $200.00 and gave the company an "outperform" rating in a report on Friday, April 25th. Tigress Financial reiterated a "strong-buy" rating on shares of Alphabet in a research report on Friday, May 2nd. Westpark Capital restated a "buy" rating and issued a $210.00 price target on shares of Alphabet in a report on Friday, April 25th. Rosenblatt Securities raised shares of Alphabet from a "hold" rating to a "strong-buy" rating in a research note on Friday, April 25th. Finally, Citigroup reissued a "sell" rating on shares of Alphabet in a research report on Wednesday, April 23rd. Three investment analysts have rated the stock with a sell rating, five have given a hold rating, fourteen have given a buy rating and six have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $206.38.
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Alphabet Profile
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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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