Wesbanco Bank Inc. Increases Position in Alphabet Inc. $GOOGL

Key Points

• Wesbanco Bank Inc. has increased its stake in Alphabet Inc. by 10.4%, now holding 409,745 shares valued at approximately $72.2 million.
• Alphabet recently reported quarterly earnings of $2.31 EPS, exceeding analysts' estimates by $0.16, with total revenues of $96.43 billion.
• The company declared a quarterly dividend of $0.21 per share, representing an annualized yield of 0.3%, with the ex-dividend date set for September 8th.

Wesbanco Bank Inc. increased its stake in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 10.4% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 409,745 shares of the information services provider's stock after acquiring an additional 38,608 shares during the period. Alphabet comprises about 2.1% of Wesbanco Bank Inc.'s portfolio, making the stock its 8th largest position. Wesbanco Bank Inc.'s holdings in Alphabet were worth $72,209,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Enzi Wealth increased its stake in Alphabet by 2.5% in the 1st quarter. Enzi Wealth now owns 2,561 shares of the information services provider's stock valued at $408,000 after buying an additional 62 shares during the last quarter. Whipplewood Advisors LLC increased its stake in Alphabet by 1.2% in the 1st quarter. Whipplewood Advisors LLC now owns 5,438 shares of the information services provider's stock valued at $817,000 after buying an additional 67 shares during the last quarter. Aspire Capital Advisors LLC increased its stake in Alphabet by 1.0% in the 1st quarter. Aspire Capital Advisors LLC now owns 7,020 shares of the information services provider's stock valued at $1,086,000 after buying an additional 67 shares during the last quarter. Rainey & Randall Wealth Advisors Inc. increased its stake in Alphabet by 2.1% in the 1st quarter. Rainey & Randall Wealth Advisors Inc. now owns 3,209 shares of the information services provider's stock valued at $496,000 after buying an additional 67 shares during the last quarter. Finally, Florida Financial Advisors LLC increased its stake in Alphabet by 0.4% in the 1st quarter. Florida Financial Advisors LLC now owns 16,311 shares of the information services provider's stock valued at $2,523,000 after buying an additional 67 shares during the last quarter. 40.03% of the stock is currently owned by institutional investors and hedge funds.

Alphabet Trading Up 0.2%

NASDAQ:GOOGL opened at $240.80 on Monday. The firm's fifty day moving average is $201.89 and its 200-day moving average is $177.58. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90. Alphabet Inc. has a 52 week low of $140.53 and a 52 week high of $242.25. The firm has a market cap of $2.91 trillion, a P/E ratio of 25.64, a P/E/G ratio of 1.62 and a beta of 1.01.

Alphabet (NASDAQ:GOOGL - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, beating analysts' consensus estimates of $2.15 by $0.16. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The company had revenue of $96.43 billion for the quarter, compared to analyst estimates of $93.60 billion. Equities analysts expect 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. Shareholders of record on Monday, September 8th will be issued a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date is Monday, September 8th. Alphabet's dividend payout ratio (DPR) is presently 8.95%.

Wall Street Analysts Forecast Growth

GOOGL has been the topic of several recent research reports. Loop Capital reiterated a "hold" rating and issued a $190.00 price target (up from $165.00) on shares of Alphabet in a research note on Tuesday, August 5th. Bank of America lifted their price target on shares of Alphabet from $210.00 to $217.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating on shares of Alphabet in a research note on Wednesday, September 3rd. Susquehanna boosted their price objective on shares of Alphabet from $220.00 to $225.00 and gave the stock a "positive" rating in a research note on Thursday, July 24th. Finally, DA Davidson boosted their price objective on shares of Alphabet from $180.00 to $190.00 and gave the stock a "neutral" rating in a research note on Tuesday, September 2nd. Three research analysts have rated the stock with a Strong Buy rating, thirty-two have assigned a Buy rating and ten have given a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $221.44.

Insider Activity at Alphabet

In other Alphabet news, Director John L. Hennessy sold 600 shares of the firm's stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $203.79, for a total value of $122,274.00. Following the completion of the sale, the director directly owned 6,316 shares in the company, valued at approximately $1,287,137.64. This trade represents a 8.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Kavitark Ram Shriram sold 15,000 shares of the firm's stock in a transaction on Friday, July 18th. The stock was sold at an average price of $185.76, for a total transaction of $2,786,400.00. Following the completion of the sale, the director owned 240,400 shares of the company's stock, valued at $44,656,704. The trade was a 5.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 254,710 shares of company stock valued at $49,208,380. Company insiders own 11.55% of the company's stock.

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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