1ST Source Bank Sells 572 Shares of Alphabet Inc. (NASDAQ:GOOG)

1ST Source Bank lowered its position in Alphabet Inc. (NASDAQ:GOOG) by 1.0% in the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 54,064 shares of the information services provider’s stock after selling 572 shares during the period. Alphabet accounts for about 0.6% of 1ST Source Bank’s investment portfolio, making the stock its 26th largest holding. 1ST Source Bank’s holdings in Alphabet were worth $9,916,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. 1620 Investment Advisors Inc. purchased a new stake in shares of Alphabet in the 2nd quarter worth approximately $37,000. Richardson Financial Services Inc. bought a new stake in Alphabet in the fourth quarter worth $34,000. Slocum Gordon & Co LLP purchased a new stake in shares of Alphabet in the second quarter worth $44,000. Hoese & Co LLP increased its holdings in shares of Alphabet by 62.5% during the second quarter. Hoese & Co LLP now owns 260 shares of the information services provider’s stock valued at $45,000 after acquiring an additional 100 shares in the last quarter. Finally, Iron Horse Wealth Management LLC purchased a new position in shares of Alphabet in the 2nd quarter worth about $48,000. Hedge funds and other institutional investors own 27.26% of the company’s stock.

Analyst Upgrades and Downgrades

GOOG has been the subject of a number of analyst reports. Cantor Fitzgerald upgraded shares of Alphabet to a “hold” rating in a research note on Thursday, September 5th. Rosenblatt Securities lowered shares of Alphabet from a “buy” rating to a “neutral” rating and set a $181.00 price objective for the company. in a report on Friday, June 28th. Wolfe Research upgraded Alphabet to a “strong-buy” rating in a research note on Tuesday, July 16th. DA Davidson upgraded Alphabet to a “hold” rating in a research note on Tuesday, September 10th. Finally, Oppenheimer increased their price objective on Alphabet from $205.00 to $210.00 and gave the company an “outperform” rating in a research report on Wednesday, July 24th. Three investment analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Alphabet presently has an average rating of “Moderate Buy” and a consensus target price of $182.86.

Insider Activity at Alphabet

In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of the firm’s stock in a transaction that occurred on Wednesday, July 3rd. The shares were sold at an average price of $186.74, for a total transaction of $4,201,650.00. Following the sale, the chief executive officer now owns 2,227,385 shares in the company, valued at approximately $415,941,874.90. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, CEO Sundar Pichai sold 22,500 shares of the business’s stock in a transaction dated Wednesday, July 3rd. The stock was sold at an average price of $186.74, for a total value of $4,201,650.00. Following the transaction, the chief executive officer now directly owns 2,227,385 shares in the company, valued at $415,941,874.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Amie Thuener O’toole sold 682 shares of the stock in a transaction dated Tuesday, July 2nd. The stock was sold at an average price of $183.47, for a total value of $125,126.54. Following the sale, the chief accounting officer now owns 30,650 shares of the company’s stock, valued at approximately $5,623,355.50. The disclosure for this sale can be found here. Over the last three months, insiders have sold 201,867 shares of company stock worth $34,218,581. Corporate insiders own 12.99% of the company’s stock.

Alphabet Trading Up 1.8 %

Shares of NASDAQ:GOOG opened at $158.37 on Friday. The stock’s 50-day simple moving average is $169.06 and its two-hundred day simple moving average is $166.15. The stock has a market capitalization of $1.95 trillion, a price-to-earnings ratio of 24.29, a PEG ratio of 1.13 and a beta of 1.04. Alphabet Inc. has a 52-week low of $121.46 and a 52-week high of $193.31. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.08 and a current ratio of 2.08.

Alphabet (NASDAQ:GOOG) last posted its quarterly earnings data on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.85 by $0.04. Alphabet had a net margin of 26.70% and a return on equity of 30.49%. The company had revenue of $84.74 billion for the quarter, compared to the consensus estimate of $84.22 billion. During the same quarter last year, the firm posted $1.44 earnings per share. The firm’s revenue was up 13.6% compared to the same quarter last year. Analysts expect that Alphabet Inc. will post 7.63 EPS for the current year.

Alphabet Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Monday, September 9th will be issued a $0.20 dividend. The ex-dividend date of this dividend is Monday, September 9th. This represents a $0.80 dividend on an annualized basis and a yield of 0.51%. Alphabet’s dividend payout ratio is currently 12.27%.

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.