Amalgamated Bank Sells 15,678 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Amalgamated Bank decreased its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL) by 1.2% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 1,261,800 shares of the information services provider’s stock after selling 15,678 shares during the quarter. Alphabet makes up approximately 2.0% of Amalgamated Bank’s investment portfolio, making the stock its 6th largest position. Amalgamated Bank’s holdings in Alphabet were worth $229,837,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Nebula Research & Development LLC purchased a new position in Alphabet during the 4th quarter worth $787,000. New Hampshire Trust increased its stake in shares of Alphabet by 2.7% during the second quarter. New Hampshire Trust now owns 43,714 shares of the information services provider’s stock worth $7,963,000 after acquiring an additional 1,132 shares during the period. Berkshire Money Management Inc. acquired a new position in shares of Alphabet during the first quarter worth about $359,000. Schneider Downs Wealth Management Advisors LP raised its holdings in Alphabet by 58.4% during the first quarter. Schneider Downs Wealth Management Advisors LP now owns 6,374 shares of the information services provider’s stock worth $962,000 after purchasing an additional 2,351 shares in the last quarter. Finally, American International Group Inc. lifted its position in Alphabet by 11.5% in the fourth quarter. American International Group Inc. now owns 1,951,860 shares of the information services provider’s stock valued at $272,655,000 after purchasing an additional 200,891 shares during the period. Hedge funds and other institutional investors own 40.03% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the company. Wolfe Research began coverage on Alphabet in a research report on Tuesday, July 16th. They set an “outperform” rating and a $240.00 target price on the stock. Morgan Stanley dropped their price objective on Alphabet from $205.00 to $190.00 and set an “overweight” rating on the stock in a report on Tuesday, September 3rd. JPMorgan Chase & Co. raised their target price on Alphabet from $200.00 to $208.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. Truist Financial restated a “buy” rating and set a $196.00 target price on shares of Alphabet in a research report on Monday, September 16th. Finally, Argus increased their price target on shares of Alphabet from $200.00 to $215.00 and gave the company a “buy” rating in a report on Tuesday, July 16th. Eight investment analysts have rated the stock with a hold rating, twenty-eight have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Alphabet currently has an average rating of “Moderate Buy” and a consensus target price of $201.35.

Insider Activity

In other Alphabet news, CAO Amie Thuener O’toole sold 682 shares of the company’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $168.00, for a total transaction of $114,576.00. Following the completion of the sale, the chief accounting officer now directly owns 31,334 shares in the company, valued at $5,264,112. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider John Kent Walker sold 21,467 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $160.35, for a total value of $3,442,233.45. Following the transaction, the insider now owns 39,334 shares of the company’s stock, valued at approximately $6,307,206.90. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Amie Thuener O’toole sold 682 shares of the company’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $168.00, for a total transaction of $114,576.00. Following the sale, the chief accounting officer now directly owns 31,334 shares of the company’s stock, valued at $5,264,112. The disclosure for this sale can be found here. Insiders sold 193,725 shares of company stock valued at $31,933,031 in the last ninety days. Company insiders own 11.55% of the company’s stock.

Alphabet Stock Performance

Alphabet stock opened at $166.99 on Wednesday. The stock has a fifty day moving average price of $162.22 and a 200 day moving average price of $167.02. The company has a current ratio of 2.08, a quick ratio of 2.08 and a debt-to-equity ratio of 0.04. Alphabet Inc. has a 52 week low of $120.21 and a 52 week high of $191.75. The firm has a market capitalization of $2.06 trillion, a P/E ratio of 25.61, a PEG ratio of 1.21 and a beta of 1.04.

Alphabet (NASDAQ:GOOGL) last announced its quarterly earnings data on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share for the quarter, topping the consensus estimate of $1.85 by $0.04. Alphabet had a net margin of 26.70% and a return on equity of 30.49%. The business had revenue of $84.74 billion for the quarter, compared to analyst estimates of $70.60 billion. During the same period in the prior year, the firm posted $1.44 EPS. Equities research analysts anticipate that Alphabet Inc. will post 7.63 earnings per share for the current year.

Alphabet Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Monday, September 9th were issued a $0.20 dividend. The ex-dividend date of this dividend was Monday, September 9th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.48%. Alphabet’s dividend payout ratio (DPR) is presently 12.27%.

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.