SouthState Corp Has $10.85 Million Position in Alphabet Inc. (NASDAQ:GOOGL)

SouthState Corp decreased its stake in Alphabet Inc. (NASDAQ:GOOGL) by 0.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 65,411 shares of the information services provider’s stock after selling 80 shares during the period. SouthState Corp’s holdings in Alphabet were worth $10,848,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Christopher J. Hasenberg Inc lifted its stake in shares of Alphabet by 75.0% in the 2nd quarter. Christopher J. Hasenberg Inc now owns 140 shares of the information services provider’s stock valued at $26,000 after purchasing an additional 60 shares during the period. LMR Partners LLP acquired a new stake in Alphabet during the third quarter worth approximately $32,000. Kings Path Partners LLC bought a new stake in Alphabet in the second quarter worth approximately $36,000. Denver PWM LLC acquired a new position in Alphabet in the second quarter valued at approximately $41,000. Finally, Quarry LP bought a new position in shares of Alphabet during the 2nd quarter worth approximately $53,000. 40.03% of the stock is currently owned by institutional investors.

Alphabet Price Performance

Shares of NASDAQ GOOGL opened at $171.34 on Wednesday. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 0.04. The stock has a fifty day simple moving average of $168.84 and a two-hundred day simple moving average of $170.26. Alphabet Inc. has a 1-year low of $127.90 and a 1-year high of $191.75. The firm has a market cap of $2.10 trillion, a price-to-earnings ratio of 22.72, a price-to-earnings-growth ratio of 1.22 and a beta of 1.01.

Alphabet (NASDAQ:GOOGL) last issued its quarterly earnings results on Tuesday, October 29th. The information services provider reported $2.12 EPS for the quarter, beating analysts’ consensus estimates of $1.83 by $0.29. Alphabet had a return on equity of 31.66% and a net margin of 27.74%. The firm had revenue of $88.27 billion for the quarter, compared to analysts’ expectations of $72.85 billion. During the same quarter in the prior year, the firm earned $1.55 EPS. Analysts anticipate that Alphabet Inc. will post 8.01 earnings per share for the current year.

Alphabet Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 9th will be paid a $0.20 dividend. The ex-dividend date of this dividend is Monday, December 9th. This represents a $0.80 annualized dividend and a dividend yield of 0.47%. Alphabet’s payout ratio is 10.61%.

Insider Activity

In related news, CAO Amie Thuener O’toole sold 2,835 shares of the stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $151.53, for a total transaction of $429,587.55. Following the sale, the chief accounting officer now owns 29,182 shares of the company’s stock, valued at approximately $4,421,948.46. This represents a 8.85 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Sundar Pichai sold 22,500 shares of the firm’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $160.63, for a total value of $3,614,175.00. Following the completion of the transaction, the chief executive officer now owns 2,114,885 shares of the company’s stock, valued at approximately $339,713,977.55. This represents a 1.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 163,624 shares of company stock valued at $27,803,730 over the last quarter. Company insiders own 11.55% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Royal Bank of Canada lifted their price objective on shares of Alphabet from $204.00 to $210.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. The Goldman Sachs Group decreased their price target on shares of Alphabet from $217.00 to $208.00 and set a “buy” rating for the company in a research note on Monday, October 14th. DA Davidson initiated coverage on shares of Alphabet in a research report on Tuesday, September 10th. They set a “neutral” rating and a $170.00 price objective on the stock. Evercore ISI boosted their target price on Alphabet from $200.00 to $205.00 and gave the company an “outperform” rating in a research report on Wednesday, October 30th. Finally, KeyCorp increased their price target on Alphabet from $200.00 to $215.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. Seven analysts have rated the stock with a hold rating, thirty-one have assigned a buy rating and five have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $205.90.

About Alphabet

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.