Alphabet Inc. $GOOG Shares Sold by Fifth Third Bancorp

Fifth Third Bancorp lessened its stake in Alphabet Inc. (NASDAQ:GOOG) by 1.4% in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 2,041,919 shares of the information services provider’s stock after selling 28,843 shares during the quarter. Alphabet makes up about 1.1% of Fifth Third Bancorp’s portfolio, making the stock its 13th biggest holding. Fifth Third Bancorp’s holdings in Alphabet were worth $695,763,000 as of its most recent filing with the SEC.

Other large investors also recently added to or reduced their stakes in the company. Denali Advisors LLC increased its stake in shares of Alphabet by 14.8% in the 2nd quarter. Denali Advisors LLC now owns 105,988 shares of the information services provider’s stock worth $37,449,000 after acquiring an additional 13,700 shares during the last quarter. Heck Capital Advisors LLC boosted its position in shares of Alphabet by 298.2% during the 2nd quarter. Heck Capital Advisors LLC now owns 22,229 shares of the information services provider’s stock valued at $7,854,000 after acquiring an additional 16,647 shares during the last quarter. Montchanin Asset Management LLC acquired a new position in shares of Alphabet during the 1st quarter valued at about $7,075,000. NBT Bank N.A. acquired a new position in shares of Alphabet during the 3rd quarter valued at about $47,537,000. Finally, Sax Wealth Advisors LLC grew its holdings in shares of Alphabet by 13.3% in the second quarter. Sax Wealth Advisors LLC now owns 30,489 shares of the information services provider’s stock valued at $10,773,000 after purchasing an additional 3,575 shares during the period. 27.26% of the stock is currently owned by institutional investors and hedge funds.

Alphabet Trading Up 1.6%

NASDAQ:GOOG opened at $295.35 on Friday. The stock’s 50 day moving average price is $326.04 and its 200 day moving average price is $336.19. The company has a market capitalization of $3.63 trillion, a PE ratio of 15.41, a P/E/G ratio of 0.88 and a beta of 1.21. The company has a quick ratio of 2.69, a current ratio of 2.79 and a debt-to-equity ratio of 0.19. Alphabet Inc. has a 52-week low of $271.41 and a 52-week high of $404.47.

Alphabet (NASDAQ:GOOG) last released its quarterly earnings results on Thursday, October 29th. The information services provider reported $2.12 EPS for the quarter, missing the consensus estimate of $3.01 by ($0.89). Alphabet had a return on equity of 43.33% and a net margin of 50.03%. The firm had revenue of $127.58 billion for the quarter, compared to analyst estimates of $127.97 billion. During the same period last year, the firm earned $2.87 EPS. The company’s quarterly revenue was up 24.7% on a year-over-year basis. On average, research analysts anticipate that Alphabet Inc. will post 19.74 EPS for the current year.

Alphabet Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 14th. Stockholders of record on Monday, December 7th will be given a dividend of $0.22 per share. The ex-dividend date is Monday, December 7th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.3%. Alphabet’s dividend payout ratio (DPR) is 4.59%.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on GOOG shares. New Street Research cut their price objective on shares of Alphabet from $455.00 to $405.00 and set a “buy” rating for the company in a research report on Friday, July 24th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Alphabet in a research report on Thursday, October 15th. Moffett Nathanson cut their target price on shares of Alphabet from $380.00 to $370.00 and set a “buy” rating on the stock in a research note on Wednesday, September 16th. Rosenblatt Securities assumed coverage on Alphabet in a research report on Thursday, August 20th. They set a “buy” rating for the company. Finally, Bank of America reissued a “buy” rating on shares of Alphabet in a report on Thursday, October 29th. Six analysts have rated the stock with a Strong Buy rating, thirty-five have given a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $413.38.

Insider Activity

In other news, Director Frances Arnold sold 83 shares of Alphabet stock in a transaction on Wednesday, September 30th. The shares were sold at an average price of $340.45, for a total value of $28,257.35. Following the transaction, the director directly owned 19,076 shares of the company’s stock, valued at $6,494,424.20. The trade was a 0.43% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders have sold 247 shares of company stock worth $79,238 in the last 90 days. Company insiders own 12.99% of the company’s stock.

Top Alphabet Stories

Here are a few of the latest stories about GOOG:

• Positive Sentiment: HSBC said the time is right to buy Alphabet, adding a favorable analyst view amid the stock’s recent pullback. HSBC says the time is right to buy Alphabet
• Positive Sentiment: Google DeepMind introduced AlphaGenome 2, an AI model designed to help researchers interpret DNA and cellular activity. The launch highlights potential applications for Alphabet’s AI technology beyond its core businesses. Alphabet’s DeepMind unveils new AlphaGenome 2 model
• Neutral Sentiment: Alphabet’s cloud growth and cash generation remain part of the investment case, but commentary also flags the cost of its AI infrastructure expansion as a risk to cash flow and returns. 3 Unstoppable Dow Stocks to Buy in November

Alphabet Company Profile

Alphabet is a technology holding company whose primary business is Google. Founded in 1998 by Larry Page and Sergey Brin, Google became part of Alphabet when the company adopted a holding-company structure in 2015. Sundar Pichai leads Alphabet and Google as chief executive officer. Google offers internet search, online advertising, cloud computing, and software and hardware products. Its services and products include Google Search, YouTube, Android, Chrome, Google Maps, Google Play, and Google Cloud.