Bangor Savings Bank Sells 111 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Bangor Savings Bank cut its holdings in Alphabet Inc. (NASDAQ:GOOGL) by 0.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 32,560 shares of the information services provider’s stock after selling 111 shares during the period. Alphabet comprises approximately 0.5% of Bangor Savings Bank’s portfolio, making the stock its 24th biggest holding. Bangor Savings Bank’s holdings in Alphabet were worth $4,914,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of GOOGL. Bank Julius Baer & Co. Ltd Zurich raised its stake in shares of Alphabet by 4.6% in the third quarter. Bank Julius Baer & Co. Ltd Zurich now owns 6,883,895 shares of the information services provider’s stock valued at $900,827,000 after buying an additional 302,352 shares during the period. Kestra Advisory Services LLC raised its stake in Alphabet by 8.2% in the 3rd quarter. Kestra Advisory Services LLC now owns 464,134 shares of the information services provider’s stock valued at $60,737,000 after acquiring an additional 35,210 shares during the period. Excalibur Management Corp lifted its holdings in Alphabet by 0.7% during the third quarter. Excalibur Management Corp now owns 17,915 shares of the information services provider’s stock valued at $2,344,000 after purchasing an additional 117 shares during the last quarter. Kesler Norman & Wride LLC boosted its position in Alphabet by 32.9% during the third quarter. Kesler Norman & Wride LLC now owns 5,020 shares of the information services provider’s stock worth $657,000 after purchasing an additional 1,243 shares during the period. Finally, Concorde Asset Management LLC increased its stake in shares of Alphabet by 5.5% in the third quarter. Concorde Asset Management LLC now owns 2,432 shares of the information services provider’s stock worth $318,000 after purchasing an additional 127 shares in the last quarter. 40.03% of the stock is owned by hedge funds and other institutional investors.

Alphabet Stock Performance

GOOGL stock opened at $179.63 on Monday. The stock’s 50 day simple moving average is $170.05 and its 200 day simple moving average is $152.72. The company has a current ratio of 2.15, a quick ratio of 2.15 and a debt-to-equity ratio of 0.05. Alphabet Inc. has a 12-month low of $115.35 and a 12-month high of $180.85. The stock has a market capitalization of $2.22 trillion, a PE ratio of 27.55, a price-to-earnings-growth ratio of 1.32 and a beta of 1.01.

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings data on Thursday, April 25th. The information services provider reported $1.89 EPS for the quarter, beating the consensus estimate of $1.49 by $0.40. Alphabet had a return on equity of 29.52% and a net margin of 25.90%. The company had revenue of $80.54 billion for the quarter, compared to analysts’ expectations of $66.04 billion. During the same period last year, the firm posted $1.17 earnings per share. As a group, research analysts forecast that Alphabet Inc. will post 7.6 earnings per share for the current fiscal year.

Alphabet Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 17th. Shareholders of record on Monday, June 10th were paid a dividend of $0.20 per share. The ex-dividend date was Monday, June 10th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.45%. Alphabet’s dividend payout ratio is currently 12.27%.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Oppenheimer raised their price objective on shares of Alphabet from $185.00 to $205.00 and gave the stock an “outperform” rating in a report on Friday, April 26th. JPMorgan Chase & Co. boosted their price objective on Alphabet from $165.00 to $200.00 and gave the company an “overweight” rating in a research note on Friday, April 26th. Wedbush increased their price objective on Alphabet from $175.00 to $205.00 and gave the stock an “outperform” rating in a report on Friday, April 26th. Loop Capital lifted their target price on Alphabet from $155.00 to $170.00 and gave the company a “hold” rating in a report on Wednesday, May 1st. Finally, Piper Sandler reissued an “overweight” rating and issued a $200.00 price target (up from $160.00) on shares of Alphabet in a report on Friday, April 26th. Five investment analysts have rated the stock with a hold rating, thirty have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $193.26.

Insider Activity

In related news, CEO Sundar Pichai sold 22,500 shares of the business’s stock in a transaction that occurred on Wednesday, April 3rd. The stock was sold at an average price of $155.67, for a total transaction of $3,502,575.00. Following the completion of the transaction, the chief executive officer now directly owns 2,325,513 shares in the company, valued at approximately $362,012,608.71. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, CEO Sundar Pichai sold 22,500 shares of the company’s stock in a transaction on Wednesday, April 3rd. The shares were sold at an average price of $155.67, for a total value of $3,502,575.00. Following the completion of the transaction, the chief executive officer now owns 2,325,513 shares of the company’s stock, valued at approximately $362,012,608.71. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider John Kent Walker sold 12,084 shares of the stock in a transaction dated Wednesday, March 27th. The stock was sold at an average price of $151.19, for a total value of $1,826,979.96. Following the sale, the insider now owns 48,717 shares of the company’s stock, valued at approximately $7,365,523.23. The disclosure for this sale can be found here. Insiders sold 135,958 shares of company stock valued at $22,383,553 in the last quarter. 11.55% of the stock is currently owned by insiders.

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.