Pinnacle Financial Partners Inc Decreases Stock Position in Alphabet Inc. (NASDAQ:GOOGL)

Pinnacle Financial Partners Inc decreased its position in shares of Alphabet Inc. (NASDAQ:GOOGL) by 1.0% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 811,354 shares of the information services provider’s stock after selling 8,338 shares during the period. Alphabet accounts for about 2.7% of Pinnacle Financial Partners Inc’s investment portfolio, making the stock its 7th largest position. Pinnacle Financial Partners Inc’s holdings in Alphabet were worth $134,563,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Christopher J. Hasenberg Inc grew its holdings in Alphabet by 75.0% during the 2nd quarter. Christopher J. Hasenberg Inc now owns 140 shares of the information services provider’s stock valued at $26,000 after buying an additional 60 shares in the last quarter. Kings Path Partners LLC purchased a new stake in Alphabet during the 2nd quarter valued at approximately $36,000. Denver PWM LLC purchased a new stake in Alphabet during the 2nd quarter valued at approximately $41,000. Quarry LP purchased a new stake in Alphabet during the 2nd quarter valued at approximately $53,000. Finally, Summit Securities Group LLC purchased a new stake in Alphabet during the 2nd quarter valued at approximately $55,000. Institutional investors own 40.03% of the company’s stock.

Insider Activity

In related news, insider John Kent Walker sold 21,467 shares of the stock in a transaction that occurred 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 in the company, valued at approximately $6,307,206.90. This represents a 35.31 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Amie Thuener O’toole sold 682 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $160.44, for a total transaction of $109,420.08. Following the sale, the chief accounting officer now directly owns 32,017 shares in the company, valued at $5,136,807.48. The trade was a 2.09 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 206,795 shares of company stock worth $34,673,866 over the last 90 days. 11.55% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have issued reports on GOOGL. Royal Bank of Canada increased their price objective on shares of Alphabet from $204.00 to $210.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. Phillip Securities raised shares of Alphabet to a “strong-buy” rating in a report on Friday, November 1st. Seaport Res Ptn raised shares of Alphabet from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 29th. Morgan Stanley raised their target price on shares of Alphabet from $190.00 to $205.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Finally, Tigress Financial raised their target price on shares of Alphabet from $210.00 to $220.00 and gave the company a “strong-buy” rating in a report on Thursday, September 26th. Seven equities research analysts have rated the stock with a hold rating, thirty-one have given a buy rating and five have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $205.90.

Alphabet Stock Up 0.1 %

NASDAQ:GOOGL opened at $169.23 on Thursday. Alphabet Inc. has a 1-year low of $127.90 and a 1-year high of $191.75. The company has a 50-day moving average of $168.22 and a 200 day moving average of $170.34. The firm has a market cap of $2.07 trillion, a PE ratio of 22.44, a price-to-earnings-growth ratio of 1.19 and a beta of 1.03. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.95 and a quick ratio of 1.95.

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

Alphabet Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 9th will be issued a dividend of $0.20 per share. The ex-dividend date is Monday, December 9th. This represents a $0.80 annualized dividend and a dividend yield of 0.47%. Alphabet’s dividend payout ratio (DPR) is currently 10.61%.

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.