New Covenant Trust Company N.A. Sells 79 Shares of Alphabet Inc. (NASDAQ:GOOGL)

New Covenant Trust Company N.A. lessened its position in shares of Alphabet Inc. (NASDAQ:GOOGL) by 1.6% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,011 shares of the information services provider’s stock after selling 79 shares during the period. Alphabet makes up approximately 0.8% of New Covenant Trust Company N.A.’s investment portfolio, making the stock its 24th largest position. New Covenant Trust Company N.A.’s holdings in Alphabet were worth $822,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in the company. Royal Harbor Partners LLC boosted its holdings in shares of Alphabet by 1.6% during the third quarter. Royal Harbor Partners LLC now owns 18,881 shares of the information services provider’s stock worth $3,131,000 after acquiring an additional 303 shares during the period. Conning Inc. boosted its stake in shares of Alphabet by 5.3% in the third quarter. Conning Inc. now owns 70,991 shares of the information services provider’s stock valued at $11,774,000 after buying an additional 3,560 shares during the period. Clear Creek Financial Management LLC boosted its stake in shares of Alphabet by 1.5% in the third quarter. Clear Creek Financial Management LLC now owns 18,062 shares of the information services provider’s stock valued at $2,996,000 after buying an additional 262 shares during the period. Princeton Global Asset Management LLC boosted its stake in shares of Alphabet by 5.0% in the third quarter. Princeton Global Asset Management LLC now owns 62,452 shares of the information services provider’s stock valued at $10,358,000 after buying an additional 2,953 shares during the period. Finally, Argonautica Private Wealth Management Inc. boosted its stake in shares of Alphabet by 0.3% in the third quarter. Argonautica Private Wealth Management Inc. now owns 72,700 shares of the information services provider’s stock valued at $12,057,000 after buying an additional 244 shares during the period. Institutional investors own 40.03% of the company’s stock.

Insider Activity

In other news, CEO Sundar Pichai sold 22,500 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $167.66, for a total value of $3,772,350.00. Following the completion of the sale, the chief executive officer now directly owns 2,159,885 shares in the company, valued at $362,126,319.10. This trade represents a 1.03 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CAO Amie Thuener O’toole sold 682 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $160.44, for a total value of $109,420.08. Following the completion of the sale, the chief accounting officer now owns 32,017 shares of the company’s stock, valued at approximately $5,136,807.48. This represents a 2.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 206,795 shares of company stock worth $34,471,141 in the last three months. Company insiders own 11.55% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on GOOGL shares. Citigroup boosted their price target on Alphabet from $190.00 to $212.00 and gave the company a “buy” rating in a research note on Wednesday, July 24th. Morgan Stanley boosted their price target on Alphabet from $190.00 to $205.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Roth Mkm boosted their price target on Alphabet from $206.00 to $212.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Wedbush restated an “outperform” rating and set a $205.00 price objective on shares of Alphabet in a research report on Thursday, October 24th. Finally, KeyCorp boosted their price objective on shares of Alphabet from $200.00 to $215.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. Seven research 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. According to MarketBeat.com, Alphabet presently has an average rating of “Moderate Buy” and a consensus price target of $205.90.

Alphabet Stock Performance

Shares of GOOGL opened at $172.49 on Friday. 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 market capitalization of $2.11 trillion, a P/E ratio of 22.88, a price-to-earnings-growth ratio of 1.27 and a beta of 1.03. The firm’s fifty day simple moving average is $165.18 and its two-hundred day simple moving average is $170.08. Alphabet Inc. has a 12 month low of $127.90 and a 12 month high of $191.75.

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. The business had revenue of $88.27 billion for the quarter, compared to analysts’ expectations of $72.85 billion. Alphabet had a net margin of 27.74% and a return on equity of 31.66%. During the same quarter in the prior year, the firm posted $1.55 earnings per share. As a group, analysts predict that Alphabet Inc. will post 7.99 EPS for the current year.

Alphabet Dividend Announcement

The company 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 is Monday, December 9th. This represents a $0.80 annualized dividend and a dividend yield of 0.46%. Alphabet’s dividend payout ratio is presently 10.61%.

Alphabet 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.