PNC Financial Services Group Inc. Decreases Holdings in Alphabet Inc. $GOOGL

PNC Financial Services Group Inc. lowered its holdings in Alphabet Inc. (NASDAQ:GOOGL) by 0.5% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 8,480,898 shares of the information services provider’s stock after selling 46,375 shares during the quarter. Alphabet comprises 1.0% of PNC Financial Services Group Inc.’s investment portfolio, making the stock its 11th biggest holding. PNC Financial Services Group Inc. owned about 0.07% of Alphabet worth $1,494,589,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. Brighton Jones LLC boosted its holdings in shares of Alphabet by 3.9% in the 4th quarter. Brighton Jones LLC now owns 110,330 shares of the information services provider’s stock valued at $20,886,000 after buying an additional 4,110 shares in the last quarter. Revolve Wealth Partners LLC raised its stake in Alphabet by 3.5% during the 4th quarter. Revolve Wealth Partners LLC now owns 14,930 shares of the information services provider’s stock worth $2,826,000 after acquiring an additional 506 shares in the last quarter. Smart Money Group LLC lifted its position in Alphabet by 9.4% in the first quarter. Smart Money Group LLC now owns 6,181 shares of the information services provider’s stock valued at $956,000 after acquiring an additional 532 shares during the last quarter. J.W. Cole Advisors Inc. boosted its stake in Alphabet by 41.2% in the first quarter. J.W. Cole Advisors Inc. now owns 105,906 shares of the information services provider’s stock valued at $16,377,000 after acquiring an additional 30,904 shares in the last quarter. Finally, Teachers Retirement System of The State of Kentucky grew its holdings in shares of Alphabet by 0.8% during the first quarter. Teachers Retirement System of The State of Kentucky now owns 1,256,496 shares of the information services provider’s stock worth $194,304,000 after purchasing an additional 10,304 shares during the last quarter. Hedge funds and other institutional investors own 40.03% of the company’s stock.

Alphabet Stock Performance

NASDAQ:GOOGL opened at $318.58 on Tuesday. The firm’s fifty day moving average price is $263.73 and its 200 day moving average price is $215.00. Alphabet Inc. has a 1-year low of $140.53 and a 1-year high of $319.48. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90. The firm has a market cap of $3.84 trillion, a price-to-earnings ratio of 31.42, a price-to-earnings-growth ratio of 1.86 and a beta of 1.05.

Alphabet (NASDAQ:GOOGL) last released its earnings results on Wednesday, October 29th. The information services provider reported $2.87 EPS for the quarter, topping the consensus estimate of $2.29 by $0.58. The company had revenue of $102.35 billion during the quarter, compared to analysts’ expectations of $99.90 billion. Alphabet had a net margin of 32.23% and a return on equity of 36.08%. On average, sell-side analysts expect that Alphabet Inc. will post 8.9 EPS for the current year.

Alphabet Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Monday, December 8th will be given a $0.21 dividend. The ex-dividend date is Monday, December 8th. This represents a $0.84 dividend on an annualized basis and a yield of 0.3%. Alphabet’s dividend payout ratio (DPR) is presently 8.28%.

Insiders Place Their Bets

In other Alphabet news, CEO Sundar Pichai sold 32,500 shares of the business’s stock in a transaction that occurred on Wednesday, November 19th. The stock was sold at an average price of $296.64, for a total transaction of $9,640,800.00. Following the transaction, the chief executive officer owned 2,304,619 shares in the company, valued at approximately $683,642,180.16. The trade was a 1.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director John L. Hennessy sold 600 shares of the firm’s stock in a transaction that occurred on Thursday, November 13th. The shares were sold at an average price of $280.06, for a total value of $168,036.00. Following the completion of the sale, the director directly owned 4,516 shares of the company’s stock, valued at $1,264,750.96. This represents a 11.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 225,174 shares of company stock worth $58,095,223 over the last quarter. 11.64% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on GOOGL. JPMorgan Chase & Co. upped their target price on Alphabet from $300.00 to $340.00 and gave the company an “overweight” rating in a research report on Thursday, October 30th. BNP Paribas started coverage on Alphabet in a report on Monday. They issued an “outperform” rating and a $355.00 price objective for the company. Morgan Stanley lifted their target price on shares of Alphabet from $270.00 to $330.00 and gave the company an “overweight” rating in a report on Thursday, October 30th. Wedbush reiterated an “outperform” rating and set a $320.00 price target (up previously from $245.00) on shares of Alphabet in a research note on Thursday, October 30th. Finally, Wall Street Zen raised shares of Alphabet from a “hold” rating to a “buy” rating in a research report on Saturday, November 1st. Four analysts have rated the stock with a Strong Buy rating, forty-one have issued a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat, Alphabet currently has an average rating of “Moderate Buy” and a consensus price target of $307.65.

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.