Atlantic Union Bankshares Corp Reduces Holdings in Alphabet Inc. (NASDAQ:GOOG)

Atlantic Union Bankshares Corp lowered its position in Alphabet Inc. (NASDAQ:GOOG) by 5.5% during the 3rd quarter, HoldingsChannel reports. The fund owned 79,068 shares of the information services provider’s stock after selling 4,569 shares during the period. Atlantic Union Bankshares Corp’s holdings in Alphabet were worth $13,219,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in GOOG. Kingfisher Capital LLC boosted its holdings in Alphabet by 6.7% during the 3rd quarter. Kingfisher Capital LLC now owns 11,898 shares of the information services provider’s stock valued at $1,989,000 after acquiring an additional 744 shares during the period. Rockefeller Capital Management L.P. lifted its holdings in Alphabet by 9.2% during the 3rd quarter. Rockefeller Capital Management L.P. now owns 1,951,749 shares of the information services provider’s stock valued at $326,206,000 after buying an additional 164,849 shares in the last quarter. CWS Financial Advisors LLC boosted its position in Alphabet by 8.3% in the 3rd quarter. CWS Financial Advisors LLC now owns 2,316 shares of the information services provider’s stock valued at $387,000 after buying an additional 178 shares during the period. Providence Wealth Advisors LLC grew its stake in Alphabet by 2.6% in the 3rd quarter. Providence Wealth Advisors LLC now owns 10,042 shares of the information services provider’s stock worth $1,662,000 after acquiring an additional 253 shares in the last quarter. Finally, Martingale Asset Management L P purchased a new position in shares of Alphabet during the third quarter worth approximately $505,000. Hedge funds and other institutional investors own 27.26% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on GOOG. Citigroup boosted their price target on Alphabet from $212.00 to $216.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. JPMorgan Chase & Co. increased their price target on Alphabet from $208.00 to $212.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Oppenheimer boosted their price target on shares of Alphabet from $185.00 to $215.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. Scotiabank started coverage on shares of Alphabet in a report on Friday, October 11th. They set a “sector outperform” rating and a $212.00 price objective on the stock. Finally, UBS Group boosted their price objective on shares of Alphabet from $187.00 to $192.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Five analysts have rated the stock with a hold rating, thirteen have given a buy rating and three have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Alphabet presently has a consensus rating of “Moderate Buy” and a consensus target price of $200.56.

Insider Transactions at Alphabet

In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of the stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $158.68, for a total transaction of $3,570,300.00. Following the sale, the chief executive officer now directly owns 2,137,385 shares of the company’s stock, valued at approximately $339,160,251.80. This trade represents a 1.04 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider John Kent Walker sold 21,467 shares of Alphabet stock in a transaction dated 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 of the company’s stock, valued at $6,307,206.90. The trade was a 35.31 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 206,795 shares of company stock worth $34,673,866 over the last 90 days. 12.99% of the stock is currently owned by company insiders.

Alphabet Price Performance

NASDAQ GOOG opened at $170.82 on Friday. The stock’s fifty day moving average price is $169.86 and its 200 day moving average price is $171.84. Alphabet Inc. has a 1 year low of $129.40 and a 1 year high of $193.31. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.95 and a quick ratio of 1.95. The company has a market cap of $2.09 trillion, a price-to-earnings ratio of 22.66, a PEG ratio of 1.19 and a beta of 1.04.

Alphabet (NASDAQ:GOOG) last announced its quarterly earnings data on Tuesday, October 29th. The information services provider reported $2.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.83 by $0.29. The firm had revenue of $88.27 billion during the quarter, compared to analysts’ expectations of $86.39 billion. Alphabet had a return on equity of 31.66% and a net margin of 27.74%. The company’s revenue for the quarter was up 15.1% compared to the same quarter last year. During the same period last year, the business posted $1.55 earnings per share. As a group, equities research analysts forecast that Alphabet Inc. will post 8.02 earnings per share for the current year.

Alphabet Dividend Announcement

The firm 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 $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.47%. The ex-dividend date is Monday, December 9th. 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.