Renasant Bank Boosts Stock Position in Alphabet Inc. $GOOGL

Renasant Bank increased its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL) by 14.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,203 shares of the information services provider’s stock after buying an additional 1,019 shares during the period. Alphabet comprises approximately 1.0% of Renasant Bank’s investment portfolio, making the stock its 25th largest holding. Renasant Bank’s holdings in Alphabet were worth $1,446,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Geode Capital Management LLC raised its position in Alphabet by 3.1% during the second quarter. Geode Capital Management LLC now owns 141,615,284 shares of the information services provider’s stock worth $24,857,017,000 after acquiring an additional 4,224,497 shares during the period. Comprehensive Financial Planning Inc. PA increased its stake in shares of Alphabet by 6.1% during the second quarter. Comprehensive Financial Planning Inc. PA now owns 2,521 shares of the information services provider’s stock worth $444,000 after purchasing an additional 144 shares in the last quarter. United Asset Strategies Inc. raised its position in shares of Alphabet by 10.5% during the 2nd quarter. United Asset Strategies Inc. now owns 218,706 shares of the information services provider’s stock worth $38,543,000 after purchasing an additional 20,769 shares during the last quarter. denkapparat Operations GmbH purchased a new position in Alphabet in the 2nd quarter valued at about $1,085,000. Finally, Tobam boosted its holdings in Alphabet by 73.5% in the 2nd quarter. Tobam now owns 23,735 shares of the information services provider’s stock worth $4,183,000 after buying an additional 10,051 shares during the last quarter. Institutional investors and hedge funds own 40.03% of the company’s stock.

Insiders Place Their Bets

In other Alphabet news, Director John L. Hennessy sold 600 shares of Alphabet stock in a transaction on Thursday, November 13th. The stock was sold at an average price of $280.06, for a total value of $168,036.00. Following the sale, the director owned 4,516 shares in the company, valued at $1,264,750.96. The trade was a 11.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Amie Thuener O’toole sold 2,778 shares of the stock in a transaction on Monday, November 17th. The stock was sold at an average price of $288.26, for a total value of $800,786.28. Following the transaction, the chief accounting officer owned 11,739 shares of the company’s stock, valued at approximately $3,383,884.14. This represents a 19.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 225,174 shares of company stock worth $58,095,223 in the last three months. 11.64% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

GOOGL has been the subject of a number of research analyst reports. Wall Street Zen raised Alphabet from a “hold” rating to a “buy” rating in a report on Saturday, November 1st. Guggenheim boosted their price target on Alphabet from $280.00 to $330.00 and gave the stock a “buy” rating in a research report on Thursday, October 30th. DA Davidson raised their price objective on Alphabet from $190.00 to $300.00 and gave the company a “neutral” rating in a report on Thursday, October 30th. Piper Sandler reaffirmed an “overweight” rating and set a $330.00 target price (up previously from $285.00) on shares of Alphabet in a research note on Thursday, October 30th. Finally, Citigroup reiterated a “buy” rating and issued a $343.00 target price (up from $280.00) on shares of Alphabet in a research report on Thursday, October 30th. Four analysts have rated the stock with a Strong Buy rating, forty-one have issued a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $307.65.

Alphabet Trading Up 6.3%

Shares of GOOGL opened at $318.58 on Tuesday. Alphabet Inc. has a 12-month low of $140.53 and a 12-month high of $319.48. The firm has a market capitalization of $3.84 trillion, a P/E ratio of 31.42, a P/E/G ratio of 1.86 and a beta of 1.05. The firm has a 50-day moving average price of $263.73 and a 200 day moving average price of $215.00. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07.

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

Alphabet Announces Dividend

The firm 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. This represents a $0.84 annualized dividend and a yield of 0.3%. The ex-dividend date is Monday, December 8th. Alphabet’s dividend payout ratio is presently 8.28%.

Alphabet Company 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.