Pinnacle Financial Partners Inc Trims Holdings in Alphabet Inc. (NASDAQ:GOOG)

Pinnacle Financial Partners Inc trimmed its position in shares of Alphabet Inc. (NASDAQ:GOOG) by 2.5% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 298,920 shares of the information services provider’s stock after selling 7,538 shares during the quarter. Alphabet accounts for approximately 1.1% of Pinnacle Financial Partners Inc’s investment portfolio, making the stock its 18th biggest position. Pinnacle Financial Partners Inc’s holdings in Alphabet were worth $55,590,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in GOOG. Swedbank AB lifted its stake in Alphabet by 0.6% in the third quarter. Swedbank AB now owns 8,338,900 shares of the information services provider’s stock worth $1,394,181,000 after acquiring an additional 51,226 shares during the last quarter. Ellis Investment Partners LLC grew its position in shares of Alphabet by 10.0% during the third quarter. Ellis Investment Partners LLC now owns 41,119 shares of the information services provider’s stock worth $6,875,000 after acquiring an additional 3,737 shares during the last quarter. J.W. Cole Advisors Inc. grew its position in Alphabet by 8.5% during the 3rd quarter. J.W. Cole Advisors Inc. now owns 116,039 shares of the information services provider’s stock worth $19,401,000 after purchasing an additional 9,118 shares during the last quarter. OMNI 360 Wealth Inc. increased its position in Alphabet by 5.7% in the 3rd quarter. OMNI 360 Wealth Inc. now owns 4,851 shares of the information services provider’s stock valued at $811,000 after acquiring an additional 262 shares during the period. Finally, Sterling Investment Advisors Ltd. increased its holdings in shares of Alphabet by 0.4% in the third quarter. Sterling Investment Advisors Ltd. now owns 18,921 shares of the information services provider’s stock valued at $3,163,000 after purchasing an additional 71 shares during the period. Institutional investors and hedge funds own 27.26% of the company’s stock.

Insider Activity at Alphabet

In related news, insider Ruth Porat sold 17,690 shares of the stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $183.48, for a total value of $3,245,761.20. Following the completion of the transaction, the insider now owns 1,449,286 shares of the company’s stock, valued at approximately $265,914,995.28. This represents a 1.21 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider John Kent Walker sold 16,820 shares of Alphabet stock in a transaction that occurred on Monday, December 30th. The stock was sold at an average price of $192.62, for a total value of $3,239,868.40. Following the sale, the insider now owns 43,981 shares in the company, valued at $8,471,620.22. This represents a 27.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 134,299 shares of company stock valued at $25,055,751. Corporate insiders own 12.99% of the company’s stock.

Alphabet Trading Down 2.1 %

Shares of GOOG opened at $177.37 on Wednesday. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.84 and a quick ratio of 1.84. Alphabet Inc. has a 12 month low of $131.55 and a 12 month high of $208.70. The stock has a market cap of $2.16 trillion, a PE ratio of 22.03, a P/E/G ratio of 1.34 and a beta of 1.00. The stock’s 50-day moving average is $193.29 and its two-hundred day moving average is $177.66.

Alphabet (NASDAQ:GOOG) last released its quarterly earnings results on Tuesday, February 4th. The information services provider reported $2.15 EPS for the quarter, topping the consensus estimate of $2.12 by $0.03. Alphabet had a return on equity of 32.49% and a net margin of 28.60%. Equities analysts forecast that Alphabet Inc. will post 8.89 earnings per share for the current fiscal year.

Alphabet Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, March 10th will be paid a $0.20 dividend. The ex-dividend date is Monday, March 10th. This represents a $0.80 annualized dividend and a dividend yield of 0.45%. Alphabet’s dividend payout ratio (DPR) is presently 9.94%.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on GOOG shares. Phillip Securities raised shares of Alphabet to a “strong-buy” rating in a report on Friday, November 1st. Wedbush reiterated an “outperform” rating and issued a $220.00 price objective on shares of Alphabet in a research report on Thursday, January 30th. Seaport Res Ptn raised Alphabet from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 29th. Citizens Jmp cut shares of Alphabet from a “strong-buy” rating to a “hold” rating in a research note on Thursday, January 2nd. Finally, Pivotal Research lifted their price objective on Alphabet from $215.00 to $225.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, fourteen have issued a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat, Alphabet presently has an average rating of “Moderate Buy” and an average target price of $209.13.

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.