Citizens Financial Group Reduces Its Stake in Alphabet Inc.

Citizens Financial Group Inc. RI has recently reduced its investment in Alphabet Inc. (NASDAQ:GOOG) by 10.4% during the fourth quarter. This reduction was documented in the company's latest 13F filing with the Securities and Exchange Commission. After selling 21,982 shares during this period, Citizens Financial Group now holds 188,675 shares of Alphabet, which accounts for approximately 0.7% of its total portfolio, making it the firm's 27th largest holding. At the conclusion of this reporting period, Citizens Financial’s investment in Alphabet was valued at $35,931,000.

Changes by Other Hedge Funds

Several other hedge funds have also made adjustments to their stakes in Alphabet. For instance, Fiduciary Advisors Inc. established a new position in Alphabet shares valued at $27,000 during the fourth quarter. Similarly, Weiss Asset Management LP and Safe Harbor Fiduciary LLC also acquired new positions in the third quarter, valued at $25,000 and $33,000 respectively. In a notable move, Noble Wealth Management PBC added a new position in Alphabet during the fourth quarter worth $43,000. Additionally, FPC Investment Advisory Inc. significantly increased its stake by 287.9%, bringing their total to 225 shares valued at $46,000 after acquiring an extra 167 shares in the last quarter. Currently, institutional investors and hedge funds hold around 27.26% of the company’s shares.

Recent Insider Transactions

In other news regarding Alphabet, Director Kavitark Ram Shriram recently sold 29,066 shares of the company on February 18. The shares were sold at an average price of $184.89, totaling approximately $5,374,012.74. Post-transaction, Shriram possesses 272,466 shares valued at around $50,376,238.74, indicating a 9.64% decline in their holdings. Another notable sale included CAO Amie Thuener O'Toole, who sold 1,340 shares on February 3 for a total of $270,787.20, reducing her position by 6.98%. Collectively, insiders disposed of 97,182 shares valued at $18,192,354 in the past quarter, with insiders owning about 12.99% of the company’s total stock.

Alphabet's Recent Performance and Earnings

In terms of market performance, Alphabet's shares opened at $167.81. The company features a 50-day moving average of $189.36 and a 200-day moving average of $178.09, with a market cap of $2.05 trillion. Its price-to-earnings (P/E) ratio stands at 20.85, while the PEG ratio is 1.34, and the company's beta is 1.03. Over the past year, Alphabet has recorded a low of $137.07 and a high of $208.70. The firm has a low debt-to-equity ratio of 0.03, as well as a quick and current ratio of 1.84.

Alphabet recently reported its quarterly earnings on February 4, indicating an earnings per share (EPS) of $2.15, exceeding analysts’ expectations of $2.12 by $0.03. The company also reported a net margin of 28.60% and a return on equity of 32.49%. Analysts predict Alphabet will achieve an EPS of 8.89 for the current fiscal year.

Upcoming Dividend Announcement

The company has announced a quarterly dividend to be distributed on March 17. Shareholders of record as of March 10 will receive a dividend of $0.20 per share, translating to an annual dividend of $0.80 and a yield of 0.48%. The ex-dividend date is also set for March 10. Currently, Alphabet’s dividend payout ratio is 9.94%.

Analyst Recommendations

Several analysts have recently provided their insights on Alphabet’s stock. On February 5, Morgan Stanley reiterated an “overweight” rating, and Needham & Company LLC maintained a “buy” rating. Scotiabank increased its price target for Alphabet from $212.00 to $240.00 and recommended it as a “sector outperform.” Benchmark, however, maintained a “negative” rating while Oppenheimer updated its price target from $215.00 to $225.00 with an “outperform” rating. Currently, there is a mixed sentiment with one analyst giving a sell rating, six holding, fourteen recommending buying, and three suggesting a strong buy. MarketBeat indicates that Alphabet has an average rating of “Moderate Buy” with a consensus price target of $209.13.

Overview of Alphabet Inc.

Alphabet Inc. operates diverse segments including Google Services, Google Cloud, and Other Bets. Its services range widely from advertisements and devices to applications like Gmail, Google Maps, and YouTube. The company has a significant presence across multiple regions including the U.S., Europe, Asia-Pacific, and more.

Alphabet, Shares, Investment