PNC Financial Services Group Inc. Sells 17,909 Shares of Alight, Inc. (NYSE:ALIT)

PNC Financial Services Group Inc. reduced its stake in Alight, Inc. (NYSE:ALIT) by 20.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 69,371 shares of the company’s stock after selling 17,909 shares during the period. PNC Financial Services Group Inc.’s holdings in Alight were worth $411,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of ALIT. CWM LLC grew its holdings in Alight by 364.8% in the first quarter. CWM LLC now owns 5,104 shares of the company’s stock worth $30,000 after purchasing an additional 4,006 shares during the period. GAMMA Investing LLC grew its holdings in Alight by 5,505.8% in the first quarter. GAMMA Investing LLC now owns 7,792 shares of the company’s stock worth $46,000 after purchasing an additional 7,653 shares during the period. Public Employees Retirement System of Ohio grew its holdings in Alight by 40.8% in the fourth quarter. Public Employees Retirement System of Ohio now owns 7,101 shares of the company’s stock worth $49,000 after purchasing an additional 2,059 shares during the period. FNY Investment Advisers LLC purchased a new stake in Alight in the first quarter worth about $52,000. Finally, Sandia Investment Management LP purchased a new stake in Alight in the fourth quarter worth about $69,000. 96.74% of the stock is owned by institutional investors.

Insider Transactions at Alight

In related news, Director David D. Guilmette bought 50,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 20th. The shares were bought at an average price of $5.69 per share, for a total transaction of $284,500.00. Following the completion of the acquisition, the director owned 600,750 shares of the company’s stock, valued at $3,418,267.50. This trade represents a 9.08% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders have purchased a total of 55,216 shares of company stock valued at $307,636 in the last 90 days. Company insiders own 1.93% of the company’s stock.

Alight Trading Down 5.5%

NYSE:ALIT opened at $3.67 on Friday. The company’s 50 day moving average price is $5.30 and its 200-day moving average price is $5.67. Alight, Inc. has a 52 week low of $3.65 and a 52 week high of $8.93. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.64. The stock has a market cap of $1.97 billion, a price-to-earnings ratio of -1.66 and a beta of 1.00.

Alight (NYSE:ALIT) last posted its quarterly earnings results on Tuesday, August 5th. The company reported $0.10 EPS for the quarter, meeting analysts’ consensus estimates of $0.10. Alight had a negative net margin of 50.37% and a positive return on equity of 6.26%. The firm had revenue of $528.00 million for the quarter, compared to analysts’ expectations of $525.26 million. During the same quarter in the prior year, the company posted $0.05 earnings per share. The business’s revenue for the quarter was down 1.9% on a year-over-year basis. On average, equities research analysts forecast that Alight, Inc. will post 0.54 earnings per share for the current fiscal year.

Alight Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Tuesday, September 2nd will be issued a $0.04 dividend. The ex-dividend date is Tuesday, September 2nd. This represents a $0.16 annualized dividend and a yield of 4.4%. Alight’s dividend payout ratio (DPR) is currently -7.24%.

Wall Street Analysts Forecast Growth

ALIT has been the topic of a number of recent research reports. Needham & Company LLC cut their price objective on shares of Alight from $8.00 to $6.00 and set a “buy” rating on the stock in a report on Wednesday, August 6th. UBS Group cut their price objective on shares of Alight from $10.00 to $6.50 and set a “buy” rating on the stock in a report on Wednesday, August 6th. Finally, Wedbush cut their price objective on shares of Alight from $9.00 to $7.00 and set an “outperform” rating on the stock in a report on Wednesday, August 6th. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $8.94.

About Alight

Alight, Inc provides cloud-based integrated digital human capital and business solutions worldwide. The company operates through two segments, Employer Solutions and Professional Services. The Employer Solutions segment offers employee wellbeing, integrated benefits administration, healthcare navigation, financial wellbeing, leave of absence management, retiree healthcare and payroll; and operates AI-led capabilities software.