M&T Bank Corp Boosts Stock Position in Alight, Inc. (NYSE:ALIT)

M&T Bank Corp boosted its holdings in Alight, Inc. (NYSE:ALIT) by 16.4% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 435,276 shares of the company’s stock after acquiring an additional 61,271 shares during the period. M&T Bank Corp owned 0.08% of Alight worth $3,013,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in ALIT. Rubric Capital Management LP lifted its holdings in Alight by 38.3% in the third quarter. Rubric Capital Management LP now owns 11,646,679 shares of the company’s stock valued at $86,185,000 after acquiring an additional 3,223,617 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in Alight by 94.6% in the fourth quarter. Bank of New York Mellon Corp now owns 4,155,792 shares of the company’s stock valued at $28,758,000 after acquiring an additional 2,020,648 shares during the last quarter. Allspring Global Investments Holdings LLC acquired a new position in Alight in the fourth quarter valued at approximately $10,853,000. JPMorgan Chase & Co. lifted its holdings in Alight by 202.8% in the third quarter. JPMorgan Chase & Co. now owns 1,864,038 shares of the company’s stock valued at $13,794,000 after acquiring an additional 1,248,465 shares during the last quarter. Finally, Highland Peak Capital LLC acquired a new position in Alight in the third quarter valued at approximately $5,315,000. 96.74% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms recently commented on ALIT. Needham & Company LLC reiterated a “buy” rating and issued a $9.00 price objective on shares of Alight in a report on Friday, February 21st. Canaccord Genuity Group upped their price target on Alight from $11.00 to $12.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Finally, KeyCorp upped their price target on Alight from $10.00 to $11.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $10.61.

Alight Stock Up 0.9 %

Shares of NYSE ALIT opened at $6.38 on Friday. The stock has a market cap of $3.46 billion, a P/E ratio of -21.25 and a beta of 0.94. The company has a current ratio of 1.30, a quick ratio of 1.30 and a debt-to-equity ratio of 0.46. Alight, Inc. has a 12-month low of $6.15 and a 12-month high of $10.38. The business’s fifty day simple moving average is $6.75 and its 200-day simple moving average is $7.13.

Alight (NYSE:ALIT) last announced its quarterly earnings data on Thursday, February 20th. The company reported $0.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.25 by ($0.04). The company had revenue of $680.00 million during the quarter, compared to analyst estimates of $675.66 million. Alight had a negative net margin of 5.53% and a positive return on equity of 5.42%. As a group, equities analysts predict that Alight, Inc. will post 0.54 EPS for the current fiscal year.

Alight Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, March 3rd will be paid a $0.04 dividend. This represents a $0.16 annualized dividend and a dividend yield of 2.51%. The ex-dividend date is Monday, March 3rd. Alight’s payout ratio is currently -53.33%.

Insider Activity at Alight

In other Alight news, Director Robert A. Schriesheim bought 22,092 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The shares were purchased at an average price of $6.79 per share, with a total value of $150,004.68. Following the completion of the acquisition, the director now directly owns 22,092 shares of the company’s stock, valued at $150,004.68. This represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 5.33% of the stock is currently owned by corporate insiders.

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.