PNC Financial Services Group Inc. Boosts Holdings in Allegiant Travel (NASDAQ:ALGT)

Posted by Defense World Staff on Jun 3rd, 2023

PNC Financial Services Group Inc. grew its holdings in shares of Allegiant Travel (NASDAQ:ALGT – Get Rating) by 7.1% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 9,047 shares of the transportation company’s stock after acquiring an additional 598 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Allegiant Travel were worth $615,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Quadrant Capital Group LLC raised its stake in shares of Allegiant Travel by 770.1% during the third quarter. Quadrant Capital Group LLC now owns 757 shares of the transportation company’s stock worth $55,000 after acquiring an additional 670 shares in the last quarter. Signaturefd LLC increased its stake in shares of Allegiant Travel by 508.3% in the fourth quarter. Signaturefd LLC now owns 955 shares of the transportation company’s stock worth $65,000 after buying an additional 798 shares during the period. Captrust Financial Advisors increased its stake in shares of Allegiant Travel by 20.7% in the second quarter. Captrust Financial Advisors now owns 980 shares of the transportation company’s stock worth $111,000 after buying an additional 168 shares during the period. Point72 Hong Kong Ltd purchased a new position in shares of Allegiant Travel in the second quarter worth $129,000. Finally, Penserra Capital Management LLC increased its stake in shares of Allegiant Travel by 20.0% in the third quarter. Penserra Capital Management LLC now owns 2,001 shares of the transportation company’s stock worth $146,000 after buying an additional 333 shares during the period. 85.77% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Allegiant Travel

In other news, CMO Scott Wayne Deangelo sold 707 shares of Allegiant Travel stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $98.31, for a total value of $69,505.17. Following the completion of the transaction, the chief marketing officer now owns 97,552 shares of the company’s stock, valued at approximately $9,590,337.12. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Allegiant Travel news, EVP Robert Paul Wilson III sold 1,000 shares of the business’s stock in a transaction dated Thursday, May 11th. The stock was sold at an average price of $100.67, for a total value of $100,670.00. Following the completion of the transaction, the executive vice president now owns 87,458 shares of the company’s stock, valued at approximately $8,804,396.86. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CMO Scott Wayne Deangelo sold 707 shares of the business’s stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $98.31, for a total value of $69,505.17. Following the completion of the transaction, the chief marketing officer now directly owns 97,552 shares of the company’s stock, valued at approximately $9,590,337.12. The disclosure for this sale can be found here. Insiders sold a total of 2,787 shares of company stock valued at $286,362 in the last quarter. 15.10% of the stock is owned by insiders.

Allegiant Travel Stock Performance

Shares of ALGT stock opened at $104.69 on Friday. Allegiant Travel has a 12 month low of $62.94 and a 12 month high of $150.16. The stock has a market cap of $1.93 billion, a PE ratio of 28.92 and a beta of 1.62. The company has a current ratio of 1.16, a quick ratio of 1.13 and a debt-to-equity ratio of 1.43. The company’s fifty day moving average price is $97.79 and its 200-day moving average price is $88.74.

Allegiant Travel (NASDAQ:ALGT – Get Rating) last posted its quarterly earnings results on Wednesday, May 3rd. The transportation company reported $3.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.29 by $0.75. The firm had revenue of $649.70 million during the quarter, compared to analyst estimates of $627.89 million. Allegiant Travel had a return on equity of 9.23% and a net margin of 2.71%. Allegiant Travel’s quarterly revenue was up 29.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.12) EPS. On average, equities analysts expect that Allegiant Travel will post 9.14 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts recently commented on ALGT shares. Susquehanna lifted their target price on shares of Allegiant Travel from $90.00 to $105.00 in a research note on Thursday, May 4th. StockNews.com initiated coverage on shares of Allegiant Travel in a research note on Thursday, May 18th. They issued a “hold” rating on the stock. Raymond James lifted their price target on shares of Allegiant Travel from $118.00 to $123.00 in a report on Monday, May 15th. Bank of America cut shares of Allegiant Travel from a “neutral” rating to an “underperform” rating in a report on Monday, May 1st. Finally, Barclays cut shares of Allegiant Travel from an “overweight” rating to an “equal weight” rating and lifted their price target for the company from $96.00 to $105.00 in a report on Friday, March 10th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $104.42.

About Allegiant Travel

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Allegiant Travel Co engages in the provision of travel services. It includes scheduled service air transportation, air-related travel services and product, third party travel products, and fixed fee contract air transportation. It operates through the following segments: Airline, Sunseeker Resort, and Other non-Airline.