In a recent transaction, Ellen R. Alemany, a director at First Citizens Bancshares Inc. (NASDAQ:FCNCA), sold a significant amount of company stock, totaling over $3.5 million. The sales took place on April 26 and April 29, 2024, with prices ranging from $1750.0 to $1769.58 per share.
The transactions were part of a series of sales that saw Alemany dispose of shares in multiple transactions at various prices within the stated range. The highest weighted average price reported for a batch of shares sold on April 26 was $1769.26, while the lowest price for a separate batch on April 29 was $1750.0.
The sales indicate a notable change in Alemany's holdings in First Citizens Bancshares, with the director's direct and indirect ownership in the company being adjusted accordingly. The shares sold were held in a Family Non-GST Exempt Trust, and the transactions were executed under indirect ownership.
Investors and followers of First Citizens Bancshares may find these transactions of interest as they reflect changes in insider ownership of the company's stock. The detailed transactions and post-transaction ownership details are publicly available and provide transparency into the trading activities of the company's directors.
First Citizens Bancshares Inc. is a financial institution headquartered in Raleigh, North Carolina, and is classified under state commercial banks. As per the latest updates, the company's stock continues to be actively traded, with these recent sales by a company director being a part of the regular stock market activity.
InvestingPro Insights
Amid the recent insider trading activity at First Citizens Bancshares Inc. (NASDAQ:FCNCA), investors keeping a keen eye on the company's financials would find the following metrics from InvestingPro particularly insightful. The company boasts a robust market capitalization of $24.51 billion, reflecting a significant presence in the financial sector. Despite the insider sales, First Citizens Bancshares Inc. has demonstrated a strong performance with a Price/Earnings (P/E) ratio of just 6.42 as of the last twelve months ending Q4 2023, which may suggest that the stock is trading at a low earnings multiple compared to its earnings.
Additionally, the company has shown impressive revenue growth, with a 90.15% increase over the last twelve months as of Q4 2023. This remarkable growth trajectory is further underscored by a quarterly revenue growth of 98.61% in Q1 2023. These figures highlight the company's ability to expand its financial footprint significantly within a short period. Investors should also note the company's commendable return on assets (ROA) of 7.1% during the same period, which indicates efficient management of its assets to generate profits.
For those considering the dividend prospects of First Citizens Bancshares Inc., it's noteworthy that the company has maintained dividend payments for 39 consecutive years, with the most recent dividend yield reported at 0.38%. This consistency in rewarding shareholders is an important aspect for income-focused investors. Moreover, according to InvestingPro Tips, First Citizens Bancshares Inc. has raised its dividend for 7 consecutive years, demonstrating a commitment to returning value to its shareholders.
For more in-depth analysis and additional InvestingPro Tips, including the company's expected net income performance and gross profit margins, visit InvestingPro. There are 9 more tips available, which could provide further guidance on the stock's potential. Remember to use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro.
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