In a recent transaction, Ellen R. Alemany, a director at First Citizens Bancshares Inc. (NASDAQ:FCNCA), sold 484 shares of the company's Class A Common stock, resulting in a total sale value of over $847,000. This sale took place on May 9, 2024, with the weighted average price per share being $1750.1178.
The shares were sold at prices ranging from $1,750.00 to $1,750.545, as per the weighted average disclosed in the filing. Alemany, who is responsible for providing full information regarding the number of shares sold at each separate price within the specified range upon request, has reduced her holdings in the company following this transaction. After the sale, Alemany's direct holdings in Class A Common stock were reported to be 335 shares.
In addition to her recent sale, Alemany holds a significant number of shares indirectly through various family trusts and preferred stock holdings. The report indicates that Alemany has indirect ownership of 4,842 shares in one entity, 5,757 shares in the May 2022 GRAT, 4,559 shares in a Family GST Exempt Trust, and 3,985 shares in the March 2024 GRAT #1. Moreover, she directly owns 30,000 shares of the company's Class C Preferred Stock.
First Citizens Bancshares Inc., headquartered in Raleigh, North Carolina, operates as a state commercial bank. This financial transaction by one of its directors provides investors with insight into the trading activities of the company's insiders.
InvestingPro Insights
Following the news of Ellen R. Alemany's stock sale, investors in First Citizens Bancshares Inc. (NASDAQ:FCNCA) may be curious about the company's current financial health and market performance. According to real-time data from InvestingPro, First Citizens Bancshares has a robust Market Cap of $25.41 billion. The company's P/E Ratio stands at an attractive 2.23, while the adjusted P/E Ratio for the last twelve months as of Q1 2024 is 8.31, reflecting a strong earnings potential relative to its share price.
InvestingPro Tips reveal that First Citizens Bancshares has a commendable track record of raising its dividend for 7 consecutive years and has maintained dividend payments for 39 consecutive years. This consistency in rewarding shareholders is a testament to the company's financial stability and commitment to returning value. Additionally, the company has been experiencing strong performance, with a 16.05% price total return over the last three months and analysts predicting profitability for the year, which could be a positive sign for investors considering the company's future prospects.
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