In a recent transaction, Ellen R. Alemany, Director of First Citizens Bancshares Inc. (NASDAQ:FCNCA), sold a significant amount of company stock, totaling over $4.6 million. The sales occurred on March 20, 2024, and were disclosed in a regulatory filing with the Securities and Exchange Commission.
Alemany's transactions involved the sale of Class A Common shares of First Citizens Bancshares at prices ranging from $1550.5452 to $1559.1559. The sales were executed in multiple transactions, indicating a weighted average price for the shares sold. The exact number of shares sold at each price point within the range can be provided upon request, according to the footnotes in the filing.
The total amount received from the sales was approximately $4,665,006. This figure reflects the combined value of the shares sold at varying prices within the specified range. After the transactions, Alemany continues to hold a sizable number of shares in the company, both directly and indirectly through family trusts.
The filing also indicates that Alemany contributed 3,985 shares of Class A Common Stock to a new grantor retained annuity trust for which she serves as trustee. These shares are reported as indirectly owned and are part of her overall investment in First Citizens Bancshares.
Investors often keep a close eye on insider transactions as they can provide insights into executives' perspectives on the company's current valuation and future prospects. However, it's important to note that there can be many reasons for an insider to sell stock, and such transactions do not necessarily indicate a lack of confidence in the company.
First Citizens Bancshares Inc. is a financial institution headquartered in Raleigh, North Carolina, and is known for providing a range of banking services. The company's stock is traded on the NASDAQ under the ticker symbol FCNCA.
InvestingPro Insights
First Citizens Bancshares Inc. (NASDAQ:FCNCA) has been a subject of keen investor interest, especially following recent insider transactions. To provide a more comprehensive picture of the company's financial health, we turn to real-time metrics from InvestingPro. FCNCA boasts a robust market capitalization of $23.1 billion, reflecting its significant presence in the financial sector. The company's adjusted P/E ratio over the last twelve months as of Q4 2023 stands at an attractive 6.1, suggesting that the stock may be trading at a lower earnings multiple compared to its peers. Additionally, the revenue growth for the same period is an impressive 90.15%, indicating a strong expansion in the company's financial performance.
Turning to InvestingPro Tips, it's notable that FCNCA has maintained its dividend payments for an impressive 39 consecutive years, showcasing its commitment to shareholder returns. Moreover, the company has managed to raise its dividend for 7 consecutive years, which could be a sign of confidence from the management in the company's steady cash flow and future prospects. These insights are particularly relevant for investors analyzing the implications of insider sales and looking for underlying strengths in the company's financials.
For those interested in a deeper dive into FCNCA's performance and future outlook, there are additional InvestingPro Tips available. These include insights on earnings revisions, gross profit margins, and analysts' profitability predictions. To access these insights and more, visit InvestingPro and consider using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. Currently, there are 11 more tips listed on InvestingPro that can help investors make more informed decisions.
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