Avis Budget Group, Inc. $CAR Shares Purchased by First Citizens Bank & Trust Co.

Key Points

• First Citizens Bank & Trust Co. has increased its stake in Avis Budget Group by 279.7% in Q2, owning 12,311 shares valued at around $2.08 million.
• Avis Budget Group reported just $0.10 earnings per share for the latest quarter, significantly missing estimates of $2.02, despite revenues of $3.04 billion.
• Institutional investors now hold 96.35% of Avis Budget Group's stock, indicating strong institutional interest in the company.

First Citizens Bank & Trust Co. raised its stake in Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) by 279.7% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 12,311 shares of the business services provider's stock after purchasing an additional 9,069 shares during the period. First Citizens Bank & Trust Co.'s holdings in Avis Budget Group were worth $2,081,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Crossmark Global Holdings Inc. bought a new stake in shares of Avis Budget Group in the 1st quarter worth about $274,000. Ballentine Partners LLC bought a new stake in shares of Avis Budget Group in the 2nd quarter worth about $308,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Avis Budget Group by 9.8% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,840 shares of the business services provider's stock worth $443,000 after purchasing an additional 519 shares during the last quarter. Victory Capital Management Inc. increased its position in shares of Avis Budget Group by 166.0% in the 1st quarter. Victory Capital Management Inc. now owns 29,527 shares of the business services provider's stock worth $2,241,000 after purchasing an additional 18,425 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its position in shares of Avis Budget Group by 2,228.9% in the 1st quarter. Russell Investments Group Ltd. now owns 1,770 shares of the business services provider's stock worth $134,000 after purchasing an additional 1,694 shares during the last quarter. Institutional investors own 96.35% of the company's stock.

Avis Budget Group Stock Up 1.0%

Shares of NASDAQ:CAR opened at $153.24 on Friday. Avis Budget Group, Inc. has a fifty-two week low of $54.03 and a fifty-two week high of $212.81. The firm has a 50-day simple moving average of $155.11 and a 200 day simple moving average of $141.30. The company has a market cap of $5.39 billion, a PE ratio of -2.42 and a beta of 2.03.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The business services provider reported $0.10 earnings per share for the quarter, missing analysts' consensus estimates of $2.02 by ($1.92). The company had revenue of $3.04 billion for the quarter, compared to analyst estimates of $3.02 billion. The firm's revenue was down .3% on a year-over-year basis. During the same period in the previous year, the company posted $0.41 earnings per share. As a group, research analysts forecast that Avis Budget Group, Inc. will post 8.91 EPS for the current fiscal year.

Analyst Ratings Changes

CAR has been the subject of several research analyst reports. Susquehanna dropped their target price on shares of Avis Budget Group from $150.00 to $145.00 and set a "neutral" rating for the company in a research report on Thursday, October 9th. Zacks Research downgraded shares of Avis Budget Group from a "hold" rating to a "strong sell" rating in a research report on Monday. JPMorgan Chase & Co. boosted their price objective on shares of Avis Budget Group from $155.00 to $157.00 and gave the company a "neutral" rating in a research report on Monday. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Avis Budget Group in a research report on Wednesday, October 8th. Finally, Bank of America reaffirmed an "underperform" rating and set a $113.00 price objective (down previously from $120.00) on shares of Avis Budget Group in a research report on Wednesday, August 20th. One analyst has rated the stock with a Buy rating, four have assigned a Hold rating and four have assigned a Sell rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Reduce" and a consensus target price of $144.33.

Insider Transactions at Avis Budget Group

In other Avis Budget Group news, Director Bernardo Hees sold 402,200 shares of the business's stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $156.59, for a total transaction of $62,980,498.00. Following the completion of the transaction, the director directly owned 116,521 shares of the company's stock, valued at $18,246,023.39. The trade was a 77.54% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Edward P. Linnen sold 10,000 shares of the business's stock in a transaction dated Friday, August 15th. The shares were sold at an average price of $156.83, for a total transaction of $1,568,300.00. Following the transaction, the executive vice president directly owned 40,915 shares of the company's stock, valued at $6,416,699.45. The trade was a 19.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 52.80% of the company's stock.

Avis Budget Group Profile

Avis Budget Group, Inc engages in the provision of vehicle sharing and rental services. It operates through the following segments: Americas, International, and Corporate and Other. The Americas segment includes the vehicle rental and car sharing operations in North America, South America, Central America, and the Caribbean.

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