First Citizens Bank & Trust Co. Cuts Stock Holdings in Avis Budget Group, Inc. $CAR

First Citizens Bank & Trust Co. cut its position in shares of Avis Budget Group, Inc. (NASDAQ:CAR) by 38.1% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 7,617 shares of the business services provider’s stock after selling 4,694 shares during the period. First Citizens Bank & Trust Co.’s holdings in Avis Budget Group were worth $1,223,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Deseret Mutual Benefit Administrators raised its position in shares of Avis Budget Group by 102.3% in the third quarter. Deseret Mutual Benefit Administrators now owns 174 shares of the business services provider’s stock worth $28,000 after acquiring an additional 88 shares during the period. Fifth Third Bancorp grew its position in shares of Avis Budget Group by 32.6% during the 2nd quarter. Fifth Third Bancorp now owns 228 shares of the business services provider’s stock valued at $39,000 after acquiring an additional 56 shares during the period. EverSource Wealth Advisors LLC increased its stake in shares of Avis Budget Group by 19.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 427 shares of the business services provider’s stock valued at $72,000 after purchasing an additional 70 shares in the last quarter. Allworth Financial LP raised its holdings in Avis Budget Group by 125.7% in the 2nd quarter. Allworth Financial LP now owns 474 shares of the business services provider’s stock worth $80,000 after purchasing an additional 264 shares during the period. Finally, GAMMA Investing LLC boosted its position in Avis Budget Group by 101.6% during the second quarter. GAMMA Investing LLC now owns 901 shares of the business services provider’s stock worth $152,000 after purchasing an additional 454 shares in the last quarter. Institutional investors and hedge funds own 96.35% of the company’s stock.

Avis Budget Group Trading Down 3.9%

Shares of NASDAQ CAR opened at $116.88 on Tuesday. The stock has a market cap of $4.11 billion, a PE ratio of -1.95 and a beta of 2.31. Avis Budget Group, Inc. has a 12-month low of $54.03 and a 12-month high of $212.81. The company has a 50-day moving average of $129.52 and a 200 day moving average of $148.83.

Avis Budget Group (NASDAQ:CAR) last issued its earnings results on Monday, October 27th. The business services provider reported $10.11 earnings per share for the quarter, topping the consensus estimate of $8.11 by $2.00. The company had revenue of $3.52 billion for the quarter, compared to analyst estimates of $3.47 billion. During the same quarter in the prior year, the firm earned $6.65 earnings per share. The company’s revenue for the quarter was up 1.1% on a year-over-year basis. On average, sell-side analysts forecast that Avis Budget Group, Inc. will post 8.91 EPS for the current fiscal year.

Analysts Set New Price Targets

CAR has been the subject of a number of recent analyst reports. Barclays cut their price objective on Avis Budget Group from $150.00 to $120.00 and set an “equal weight” rating for the company in a research report on Monday, November 3rd. Zacks Research raised shares of Avis Budget Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, November 18th. Weiss Ratings restated a “sell (d)” rating on shares of Avis Budget Group in a research report on Wednesday, January 21st. Morgan Stanley reiterated an “equal weight” rating and issued a $142.00 target price (up previously from $115.00) on shares of Avis Budget Group in a research report on Monday, December 8th. Finally, Susquehanna cut their target price on shares of Avis Budget Group from $145.00 to $130.00 and set a “neutral” rating for the company in a research note on Wednesday, October 29th. One analyst has rated the stock with a Buy rating, five have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Reduce” and an average price target of $137.57.

Avis Budget Group Profile

Avis Budget Group, Inc operates as a leading global provider of vehicle rental and mobility solutions. Through its two core brands, Avis® and Budget®, the company offers a broad range of rental options including daily, weekly and monthly car rentals for leisure and business travelers. In addition to traditional airport and off-airport car rental services, Avis Budget Group delivers innovative mobility platforms such as car-sharing programs and connected fleet solutions designed to meet the evolving needs of corporate, government and individual customers.

The company’s roots trace back to Avis Rent a Car, founded in 1946, and Budget Rent a Car, established in 1958.