First Citizens BancShares (NASDAQ:FCNCA) CEO Frank Holding Jr Acquires 528 Shares

by · The Markets Daily

First Citizens BancShares, Inc. (NASDAQ:FCNCA – Get Free Report) CEO Frank Holding, Jr. bought 528 shares of the firm’s stock in a transaction on Friday, June 5th. The stock was purchased at an average cost of $1,813.37 per share, for a total transaction of $957,459.36. Following the completion of the acquisition, the chief executive officer owned 64,100 shares in the company, valued at approximately $116,237,017. This trade represents a 0.83% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

First Citizens BancShares Price Performance

FCNCA stock traded down $0.85 during mid-day trading on Monday, hitting $2,074.25. The stock had a trading volume of 95,359 shares, compared to its average volume of 90,590. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.67. First Citizens BancShares, Inc. has a 52 week low of $1,623.76 and a 52 week high of $2,232.21. The firm has a market capitalization of $24.03 billion, a P/E ratio of 11.93, a P/E/G ratio of 1.58 and a beta of 0.62. The firm has a fifty day simple moving average of $1,965.38 and a 200 day simple moving average of $1,999.85.

First Citizens BancShares (NASDAQ:FCNCA – Get Free Report) last released its earnings results on Thursday, April 23rd. The bank reported $44.86 EPS for the quarter, beating the consensus estimate of $43.31 by $1.55. First Citizens BancShares had a net margin of 15.62% and a return on equity of 11.48%. The firm had revenue of $2.14 billion for the quarter, compared to analyst estimates of $2.20 billion. During the same period last year, the firm earned $37.79 EPS. As a group, research analysts forecast that First Citizens BancShares, Inc. will post 177.84 EPS for the current year.

First Citizens BancShares Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Friday, May 29th will be issued a $2.10 dividend. This represents a $8.40 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend is Friday, May 29th. First Citizens BancShares’s dividend payout ratio (DPR) is currently 4.83%.

Institutional Trading of First Citizens BancShares

A number of hedge funds have recently added to or reduced their stakes in FCNCA. Hilton Head Capital Partners LLC acquired a new stake in First Citizens BancShares in the fourth quarter valued at approximately $26,000. SBI Securities Co. Ltd. acquired a new stake in First Citizens BancShares during the 3rd quarter worth approximately $27,000. Harbor Investment Advisory LLC boosted its position in First Citizens BancShares by 150.0% during the 4th quarter. Harbor Investment Advisory LLC now owns 15 shares of the bank’s stock worth $32,000 after buying an additional 9 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its position in First Citizens BancShares by 280.0% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 19 shares of the bank’s stock worth $34,000 after buying an additional 14 shares during the period. Finally, Fifth Third Bancorp boosted its position in First Citizens BancShares by 40.0% during the 3rd quarter. Fifth Third Bancorp now owns 21 shares of the bank’s stock worth $38,000 after buying an additional 6 shares during the period. Institutional investors and hedge funds own 78.01% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have commented on the stock. JPMorgan Chase & Co. decreased their target price on shares of First Citizens BancShares from $2,200.00 to $2,150.00 and set a “neutral” rating on the stock in a report on Friday, April 24th. Weiss Ratings downgraded shares of First Citizens BancShares from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, May 22nd. Wall Street Zen raised shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a report on Sunday, May 24th. TD Cowen decreased their price target on shares of First Citizens BancShares from $2,500.00 to $2,300.00 and set a “buy” rating on the stock in a report on Monday, April 27th. Finally, Citigroup restated a “neutral” rating on shares of First Citizens BancShares in a research report on Friday, April 24th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and nine have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $2,215.91.

Read Our Latest Stock Analysis on First Citizens BancShares

About First Citizens BancShares

(Get Free Report)

First Citizens BancShares, Inc is the bank holding company for First Citizens Bank, a full‑service commercial bank headquartered in Raleigh, North Carolina. The company traces its roots to a community bank founded in 1898 and has grown into a diversified financial services organization that operates through its banking subsidiary to serve retail, commercial and institutional clients.

First Citizens offers a broad suite of banking products and services, including consumer and business deposit accounts, commercial and industrial lending, real estate and mortgage lending, treasury and cash management, and specialized lending solutions.

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