First Citizens BancShares, Inc. $FCNCA Shares Purchased by Ethic Inc.

Ethic Inc. lifted its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 27.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,368 shares of the bank’s stock after acquiring an additional 294 shares during the quarter. Ethic Inc.’s holdings in First Citizens BancShares were worth $2,677,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Nuveen LLC acquired a new stake in First Citizens BancShares during the first quarter valued at $149,963,000. Egerton Capital UK LLP grew its position in First Citizens BancShares by 21.7% during the first quarter. Egerton Capital UK LLP now owns 124,773 shares of the bank’s stock valued at $231,344,000 after buying an additional 22,257 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in First Citizens BancShares by 13.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 121,583 shares of the bank’s stock valued at $225,429,000 after buying an additional 14,060 shares during the period. JPMorgan Chase & Co. grew its position in First Citizens BancShares by 2.3% during the first quarter. JPMorgan Chase & Co. now owns 401,167 shares of the bank’s stock valued at $743,815,000 after buying an additional 9,070 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. grew its position in First Citizens BancShares by 12.9% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 61,877 shares of the bank’s stock valued at $114,727,000 after buying an additional 7,046 shares during the period. Institutional investors and hedge funds own 78.01% of the company’s stock.

First Citizens BancShares Stock Performance

NASDAQ:FCNCA opened at $1,775.21 on Friday. The company’s 50-day moving average price is $1,860.19 and its 200-day moving average price is $1,881.12. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.76. The company has a market cap of $22.94 billion, a P/E ratio of 10.50 and a beta of 0.60. First Citizens BancShares, Inc. has a twelve month low of $1,473.62 and a twelve month high of $2,412.93.

First Citizens BancShares (NASDAQ:FCNCA) last posted its quarterly earnings results on Thursday, October 23rd. The bank reported $44.62 earnings per share for the quarter, topping the consensus estimate of $41.51 by $3.11. The firm had revenue of $2.25 billion for the quarter, compared to the consensus estimate of $2.21 billion. First Citizens BancShares had a net margin of 15.99% and a return on equity of 11.06%. On average, sell-side analysts forecast that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current fiscal year.

First Citizens BancShares Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Friday, November 28th will be paid a $2.10 dividend. This is an increase from First Citizens BancShares’s previous quarterly dividend of $1.95. This represents a $8.40 annualized dividend and a dividend yield of 0.5%. The ex-dividend date of this dividend is Friday, November 28th. First Citizens BancShares’s payout ratio is 4.97%.

Insider Transactions at First Citizens BancShares

In other news, insider Hope Holding Bryant bought 409 shares of First Citizens BancShares stock in a transaction on Thursday, August 7th. The shares were bought at an average cost of $1,630.00 per share, with a total value of $666,670.00. Following the completion of the purchase, the insider directly owned 1,764 shares of the company’s stock, valued at approximately $2,875,320. This trade represents a 30.18% 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 link. Also, major shareholder Olivia Britton Holding bought 409 shares of First Citizens BancShares stock in a transaction on Thursday, August 7th. The shares were purchased at an average cost of $1,630.00 per share, for a total transaction of $666,670.00. Following the completion of the purchase, the insider directly owned 1,764 shares of the company’s stock, valued at $2,875,320. This trade represents a 30.18% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 1,494 shares of company stock valued at $2,485,986. Corporate insiders own 13.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on FCNCA shares. Weiss Ratings restated a “buy (b-)” rating on shares of First Citizens BancShares in a research report on Wednesday, October 8th. Barclays dropped their price target on shares of First Citizens BancShares from $2,400.00 to $2,190.00 and set an “equal weight” rating on the stock in a research report on Friday. Citigroup reiterated an “overweight” rating on shares of First Citizens BancShares in a research report on Friday. Cowen reiterated a “buy” rating on shares of First Citizens BancShares in a research report on Monday, July 28th. Finally, Raymond James Financial set a $2,100.00 target price on shares of First Citizens BancShares in a research report on Tuesday, October 7th. Nine investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, First Citizens BancShares currently has an average rating of “Moderate Buy” and a consensus price target of $2,170.83.

About First Citizens BancShares

First Citizens BancShares, Inc operates as the holding company for First-Citizens Bank & Trust Company that provides retail and commercial banking services to individuals, businesses, and professionals. The company's deposit products include checking, savings, money market, and time deposit accounts.