Key Points
- CEO Frank Holding, Jr. purchased 135 shares at an average price of $1,629.67 for a total of $220,005.45, increasing his direct stake to 2,527 shares (≈$4.12M), a 5.64% ownership rise disclosed in an SEC filing.
- First Citizens raised its quarterly dividend to $2.10 per share (annualized $8.40), with an ex-dividend date of November 28 and payment on December 15, implying a yield of about 0.4%.
- The bank recently beat quarterly estimates with $44.62 EPS vs. $41.51 expected and $2.25B in revenue, and holds a consensus analyst rating of "Moderate Buy" with an average target of $2,165.83.
First Citizens BancShares, Inc. (NASDAQ:FCNCA - Get Free Report) CEO Frank Holding, Jr. bought 135 shares of the company's stock in a transaction dated Wednesday, November 26th. The stock was bought at an average price of $1,629.67 per share, for a total transaction of $220,005.45. Following the acquisition, the chief executive officer directly owned 2,527 shares of the company's stock, valued at approximately $4,118,176.09. This represents a 5.64% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.
First Citizens BancShares Stock Up 1.2%
Shares of NASDAQ:FCNCA opened at $1,901.17 on Tuesday. The business's 50 day moving average is $1,798.11 and its 200 day moving average is $1,893.09. First Citizens BancShares, Inc. has a 12-month low of $1,473.62 and a 12-month high of $2,412.93. The stock has a market cap of $23.64 billion, a price-to-earnings ratio of 11.24 and a beta of 0.75. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.76.
First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last issued its quarterly earnings data on Thursday, October 23rd. The bank reported $44.62 earnings per share for the quarter, beating the consensus estimate of $41.51 by $3.11. The business had revenue of $2.25 billion for the quarter, compared to analysts' expectations of $2.21 billion. First Citizens BancShares had a return on equity of 11.06% and a net margin of 15.99%. 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 company also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Friday, November 28th will be issued a dividend of $2.10 per share. This represents a $8.40 annualized dividend and a yield of 0.4%. This is a boost from First Citizens BancShares's previous quarterly dividend of $1.95. The ex-dividend date is Friday, November 28th. First Citizens BancShares's dividend payout ratio is presently 4.97%.
Analyst Ratings Changes
Several equities research analysts have commented on FCNCA shares. Citigroup decreased their price objective on shares of First Citizens BancShares from $2,250.00 to $2,000.00 and set a "neutral" rating for the company in a research note on Monday, October 27th. Truist Financial increased their price target on First Citizens BancShares from $2,000.00 to $2,050.00 and gave the company a "hold" rating in a research report on Tuesday, October 28th. UBS Group lifted their price target on First Citizens BancShares from $2,200.00 to $2,250.00 and gave the stock a "buy" rating in a report on Wednesday, November 5th. Barclays reduced their price objective on First Citizens BancShares from $2,400.00 to $2,190.00 and set an "equal weight" rating for the company in a research note on Friday, October 24th. Finally, The Goldman Sachs Group lowered their target price on First Citizens BancShares from $2,250.00 to $1,950.00 and set a "buy" rating on the stock in a research note on Monday, October 6th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat.com, First Citizens BancShares currently has a consensus rating of "Moderate Buy" and an average target price of $2,165.83.
Check Out Our Latest Stock Report on First Citizens BancShares
Hedge Funds Weigh In On First Citizens BancShares
Institutional investors have recently bought and sold shares of the company. SBI Securities Co. Ltd. purchased a new stake in First Citizens BancShares in the third quarter worth $27,000. UMB Bank n.a. grew its stake in shares of First Citizens BancShares by 100.0% during the 3rd quarter. UMB Bank n.a. now owns 16 shares of the bank's stock worth $29,000 after acquiring an additional 8 shares during the period. Steph & Co. purchased a new stake in First Citizens BancShares in the 3rd quarter worth about $32,000. Root Financial Partners LLC bought a new stake in First Citizens BancShares in the 3rd quarter valued at about $32,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in First Citizens BancShares by 280.0% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 19 shares of the bank's stock valued at $34,000 after acquiring an additional 14 shares during the period. Hedge funds and other institutional investors own 78.01% of the company's stock.
About First Citizens BancShares
(
Get Free Report)
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.
Further Reading
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
