Key Points
- Director Ralph Mattox Snow III purchased 11 shares of First Citizens BancShares at an average price of $1,944.22 on March 5, raising his stake to 121 shares (a 10% increase) worth about $235,250, as disclosed in an SEC filing.
- Strong quarterly results: the bank reported EPS of $51.27 (vs. $44.24 consensus) and revenue of $2.44 billion, with a net margin of 15.21% and ROE of 11.18%.
- Dividend and analyst outlook: First Citizens declared a $2.10 quarterly dividend (annualized $8.40, yield ~0.4%, ex-dividend Feb 27), and Wall Street’s consensus is a "Moderate Buy" with an average price target of $2,238.27.
First Citizens BancShares, Inc. (NASDAQ:FCNCA - Get Free Report) Director Ralph Mattox Snow III bought 11 shares of the stock in a transaction on Thursday, March 5th. The shares were acquired at an average price of $1,944.22 per share, with a total value of $21,386.42. Following the purchase, the director owned 121 shares of the company's stock, valued at $235,250.62. The trade was a 10.00% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink.
First Citizens BancShares Trading Up 0.8%
First Citizens BancShares stock opened at $1,907.53 on Tuesday. The company has a debt-to-equity ratio of 1.72, a quick ratio of 1.03 and a current ratio of 1.03. First Citizens BancShares, Inc. has a 1 year low of $1,473.62 and a 1 year high of $2,232.21. The firm's 50-day moving average is $2,073.44 and its 200-day moving average is $1,957.86. The company has a market cap of $22.78 billion, a P/E ratio of 11.51 and a beta of 0.68.
First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last released its quarterly earnings data on Friday, January 23rd. The bank reported $51.27 earnings per share for the quarter, topping the consensus estimate of $44.24 by $7.03. First Citizens BancShares had a net margin of 15.21% and a return on equity of 11.18%. The firm had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.24 billion. On average, equities analysts expect that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current year.
First Citizens BancShares Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Monday, March 16th. Stockholders of record on Friday, February 27th will be given a dividend of $2.10 per share. This represents a $8.40 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date is Friday, February 27th. First Citizens BancShares's dividend payout ratio is presently 5.07%.
Wall Street Analysts Forecast Growth
FCNCA has been the subject of a number of analyst reports. TD Cowen reduced their price objective on First Citizens BancShares from $2,600.00 to $2,500.00 and set a "buy" rating for the company in a research report on Monday, January 26th. Barclays dropped their target price on First Citizens BancShares from $2,456.00 to $2,346.00 and set an "equal weight" rating on the stock in a research report on Monday, January 26th. Citigroup reissued a "buy" rating on shares of First Citizens BancShares in a report on Monday, January 26th. UBS Group set a $2,325.00 price target on shares of First Citizens BancShares in a research report on Wednesday, February 4th. Finally, JPMorgan Chase & Co. increased their price objective on shares of First Citizens BancShares from $2,300.00 to $2,500.00 and gave the stock an "overweight" rating in a report on Tuesday, December 16th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, First Citizens BancShares presently has an average rating of "Moderate Buy" and an average price target of $2,238.27.
Read Our Latest Analysis on First Citizens BancShares
Institutional Trading of First Citizens BancShares
Several large investors have recently added to or reduced their stakes in the business. Goldman Sachs Group Inc. boosted its position in First Citizens BancShares by 1.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 37,389 shares of the bank's stock worth $69,324,000 after acquiring an additional 681 shares during the period. Empowered Funds LLC increased its holdings in shares of First Citizens BancShares by 71.9% during the first quarter. Empowered Funds LLC now owns 392 shares of the bank's stock valued at $727,000 after purchasing an additional 164 shares during the period. Focus Partners Wealth raised its stake in shares of First Citizens BancShares by 5.2% during the first quarter. Focus Partners Wealth now owns 241 shares of the bank's stock valued at $447,000 after purchasing an additional 12 shares in the last quarter. Atria Investments Inc raised its stake in shares of First Citizens BancShares by 6.9% during the second quarter. Atria Investments Inc now owns 325 shares of the bank's stock valued at $635,000 after purchasing an additional 21 shares in the last quarter. Finally, Resona Asset Management Co. Ltd. lifted its holdings in First Citizens BancShares by 5.4% in the second quarter. Resona Asset Management Co. Ltd. now owns 3,276 shares of the bank's stock worth $6,410,000 after purchasing an additional 168 shares during the period. 78.01% of the stock is currently owned by institutional investors and hedge funds.
First Citizens BancShares Company Profile
(
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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