Key Points
- CEO Frank Holding, Jr. bought 225 shares of First Citizens BancShares on June 4 at an average price of $1,751.95, a transaction worth about $394,189. After the purchase, he owned 63,547 shares valued at roughly $111.3 million.
- The bank recently reported better-than-expected earnings of $44.86 per share for the quarter, beating analyst estimates, though revenue came in slightly below expectations at $2.14 billion.
- First Citizens also announced a quarterly dividend of $2.10 per share, payable June 15, while analysts currently have a consensus rating of Hold with an average price target of $2,215.91.
First Citizens BancShares, Inc. (NASDAQ:FCNCA - Get Free Report) CEO Frank Holding, Jr. bought 225 shares of the firm's stock in a transaction on Thursday, June 4th. The stock was purchased at an average price of $1,751.95 per share, with a total value of $394,188.75. Following the transaction, the chief executive officer owned 63,547 shares in the company, valued at $111,331,166.65. The trade was a 0.36% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link.
First Citizens BancShares Price Performance
NASDAQ FCNCA opened at $2,074.25 on Tuesday. First Citizens BancShares, Inc. has a 52 week low of $1,623.76 and a 52 week high of $2,232.21. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.67. The stock has a market cap of $24.04 billion, a price-to-earnings ratio of 11.93, a price-to-earnings-growth ratio of 1.58 and a beta of 0.62. The company has a 50-day moving average price of $1,968.93 and a two-hundred day moving average price of $2,001.80.
First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last posted its earnings results on Thursday, April 23rd. The bank reported $44.86 EPS for the quarter, topping 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 during the quarter, compared to analysts' expectations of $2.20 billion. During the same quarter in the prior year, the firm earned $37.79 EPS. Analysts forecast that First Citizens BancShares, Inc. will post 177.84 EPS for the current year.
First Citizens BancShares Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Friday, May 29th will be issued a $2.10 dividend. The ex-dividend date is Friday, May 29th. This represents a $8.40 annualized dividend and a dividend yield of 0.4%. First Citizens BancShares's dividend payout ratio (DPR) is 4.83%.
Wall Street Analysts Forecast Growth
FCNCA has been the subject of several recent analyst reports. JPMorgan Chase & Co. decreased their price objective on shares of First Citizens BancShares from $2,200.00 to $2,150.00 and set a "neutral" rating for the company in a report on Friday, April 24th. TD Cowen decreased their price objective on shares of First Citizens BancShares from $2,500.00 to $2,300.00 and set a "buy" rating for the company in a report on Monday, April 27th. Wall Street Zen upgraded shares of First Citizens BancShares from a "sell" rating to a "hold" rating in a report on Sunday, May 24th. Deutsche Bank Aktiengesellschaft cut shares of First Citizens BancShares from a "buy" rating to a "hold" rating and set a $2,154.00 price objective for the company. in a report on Wednesday, April 8th. Finally, Weiss Ratings cut shares of First Citizens BancShares from a "hold (c+)" rating to a "hold (c)" rating in a report on Friday, May 22nd. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and nine have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $2,215.91.
Read Our Latest Report on First Citizens BancShares
Institutional Trading of First Citizens BancShares
Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. NewEdge Advisors LLC lifted its stake in First Citizens BancShares by 219.3% during the first quarter. NewEdge Advisors LLC now owns 1,590 shares of the bank's stock valued at $3,001,000 after purchasing an additional 1,092 shares during the last quarter. Quantinno Capital Management LP lifted its position in shares of First Citizens BancShares by 65.5% in the 1st quarter. Quantinno Capital Management LP now owns 6,301 shares of the bank's stock valued at $11,876,000 after acquiring an additional 2,493 shares in the last quarter. SummitTX Capital L.P. purchased a new stake in shares of First Citizens BancShares in the 1st quarter valued at approximately $1,095,000. OMERS ADMINISTRATION Corp lifted its position in shares of First Citizens BancShares by 25.9% in the 1st quarter. OMERS ADMINISTRATION Corp now owns 457 shares of the bank's stock valued at $861,000 after acquiring an additional 94 shares in the last quarter. Finally, Lombard Odier Asset Management Switzerland SA purchased a new stake in shares of First Citizens BancShares in the 1st quarter valued at approximately $303,000. 78.01% of the stock is owned by institutional investors and hedge funds.
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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