Strs Ohio Makes New Investment in First Citizens BancShares, Inc. $FCNCA

Key Points

• Strs Ohio has acquired a new stake in First Citizens BancShares, purchasing 579 shares valued at approximately $1,074,000 in Q1.
• First Citizens BancShares reported earnings of $44.78 per share for the last quarter, outperforming analysts' estimates significantly.
• The company recently declared a quarterly dividend of $1.95 per share, reflecting an annual yield of 0.4%.

Strs Ohio purchased a new stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) during the first quarter, according to its most recent filing with the SEC. The firm purchased 579 shares of the bank's stock, valued at approximately $1,074,000.

A number of other institutional investors have also recently bought and sold shares of the company. MassMutual Private Wealth & Trust FSB increased its position in shares of First Citizens BancShares by 54.5% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 17 shares of the bank's stock worth $32,000 after acquiring an additional 6 shares in the last quarter. SVB Wealth LLC acquired a new position in First Citizens BancShares during the 1st quarter worth approximately $35,000. Community Bank N.A. acquired a new position in First Citizens BancShares during the 1st quarter worth approximately $44,000. Wayfinding Financial LLC bought a new position in shares of First Citizens BancShares during the 1st quarter worth approximately $64,000. Finally, Brooklyn Investment Group raised its holdings in shares of First Citizens BancShares by 32.1% in the first quarter. Brooklyn Investment Group now owns 37 shares of the bank's stock valued at $67,000 after purchasing an additional 9 shares during the last quarter. Institutional investors and hedge funds own 78.01% of the company's stock.

Insiders Place Their Bets

In other First Citizens BancShares news, major shareholder Olivia Britton Holding acquired 409 shares of the company's stock in a transaction on Thursday, August 7th. The stock was acquired at an average price of $1,630.00 per share, for a total transaction of $666,670.00. Following 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 acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Hope Holding Bryant bought 409 shares of the firm's stock in a transaction on Thursday, August 7th. The shares were acquired at an average price of $1,630.00 per share, for a total transaction of $666,670.00. Following the transaction, the insider owned 1,764 shares in the company, valued at approximately $2,875,320. This represents a 30.18% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought 1,494 shares of company stock worth $2,485,986 in the last 90 days. Company insiders own 13.19% of the company's stock.

First Citizens BancShares Stock Performance

FCNCA traded down $16.46 on Monday, reaching $1,850.42. The company had a trading volume of 149,162 shares, compared to its average volume of 151,234. The stock has a market cap of $23.91 billion, a P/E ratio of 10.92 and a beta of 0.71. The company has a debt-to-equity ratio of 1.76, a quick ratio of 1.04 and a current ratio of 1.04. First Citizens BancShares, Inc. has a fifty-two week low of $1,473.62 and a fifty-two week high of $2,412.93. The company's fifty day moving average is $1,966.46 and its 200 day moving average is $1,885.73.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last issued its quarterly earnings data on Friday, July 25th. The bank reported $44.78 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $39.08 by $5.70. First Citizens BancShares had a return on equity of 11.32% and a net margin of 16.37%.The company had revenue of $2.38 billion during the quarter, compared to analysts' expectations of $2.21 billion. As a group, analysts predict that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current fiscal year.

First Citizens BancShares Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Friday, August 29th were issued a $1.95 dividend. This represents a $7.80 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend was Friday, August 29th. First Citizens BancShares's dividend payout ratio is currently 4.60%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Citigroup lifted their price target on shares of First Citizens BancShares from $1,900.00 to $2,050.00 and gave the company a "neutral" rating in a research note on Wednesday, July 2nd. Piper Sandler set a $2,150.00 price target on First Citizens BancShares and gave the company a "neutral" rating in a research note on Monday, July 28th. Wall Street Zen upgraded First Citizens BancShares from a "sell" rating to a "hold" rating in a research note on Saturday. UBS Group reissued a "buy" rating and issued a $2,410.00 price objective on shares of First Citizens BancShares in a report on Wednesday, July 9th. Finally, Cowen restated a "buy" rating on shares of First Citizens BancShares in a report on Monday, July 28th. Seven analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $2,291.17.

First Citizens BancShares Company Profile

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.