Allspring Global Investments Holdings LLC Boosts Stock Position in First Citizens BancShares, Inc. $FCNCA

Key Points

• Allspring Global Investments increased its stake in First Citizens BancShares by 20.7% in the first quarter, bringing its holdings to 91,876 shares valued at about $174 million.
• First Citizens BancShares reported Q1 earnings of $44.86 per share, beating analyst expectations, though revenue came in slightly below estimates. The bank also posted strong profitability metrics, including a 15.62% net margin and 11.48% return on equity.
• The company paid a quarterly dividend of $2.10 and saw insider buying from CEO Frank B. Holding, Jr., who purchased 528 shares. Analysts currently rate the stock a Hold overall, with an average target price of $2,247.08.

Allspring Global Investments Holdings LLC boosted its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 20.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 91,876 shares of the bank's stock after acquiring an additional 15,788 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.77% of First Citizens BancShares worth $174,048,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of FCNCA. Hilton Head Capital Partners LLC purchased a new stake in First Citizens BancShares in the 4th quarter valued at approximately $26,000. Harbor Investment Advisory LLC raised its stake in shares of First Citizens BancShares by 150.0% during the 4th quarter. Harbor Investment Advisory LLC now owns 15 shares of the bank's stock worth $32,000 after buying an additional 9 shares in the last quarter. Reflection Asset Management acquired a new stake in shares of First Citizens BancShares in the 4th quarter valued at approximately $45,000. Global Assets Advisory LLC acquired a new stake in shares of First Citizens BancShares in the 1st quarter valued at approximately $45,000. Finally, Allworth Financial LP boosted its stake in shares of First Citizens BancShares by 21.7% in the third quarter. Allworth Financial LP now owns 28 shares of the bank's stock valued at $51,000 after buying an additional 5 shares in the last quarter. 78.01% of the stock is currently owned by hedge funds and other institutional investors.

First Citizens BancShares Price Performance

Shares of NASDAQ FCNCA opened at $2,156.45 on Friday. 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 company's 50-day moving average price is $2,041.01 and its 200 day moving average price is $2,018.87. First Citizens BancShares, Inc. has a 52 week low of $1,623.76 and a 52 week high of $2,232.21. The stock has a market cap of $24.99 billion, a price-to-earnings ratio of 12.40, a PEG ratio of 1.56 and a beta of 0.62.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last announced its earnings results on Thursday, April 23rd. The bank reported $44.86 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $43.31 by $1.55. The company had revenue of $2.14 billion during the quarter, compared to analysts' expectations of $2.20 billion. First Citizens BancShares had a net margin of 15.62% and a return on equity of 11.48%. During the same quarter in the previous year, the business posted $37.79 earnings per share. As a group, research analysts forecast that First Citizens BancShares, Inc. will post 177.18 earnings per share for the current fiscal year.

First Citizens BancShares Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Friday, May 29th were paid a $2.10 dividend. The ex-dividend date of this dividend was Friday, May 29th. This represents a $8.40 dividend on an annualized basis and a yield of 0.4%. First Citizens BancShares's dividend payout ratio is presently 4.83%.

Insider Transactions at First Citizens BancShares

In related news, CEO Frank B. Holding, Jr. bought 528 shares of the stock in a transaction on Friday, June 5th. The shares were purchased at an average price of $1,813.37 per share, for a total transaction of $957,459.36. Following the acquisition, the chief executive officer owned 64,100 shares in the company, valued at $116,237,017. This represents a 0.83% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Over the last 90 days, insiders purchased 7,190 shares of company stock valued at $12,573,868. 14.63% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on FCNCA. Piper Sandler set a $2,050.00 price objective on First Citizens BancShares in a report on Friday, April 24th. Wall Street Zen raised First Citizens BancShares from a "sell" rating to a "hold" rating in a report on Saturday, June 27th. Zacks Research upgraded shares of First Citizens BancShares from a "strong sell" rating to a "hold" rating in a research report on Monday, March 30th. Citigroup cut shares of First Citizens BancShares from a "neutral" rating to a "market perform" rating in a research note on Thursday, July 9th. Finally, Keefe, Bruyette & Woods reiterated a "market perform" rating and issued a $2,300.00 price target on shares of First Citizens BancShares in a report on Thursday, July 9th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and ten have issued a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $2,247.08.

First Citizens BancShares Profile

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.

Want to see what other hedge funds are holding FCNCA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.