Amundi Sells 505 Shares of First Citizens BancShares, Inc. $FCNCA

Key Points

• Amundi reduced its First Citizens BancShares position by 4.3%, selling 505 shares and retaining 11,197 shares worth approximately $21.1 million. Institutional investors and hedge funds collectively own 78.01% of the bank.
• First Citizens reported quarterly EPS of $57.09, far exceeding the $0.41 consensus estimate, while revenue reached $2.24 billion versus expectations of $2.16 billion.
• The stock opened at $2,218.44, near its 12-month high, while analysts maintain a consensus “Hold” rating with an average price target of $2,278.31. The company also announced a quarterly dividend of $2.10 per share, yielding 0.4%.

Amundi lessened its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 4.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,197 shares of the bank's stock after selling 505 shares during the period. Amundi owned about 0.10% of First Citizens BancShares worth $21,103,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Hiddenite Capital Partners LP bought a new stake in First Citizens BancShares in the 4th quarter valued at $6,868,000. Check Capital Management Inc. CA increased its holdings in shares of First Citizens BancShares by 21.0% in the fourth quarter. Check Capital Management Inc. CA now owns 42,788 shares of the bank's stock valued at $91,831,000 after purchasing an additional 7,424 shares during the last quarter. Barr E S & Co. raised its position in shares of First Citizens BancShares by 33.2% in the fourth quarter. Barr E S & Co. now owns 5,995 shares of the bank's stock valued at $12,866,000 after purchasing an additional 1,495 shares during the period. PNC Financial Services Group Inc. lifted its stake in shares of First Citizens BancShares by 181.4% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,438 shares of the bank's stock worth $3,087,000 after buying an additional 927 shares during the last quarter. Finally, United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund bought a new stake in shares of First Citizens BancShares during the 4th quarter worth about $5,226,000. 78.01% of the stock is currently owned by institutional investors and hedge funds.

First Citizens BancShares Price Performance

Shares of NASDAQ:FCNCA opened at $2,218.44 on Tuesday. The firm has a 50 day moving average of $2,089.19 and a 200-day moving average of $2,017.45. The stock has a market capitalization of $25.71 billion, a PE ratio of 11.86, a PEG ratio of 1.70 and a beta of 0.62. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.67. First Citizens BancShares, Inc. has a 12 month low of $1,623.76 and a 12 month high of $2,237.81.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The bank reported $57.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $56.68. The business had revenue of $2.24 billion for the quarter, compared to analyst estimates of $2.16 billion. First Citizens BancShares had a net margin of 16.28% and a return on equity of 11.98%. On average, equities research analysts predict that First Citizens BancShares, Inc. will post 187.23 EPS for the current fiscal year.

First Citizens BancShares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Monday, August 31st will be paid a dividend of $2.10 per share. The ex-dividend date is Monday, August 31st. This represents a $8.40 annualized dividend and a yield of 0.4%. First Citizens BancShares's dividend payout ratio is presently 4.49%.

Insider Buying and Selling at First Citizens BancShares

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. bought 528 shares of First Citizens BancShares stock in a transaction on Friday, June 5th. The shares were purchased at an average price of $1,813.37 per share, with a total value of $957,459.36. Following the acquisition, the chief executive officer owned 64,100 shares in the company, valued at $116,237,017. This trade represents a 0.83% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last 90 days, insiders acquired 7,190 shares of company stock valued at $12,573,868. Company insiders own 14.63% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently commented on FCNCA shares. Fundamental Research set a $2,350.00 price target on shares of First Citizens BancShares in a research note on Wednesday, July 1st. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and issued a $2,300.00 target price on shares of First Citizens BancShares in a research report on Thursday, July 9th. Weiss Ratings raised First Citizens BancShares from a "hold (c)" rating to a "hold (c+)" rating in a report on Wednesday, July 8th. Truist Financial boosted their price target on First Citizens BancShares from $2,150.00 to $2,323.00 and gave the company a "hold" rating in a research note on Tuesday, July 28th. Finally, Deutsche Bank Aktiengesellschaft downgraded First Citizens BancShares from a "buy" rating to a "hold" rating and set a $2,154.00 price target for the company. in a research note on Wednesday, April 8th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and eleven have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $2,278.31.

About First Citizens BancShares

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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