Armor Advisors L.L.C. Purchases 898 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Key Points

• Armor Advisors L.L.C. has increased its stake in First Citizens BancShares, Inc. by 39.3% to a total of 3,182 shares, making it the 8th largest holding in their investment portfolio worth approximately $5.9 million.
• The bank reported earnings per share of $44.78 for the latest quarter, surpassing analysts' expectations of $39.08, alongside a revenue of $2.38 billion.
• First Citizens BancShares recently declared a quarterly dividend of $1.95 per share, which will be paid to shareholders on September 15th, representing an annualized yield of 0.4%.

Armor Advisors L.L.C. lifted its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 39.3% in the first quarter, according to its most recent filing with the SEC. The fund owned 3,182 shares of the bank's stock after acquiring an additional 898 shares during the period. First Citizens BancShares makes up 4.7% of Armor Advisors L.L.C.'s investment portfolio, making the stock its 8th biggest position. Armor Advisors L.L.C.'s holdings in First Citizens BancShares were worth $5,900,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently made changes to their positions in FCNCA. Malaga Cove Capital LLC bought a new position in shares of First Citizens BancShares during the first quarter valued at approximately $714,000. PNC Financial Services Group Inc. raised its position in First Citizens BancShares by 4.9% in the first quarter. PNC Financial Services Group Inc. now owns 560 shares of the bank's stock worth $1,039,000 after acquiring an additional 26 shares during the period. Blueshift Asset Management LLC bought a new position in First Citizens BancShares in the first quarter worth approximately $260,000. Commerce Bank raised its position in shares of First Citizens BancShares by 0.9% during the 1st quarter. Commerce Bank now owns 22,400 shares of the bank's stock valued at $41,532,000 after purchasing an additional 206 shares during the period. Finally, US Bancorp DE raised its position in shares of First Citizens BancShares by 16.2% during the 1st quarter. US Bancorp DE now owns 866 shares of the bank's stock valued at $1,606,000 after purchasing an additional 121 shares during the period. 78.01% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently commented on FCNCA. JPMorgan Chase & Co. lifted their price target on shares of First Citizens BancShares from $2,100.00 to $2,250.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 1st. Cowen reiterated a "buy" rating on shares of First Citizens BancShares in a report on Monday, July 28th. Wall Street Zen lowered shares of First Citizens BancShares from a "hold" rating to a "sell" rating in a report on Monday, April 28th. Jefferies Financial Group initiated coverage on shares of First Citizens BancShares in a report on Wednesday, May 21st. They issued a "hold" rating and a $2,050.00 price target for the company. Finally, TD Cowen assumed coverage on shares of First Citizens BancShares in a report on Thursday, May 15th. They issued a "buy" rating and a $2,400.00 price target for the company. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $2,291.17.

Insider Activity at First Citizens BancShares

In other First Citizens BancShares news, major shareholder Olivia Britton Holding acquired 66 shares of First Citizens BancShares stock in a transaction dated Tuesday, July 29th. The stock was bought at an average price of $1,735.00 per share, for a total transaction of $114,510.00. Following the transaction, the insider owned 121,926 shares in the company, valued at approximately $211,541,610. This trade represents a 0.05% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. 13.40% of the stock is owned by company insiders.

First Citizens BancShares Price Performance

NASDAQ:FCNCA traded down $11.76 during trading hours on Thursday, hitting $1,837.00. 74,195 shares of the company's stock traded hands, compared to its average volume of 86,335. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.77. The business's fifty day simple moving average is $1,967.74 and its two-hundred day simple moving average is $1,930.05. First Citizens BancShares, Inc. has a 52 week low of $1,473.62 and a 52 week high of $2,412.93. The firm has a market cap of $24.41 billion, a P/E ratio of 10.84 and a beta of 0.64.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last released its quarterly earnings results on Friday, July 25th. The bank reported $44.78 earnings per share for the quarter, beating the consensus estimate of $39.08 by $5.70. The firm had revenue of $2.38 billion for the quarter, compared to analysts' expectations of $2.21 billion. First Citizens BancShares had a return on equity of 11.30% and a net margin of 16.37%. On average, research analysts anticipate that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current fiscal year.

First Citizens BancShares Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 29th will be paid a $1.95 dividend. The ex-dividend date is Friday, August 29th. This represents a $7.80 annualized dividend and a dividend yield of 0.4%. First Citizens BancShares's dividend payout ratio (DPR) is 4.60%.

About First Citizens BancShares

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.