Arrowstreet Capital Limited Partnership Cuts Stake in First Citizens BancShares, Inc. $FCNCA

Key Points

• Arrowstreet Capital cut its First Citizens BancShares stake by 49.4% in the first quarter, selling 11,679 shares and retaining 11,962 shares valued at approximately $22.5 million. Institutional investors collectively own 78.01% of the company.
• Analysts maintain a generally neutral outlook, with the stock receiving an average “Hold” rating and an average price target of $2,278.31. First Citizens recently reported $57.09 in quarterly EPS and $2.24 billion in revenue, exceeding consensus estimates.
• CEO Frank B. Holding Jr. purchased 528 shares worth about $957,000, while insiders bought 7,190 shares worth $12.6 million over the past three months. The company also declared a quarterly dividend of $2.10 per share, representing a 0.4% yield.

Arrowstreet Capital Limited Partnership cut its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 49.4% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 11,962 shares of the bank's stock after selling 11,679 shares during the period. Arrowstreet Capital Limited Partnership owned approximately 0.10% of First Citizens BancShares worth $22,544,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Hilton Head Capital Partners LLC bought a new position in shares of First Citizens BancShares during the fourth quarter valued at $26,000. Reflection Asset Management bought a new position in First Citizens BancShares during the 4th quarter valued at about $45,000. Global Assets Advisory LLC bought a new position in First Citizens BancShares during the 1st quarter valued at about $45,000. Allworth Financial LP boosted its holdings in shares of First Citizens BancShares by 21.7% during the 3rd quarter. Allworth Financial LP now owns 28 shares of the bank's stock valued at $51,000 after acquiring an additional 5 shares during the last quarter. Finally, UMB Bank n.a. boosted its holdings in shares of First Citizens BancShares by 50.0% during the 4th quarter. UMB Bank n.a. now owns 24 shares of the bank's stock valued at $52,000 after acquiring an additional 8 shares during the last quarter. Institutional investors own 78.01% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on FCNCA shares. Jefferies Financial Group reissued a "hold" rating and set a $2,300.00 price objective on shares of First Citizens BancShares in a report on Thursday, July 23rd. Fundamental Research set a $2,350.00 target price on shares of First Citizens BancShares in a research note on Wednesday, July 1st. Barclays increased their price target on First Citizens BancShares from $2,346.00 to $2,376.00 and gave the company an "equal weight" rating in a report on Monday. The Goldman Sachs Group raised their price target on First Citizens BancShares from $2,100.00 to $2,340.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 7th. Finally, Wall Street Zen raised First Citizens BancShares from a "sell" rating to a "hold" rating in a report on Saturday, June 27th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and eleven have given a Hold rating to the company's stock. According to data from MarketBeat, First Citizens BancShares presently has an average rating of "Hold" and an average target price of $2,278.31.

Insider Activity

In related news, CEO Frank B. Holding, Jr. bought 528 shares of First Citizens BancShares stock in a transaction dated Friday, June 5th. The shares were acquired at an average cost of $1,813.37 per share, with a total value of $957,459.36. Following the completion of the transaction, the chief executive officer owned 64,100 shares in the company, valued at $116,237,017. The trade was a 0.83% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Over the last three months, insiders purchased 7,190 shares of company stock worth $12,573,868. 14.63% of the stock is currently owned by company insiders.

First Citizens BancShares Stock Performance

NASDAQ:FCNCA opened at $2,171.89 on Thursday. The stock has a 50-day simple moving average of $2,077.41 and a two-hundred day simple moving average of $2,017.01. First Citizens BancShares, Inc. has a 52-week low of $1,623.76 and a 52-week high of $2,237.81. The company has a debt-to-equity ratio of 1.67, a quick ratio of 1.00 and a current ratio of 1.00. The firm has a market capitalization of $25.17 billion, a PE ratio of 11.61, a P/E/G ratio of 1.75 and a beta of 0.62.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The bank reported $57.09 EPS for the quarter, beating the consensus estimate of $0.41 by $56.68. First Citizens BancShares had a net margin of 16.28% and a return on equity of 11.98%. The firm had revenue of $2.24 billion for the quarter, compared to the consensus estimate of $2.16 billion. Analysts forecast that First Citizens BancShares, Inc. will post 182.76 EPS for the current year.

First Citizens BancShares Announces Dividend

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

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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