Avantra Family Wealth Inc. Decreases Stock Holdings in First Citizens BancShares, Inc. $FCNCA

Key Points

• Avantra Family Wealth Inc. reduced its holdings in First Citizens BancShares by 79.1%, leaving them with only 127 shares worth $248,000.
• Insider transactions included purchases by Hope Holding Bryant and major shareholder Olivia Britton Holding, each acquiring 409 shares at $1,630.00 per share, which reflects a 30.18% increase in their positions.
• First Citizens BancShares reported earnings of $44.78 per share for the last quarter, exceeding analyst expectations of $39.08, and had a revenue of $2.38 billion for the quarter against analyst estimates of $2.21 billion.

Avantra Family Wealth Inc. trimmed its position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 79.1% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 127 shares of the bank's stock after selling 480 shares during the period. Avantra Family Wealth Inc.'s holdings in First Citizens BancShares were worth $248,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of FCNCA. Nuveen LLC purchased a new stake in shares of First Citizens BancShares during the 1st quarter worth approximately $149,963,000. Egerton Capital UK LLP raised its holdings in shares of First Citizens BancShares by 21.7% during the 1st quarter. Egerton Capital UK LLP now owns 124,773 shares of the bank's stock worth $231,344,000 after acquiring an additional 22,257 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of First Citizens BancShares by 13.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 121,583 shares of the bank's stock worth $225,429,000 after acquiring an additional 14,060 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of First Citizens BancShares by 2.3% during the 1st quarter. JPMorgan Chase & Co. now owns 401,167 shares of the bank's stock worth $743,815,000 after acquiring an additional 9,070 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of First Citizens BancShares by 12.9% during the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 61,877 shares of the bank's stock worth $114,727,000 after acquiring an additional 7,046 shares in the last quarter. 78.01% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other First Citizens BancShares news, insider Hope Holding Bryant bought 409 shares of First Citizens BancShares 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 completion of the purchase, the insider directly owned 1,764 shares in the company, valued at approximately $2,875,320. This trade represents a 30.18% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Olivia Britton Holding bought 409 shares of First Citizens BancShares 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 owned 1,764 shares of the company's stock, valued at approximately $2,875,320. This trade represents a 30.18% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired a total of 1,494 shares of company stock worth $2,485,986 over the last quarter. Company insiders own 13.40% of the company's stock.

First Citizens BancShares Stock Performance

FCNCA stock opened at $1,759.68 on Tuesday. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.76. The business's fifty day simple moving average is $1,905.30 and its two-hundred day simple moving average is $1,885.74. First Citizens BancShares, Inc. has a twelve month low of $1,473.62 and a twelve month high of $2,412.93. The firm has a market cap of $22.74 billion, a price-to-earnings ratio of 10.38 and a beta of 0.60.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last released its earnings results on Friday, July 25th. The bank reported $44.78 earnings per share 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 business had revenue of $2.38 billion for the quarter, compared to analyst estimates of $2.21 billion. Analysts predict that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current year.

First Citizens BancShares Announces Dividend

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

Analysts Set New Price Targets

FCNCA has been the topic of several recent research reports. Wall Street Zen lowered First Citizens BancShares from a "hold" rating to a "sell" rating in a report on Sunday, September 28th. Weiss Ratings restated a "buy (b-)" rating on shares of First Citizens BancShares in a report on Saturday, September 27th. UBS Group restated a "buy" rating and set a $2,410.00 price target on shares of First Citizens BancShares in a report on Wednesday, July 9th. JPMorgan Chase & Co. increased their price target on First Citizens BancShares from $2,100.00 to $2,250.00 and gave the company an "overweight" rating in a report on Tuesday, July 1st. Finally, Citigroup restated an "underweight" rating on shares of First Citizens BancShares in a report on Wednesday, October 1st. Eight analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $2,238.33.

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.

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