Bank of New York Mellon Corp Acquires 18,714 Shares of First Citizens BancShares, Inc. $FCNCA

Key Points

• Bank of New York Mellon increased its stake in First Citizens BancShares by 54.6% in the fourth quarter, buying 18,714 additional shares and bringing its total holding to 53,018 shares valued at about $113.8 million.
• CEO Frank B. Holding, Jr. bought 5,940 shares on May 12 for about $10.26 million, and insiders have purchased 6,187 shares worth $10.64 million over the last 90 days.
• First Citizens BancShares recently reported stronger-than-expected quarterly earnings of $44.86 per share, though revenue came in slightly below estimates; the company also announced a quarterly dividend of $2.10 per share.

Bank of New York Mellon Corp grew its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 54.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 53,018 shares of the bank's stock after purchasing an additional 18,714 shares during the quarter. Bank of New York Mellon Corp owned about 0.43% of First Citizens BancShares worth $113,786,000 as of its most recent filing with the SEC.

Several other large investors also recently made changes to their positions in FCNCA. Hiddenite Capital Partners LP bought a new stake in shares of First Citizens BancShares during the 4th quarter worth approximately $6,868,000. Citigroup Inc. grew its stake in shares of First Citizens BancShares by 23.4% in the third quarter. Citigroup Inc. now owns 16,938 shares of the bank's stock valued at $30,305,000 after buying an additional 3,215 shares in the last quarter. Check Capital Management Inc. CA grew its stake 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 buying an additional 7,424 shares in the last quarter. Founders Financial Alliance LLC increased its holdings in First Citizens BancShares by 484.7% during the third quarter. Founders Financial Alliance LLC now owns 1,532 shares of the bank's stock worth $2,742,000 after buying an additional 1,270 shares during the last quarter. Finally, Barr E S & Co. raised its position in First Citizens BancShares by 33.2% during the fourth quarter. Barr E S & Co. now owns 5,995 shares of the bank's stock worth $12,866,000 after acquiring an additional 1,495 shares in the last quarter. Institutional investors own 78.01% of the company's stock.

Insider Activity at First Citizens BancShares

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. purchased 5,940 shares of the firm's stock in a transaction that occurred on Tuesday, May 12th. The shares were acquired at an average cost of $1,726.82 per share, for a total transaction of $10,257,310.80. Following the completion of the purchase, the chief executive officer owned 38,111 shares of the company's stock, valued at approximately $65,810,837.02. The trade was a 18.46% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have bought 6,187 shares of company stock valued at $10,640,161 in the last 90 days. Corporate insiders own 14.63% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on FCNCA. Weiss Ratings cut shares of First Citizens BancShares from a "hold (c+)" rating to a "hold (c)" rating in a research note on Friday, May 22nd. Piper Sandler set a $2,050.00 target price on shares of First Citizens BancShares in a report on Friday, April 24th. Keefe, Bruyette & Woods cut their target price on shares of First Citizens BancShares from $2,375.00 to $2,300.00 and set an "outperform" rating for the company in a research note on Thursday, April 9th. Deutsche Bank Aktiengesellschaft cut First Citizens BancShares from a "buy" rating to a "hold" rating and set a $2,154.00 price target for the company. in a report on Wednesday, April 8th. Finally, Wall Street Zen upgraded First Citizens BancShares from a "sell" rating to a "hold" rating in a research note on Sunday, May 24th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and nine have issued a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $2,215.91.

First Citizens BancShares Price Performance

First Citizens BancShares stock opened at $2,075.10 on Monday. The company's 50-day moving average price is $1,965.38 and its two-hundred day moving average price is $1,999.85. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.67. The stock has a market cap of $24.04 billion, a P/E ratio of 11.93, a P/E/G ratio of 1.58 and a beta of 0.62. First Citizens BancShares, Inc. has a twelve month low of $1,623.76 and a twelve month high of $2,232.21.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last posted its earnings results on Thursday, April 23rd. The bank reported $44.86 EPS for the quarter, beating the consensus estimate of $43.31 by $1.55. First Citizens BancShares had a return on equity of 11.48% and a net margin of 15.62%.The company had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $2.20 billion. During the same quarter in the prior year, the business earned $37.79 earnings per share. As a group, analysts expect that First Citizens BancShares, Inc. will post 177.84 EPS for the current year.

First Citizens BancShares Dividend Announcement

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

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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