BNP Paribas Financial Markets Has $15.64 Million Stock Holdings in First Citizens BancShares, Inc. $FCNCA

Key Points

• BNP Paribas Financial Markets reduced its stake in First Citizens BancShares by 17% in the fourth quarter, selling 1,488 shares and ending with 7,285 shares worth about $15.64 million.
• First Citizens BancShares reported better-than-expected quarterly earnings of $44.86 per share, beating estimates, though revenue came in slightly below forecasts at $2.14 billion.
• The bank also announced a quarterly dividend of $2.10 per share, while analysts currently have an average Hold rating on the stock with a target price of about $2,215.91.

BNP Paribas Financial Markets cut its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 17.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 7,285 shares of the bank's stock after selling 1,488 shares during the quarter. BNP Paribas Financial Markets owned approximately 0.06% of First Citizens BancShares worth $15,635,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in FCNCA. JPMorgan Chase & Co. increased its position in First Citizens BancShares by 4.4% in the third quarter. JPMorgan Chase & Co. now owns 435,278 shares of the bank's stock worth $778,785,000 after purchasing an additional 18,190 shares during the period. Northwestern Mutual Wealth Management Co. increased its position in First Citizens BancShares by 117,518.9% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 205,833 shares of the bank's stock worth $441,755,000 after purchasing an additional 205,658 shares during the period. Alliancebernstein L.P. increased its position in First Citizens BancShares by 16.3% in the third quarter. Alliancebernstein L.P. now owns 78,310 shares of the bank's stock worth $140,109,000 after purchasing an additional 10,948 shares during the period. Allspring Global Investments Holdings LLC increased its position in First Citizens BancShares by 57.5% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 76,088 shares of the bank's stock worth $164,247,000 after purchasing an additional 27,789 shares during the period. Finally, UBS Group AG increased its position in First Citizens BancShares by 96.7% in the fourth quarter. UBS Group AG now owns 69,551 shares of the bank's stock worth $149,269,000 after purchasing an additional 34,184 shares during the period. 78.01% of the stock is currently owned by institutional investors and hedge funds.

First Citizens BancShares Price Performance

First Citizens BancShares stock opened at $2,075.10 on Friday. The firm has a market capitalization of $24.05 billion, a P/E ratio of 11.93, a PEG ratio of 1.58 and a beta of 0.62. First Citizens BancShares, Inc. has a 1 year low of $1,623.76 and a 1 year high of $2,232.21. The business has a 50-day moving average of $1,965.38 and a 200-day moving average of $1,998.38. 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 (NASDAQ:FCNCA - Get Free Report) last posted its earnings results on Thursday, April 23rd. The bank reported $44.86 earnings per share for the quarter, topping the consensus estimate of $43.31 by $1.55. The company had revenue of $2.14 billion for the quarter, compared to analyst estimates of $2.20 billion. First Citizens BancShares had a net margin of 15.62% and a return on equity of 11.48%. During the same period last year, the business posted $37.79 earnings per share. On average, equities analysts anticipate that First Citizens BancShares, Inc. will post 177.84 EPS for the current year.

First Citizens BancShares Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Friday, May 29th will be issued a $2.10 dividend. The ex-dividend date is Friday, May 29th. This represents a $8.40 annualized dividend and a yield of 0.4%. First Citizens BancShares's dividend payout ratio (DPR) is 4.83%.

Insiders Place Their Bets

In other news, CEO Frank B. Holding, Jr. sold 5,346 shares of First Citizens BancShares stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $1,918.69, for a total transaction of $10,257,316.74. Following the transaction, the chief executive officer owned 100,654 shares in the company, valued at $193,123,823.26. The trade was a 5.04% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have acquired 6,187 shares of company stock valued at $10,640,161 in the last quarter. Company insiders own 14.63% of the company's stock.

Analyst Ratings Changes

A number of analysts recently commented on the company. TD Cowen lowered their price objective on First Citizens BancShares from $2,500.00 to $2,300.00 and set a "buy" rating for the company in a research report on Monday, April 27th. Piper Sandler set a $2,050.00 price objective on First Citizens BancShares in a research report on Friday, April 24th. Zacks Research upgraded First Citizens BancShares from a "strong sell" rating to a "hold" rating in a research report on Monday, March 30th. Weiss Ratings lowered First Citizens BancShares from a "hold (c+)" rating to a "hold (c)" rating in a research report on Friday, May 22nd. Finally, JPMorgan Chase & Co. lowered their price objective on First Citizens BancShares from $2,200.00 to $2,150.00 and set a "neutral" rating for the company in a research report on Friday, April 24th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $2,215.91.

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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