Bronte Capital Management Pty Ltd. Sells 580 Shares of First Citizens BancShares, Inc. $FCNCA

Key Points

• Bronte Capital Management trimmed its stake in First Citizens BancShares by 3.4% in the first quarter, selling 580 shares and leaving it with 16,492 shares worth about $31.1 million.
• Institutional ownership remains high at 78.01%, and several other funds made large moves in the stock, including major stake increases by Northwestern Mutual Wealth Management, River Road Asset Management, and others.
• First Citizens BancShares reported better-than-expected quarterly earnings of $44.86 per share, and analysts currently rate the stock a Hold with a consensus price target of $2,243.75.

Bronte Capital Management Pty Ltd. decreased its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 3.4% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 16,492 shares of the bank's stock after selling 580 shares during the quarter. First Citizens BancShares comprises about 3.3% of Bronte Capital Management Pty Ltd.'s holdings, making the stock its 10th largest position. Bronte Capital Management Pty Ltd. owned 0.14% of First Citizens BancShares worth $31,082,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. grew its holdings in shares of First Citizens BancShares by 117,518.9% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 205,833 shares of the bank's stock worth $441,755,000 after buying an additional 205,658 shares in the last quarter. Norges Bank purchased a new position in shares of First Citizens BancShares during the fourth quarter valued at approximately $116,565,000. River Road Asset Management LLC lifted its stake in shares of First Citizens BancShares by 574.0% during the fourth quarter. River Road Asset Management LLC now owns 55,402 shares of the bank's stock valued at $118,903,000 after buying an additional 47,182 shares during the period. Orion Porfolio Solutions LLC boosted its position in First Citizens BancShares by 2,057.4% during the second quarter. Orion Porfolio Solutions LLC now owns 47,506 shares of the bank's stock worth $92,944,000 after acquiring an additional 45,304 shares during the last quarter. Finally, M&T Bank Corp boosted its position in First Citizens BancShares by 13,512.7% during the fourth quarter. M&T Bank Corp now owns 38,524 shares of the bank's stock worth $82,679,000 after acquiring an additional 38,241 shares during the last quarter. Institutional investors and hedge funds own 78.01% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Piper Sandler set a $2,050.00 target price on shares of First Citizens BancShares in a research note on Friday, April 24th. Zacks Research upgraded First Citizens BancShares from a "strong sell" rating to a "hold" rating in a report on Monday, March 30th. Wall Street Zen raised First Citizens BancShares from a "sell" rating to a "hold" rating in a research report on Saturday, June 27th. Deutsche Bank Aktiengesellschaft lowered First Citizens BancShares from a "buy" rating to a "hold" rating and set a $2,154.00 target price for the company. in a research note on Wednesday, April 8th. Finally, Fundamental Research set a $2,350.00 price objective on shares of First Citizens BancShares in a report on Wednesday. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $2,243.75.

First Citizens BancShares Price Performance

First Citizens BancShares stock opened at $2,082.99 on Friday. The firm has a fifty day moving average of $2,019.13 and a 200-day moving average of $2,022.64. First Citizens BancShares, Inc. has a 52-week low of $1,623.76 and a 52-week high of $2,232.21. 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 firm has a market capitalization of $24.14 billion, a P/E ratio of 11.98, a PEG ratio of 1.62 and a beta of 0.62.

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, beating the consensus estimate of $43.31 by $1.55. First Citizens BancShares had a net margin of 15.62% and a return on equity of 11.48%. The business had revenue of $2.14 billion for the quarter, compared to analyst estimates of $2.20 billion. During the same quarter in the previous year, the business posted $37.79 EPS. As a group, analysts predict that First Citizens BancShares, Inc. will post 175.42 EPS for the current year.

First Citizens BancShares Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Friday, May 29th were paid a dividend of $2.10 per share. This represents a $8.40 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date was Friday, May 29th. First Citizens BancShares's payout ratio is currently 4.83%.

Insider Buying and Selling at First Citizens BancShares

In related news, CEO Frank B. Holding, Jr. bought 528 shares of the firm's stock in a transaction dated Friday, June 5th. The stock was bought at an average price of $1,813.37 per share, with a total value of $957,459.36. Following the completion of the transaction, the chief executive officer directly owned 64,100 shares of the company's stock, valued at approximately $116,237,017. This represents a 0.83% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders bought a total of 7,190 shares of company stock valued at $12,573,868 over the last ninety days. 14.63% of the stock is owned by corporate insiders.

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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