Burney Co. Reduces Holdings in First Citizens BancShares, Inc. $FCNCA

Key Points

• Burney Co. sharply cut its stake in First Citizens BancShares by 91.5% in the first quarter, leaving it with 110 shares worth about $207,000 after selling 1,183 shares.
• The bank posted strong quarterly earnings, reporting $44.86 EPS versus the $43.31 consensus estimate, though revenue came in slightly below expectations at $2.14 billion.
• First Citizens also continued shareholder returns and insider activity, paying a $2.10 quarterly dividend while CEO Frank B. Holding, Jr. bought 5,940 shares in May, boosting his stake by 18.46%.

Burney Co. trimmed its holdings in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 91.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 110 shares of the bank's stock after selling 1,183 shares during the quarter. Burney Co.'s holdings in First Citizens BancShares were worth $207,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Goldman Sachs Group Inc. grew its position in shares of First Citizens BancShares by 1.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 37,389 shares of the bank's stock valued at $69,324,000 after acquiring an additional 681 shares during the period. Empowered Funds LLC lifted its position in First Citizens BancShares by 71.9% during the first quarter. Empowered Funds LLC now owns 392 shares of the bank's stock valued at $727,000 after purchasing an additional 164 shares in the last quarter. Focus Partners Wealth lifted its position in First Citizens BancShares by 5.2% during the first quarter. Focus Partners Wealth now owns 241 shares of the bank's stock valued at $447,000 after purchasing an additional 12 shares in the last quarter. EverSource Wealth Advisors LLC grew its holdings in First Citizens BancShares by 31.3% during the second quarter. EverSource Wealth Advisors LLC now owns 88 shares of the bank's stock valued at $172,000 after purchasing an additional 21 shares during the period. Finally, Flow Traders U.S. LLC bought a new stake in First Citizens BancShares during the second quarter valued at about $260,000. 78.01% of the stock is owned by hedge funds and other institutional investors.

First Citizens BancShares Trading Up 0.5%

Shares of FCNCA stock opened at $2,092.59 on Friday. 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 stock has a fifty day simple moving average of $2,031.72 and a two-hundred day simple moving average of $2,022.43. The firm has a market capitalization of $24.25 billion, a PE ratio of 12.03, a PEG ratio of 1.57 and a beta of 0.62. First Citizens BancShares, Inc. has a 52-week low of $1,623.76 and a 52-week high of $2,232.21.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last announced its quarterly earnings data on Thursday, April 23rd. The bank reported $44.86 EPS for the quarter, beating the consensus estimate of $43.31 by $1.55. The business had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $2.20 billion. First Citizens BancShares had a return on equity of 11.48% and a net margin of 15.62%.During the same period in the previous year, the business earned $37.79 earnings per share. On average, analysts predict that First Citizens BancShares, Inc. will post 177.18 EPS for the current fiscal year.

First Citizens BancShares Dividend Announcement

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

Insider Buying and Selling

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. purchased 5,940 shares of the company's stock in a transaction on Tuesday, May 12th. The stock was acquired at an average cost of $1,726.82 per share, for a total transaction of $10,257,310.80. Following the purchase, the chief executive officer directly owned 38,111 shares of the company's stock, valued at $65,810,837.02. This trade represents a 18.46% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Over the last 90 days, insiders purchased 7,190 shares of company stock valued at $12,573,868. 14.63% of the stock is currently owned by insiders.

Analyst Ratings Changes

FCNCA has been the subject of a number of analyst reports. Piper Sandler set a $2,050.00 price target on First Citizens BancShares in a research report on Friday, April 24th. The Goldman Sachs Group boosted their price objective on First Citizens BancShares from $2,100.00 to $2,340.00 and gave the company a "neutral" rating in a research note on Tuesday. JPMorgan Chase & Co. boosted their price objective on First Citizens BancShares from $2,150.00 to $2,350.00 and gave the company a "neutral" rating in a research note on Wednesday, July 1st. Zacks Research raised shares of First Citizens BancShares from a "strong sell" rating to a "hold" rating in a report on Monday, March 30th. Finally, Weiss Ratings upgraded shares of First Citizens BancShares from a "hold (c)" rating to a "hold (c+)" rating in a research note on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $2,247.08.

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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