Caisse DE Depot ET Placement DU Quebec Has $5.55 Million Stock Holdings in First Citizens BancShares, Inc. $FCNCA

Key Points

• Caisse DE Depot ET Placement DU Quebec reduced its holdings in First Citizens BancShares by 49.5%, owning 2,991 shares valued at approximately $5.55 million as per its latest SEC filing.
• First Citizens BancShares reported a quarterly EPS of $44.78, exceeding analyst expectations, with revenues of $2.38 billion against forecasts of $2.21 billion.
• The company announced a quarterly dividend of $1.95 per share, with an annualized dividend yield of 0.4%, payable on September 15th to shareholders on record as of August 29th.

Caisse DE Depot ET Placement DU Quebec cut its position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 49.5% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,991 shares of the bank's stock after selling 2,930 shares during the quarter. Caisse DE Depot ET Placement DU Quebec's holdings in First Citizens BancShares were worth $5,546,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the company. JT Stratford LLC grew its holdings in shares of First Citizens BancShares by 0.4% during the fourth quarter. JT Stratford LLC now owns 1,247 shares of the bank's stock worth $2,635,000 after buying an additional 5 shares in the last quarter. MassMutual Private Wealth & Trust FSB grew its holdings in shares of First Citizens BancShares by 54.5% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 17 shares of the bank's stock worth $32,000 after buying an additional 6 shares in the last quarter. Cresset Asset Management LLC grew its holdings in shares of First Citizens BancShares by 3.8% during the first quarter. Cresset Asset Management LLC now owns 163 shares of the bank's stock worth $302,000 after buying an additional 6 shares in the last quarter. M&T Bank Corp grew its holdings in shares of First Citizens BancShares by 1.3% during the first quarter. M&T Bank Corp now owns 632 shares of the bank's stock worth $1,172,000 after buying an additional 8 shares in the last quarter. Finally, Venturi Wealth Management LLC grew its holdings in shares of First Citizens BancShares by 3.8% during the first quarter. Venturi Wealth Management LLC now owns 221 shares of the bank's stock worth $410,000 after buying an additional 8 shares in the last quarter. 78.01% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have weighed in on FCNCA. Cowen restated a "buy" rating on shares of First Citizens BancShares in a research note on Monday, July 28th. Citigroup raised their price target on First Citizens BancShares from $1,900.00 to $2,050.00 and gave the company a "neutral" rating in a research note on Wednesday, July 2nd. JPMorgan Chase & Co. raised their price target on First Citizens BancShares from $2,100.00 to $2,250.00 and gave the company an "overweight" rating in a research note on Tuesday, July 1st. UBS Group restated a "buy" rating and issued a $2,410.00 price target on shares of First Citizens BancShares in a research note on Wednesday, July 9th. Finally, Jefferies Financial Group began coverage on First Citizens BancShares in a research note on Wednesday, May 21st. They issued a "hold" rating and a $2,050.00 price target for the company. Seven research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $2,291.17.

First Citizens BancShares Stock Performance

Shares of NASDAQ FCNCA traded down $6.22 during midday trading on Tuesday, hitting $1,977.69. 63,028 shares of the company's stock were exchanged, compared to its average volume of 93,827. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.76. First Citizens BancShares, Inc. has a 12 month low of $1,473.62 and a 12 month high of $2,412.93. The company's 50 day moving average price is $2,000.11 and its 200 day moving average price is $1,894.81. The firm has a market capitalization of $25.55 billion, a PE ratio of 11.66 and a beta of 0.71.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last issued its earnings results on Friday, July 25th. The bank reported $44.78 EPS for the quarter, topping the consensus estimate 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 company had revenue of $2.38 billion during the quarter, compared to the consensus estimate of $2.21 billion. As a group, analysts predict that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current fiscal year.

First Citizens BancShares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 29th will be issued a dividend of $1.95 per share. This represents a $7.80 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend is Friday, August 29th. First Citizens BancShares's dividend payout ratio (DPR) is presently 4.60%.

Insider Buying and Selling

In other news, major shareholder Olivia Britton Holding purchased 409 shares of the company's stock in a transaction that occurred on Thursday, August 7th. The stock was acquired at an average cost of $1,630.00 per share, with a total value of $666,670.00. Following the acquisition, the insider 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 legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Hope Holding Bryant purchased 409 shares of the company's stock in a transaction that occurred on Thursday, August 7th. The shares were purchased at an average cost of $1,630.00 per share, with a total value of $666,670.00. Following the completion of the acquisition, the insider owned 1,764 shares in the company, valued at $2,875,320. The trade was a 30.18% increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders bought 1,494 shares of company stock valued at $2,485,986. Insiders own 13.19% of the company's stock.

First Citizens BancShares Profile

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.