Canada Pension Plan Investment Board Grows Stock Holdings in First Citizens BancShares, Inc. $FCNCA

Key Points

• The Canada Pension Plan Investment Board increased its stake in First Citizens BancShares by 276.6% during the first quarter, now holding 4,064 shares valued at $7.54 million.
• CEO Frank B. Holding, Jr. purchased 600 shares of the company's stock, raising his total ownership to 32,300 shares, valued at $54.87 million.
• First Citizens BancShares recently declared a quarterly dividend of $1.95 per share, resulting in an annualized yield of 0.4%.

Canada Pension Plan Investment Board boosted its holdings in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 276.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,064 shares of the bank's stock after purchasing an additional 2,985 shares during the quarter. Canada Pension Plan Investment Board's holdings in First Citizens BancShares were worth $7,535,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of FCNCA. GAMMA Investing LLC boosted its position in First Citizens BancShares by 169,861.1% during the first quarter. GAMMA Investing LLC now owns 122,372 shares of the bank's stock worth $226,892,000 after purchasing an additional 122,300 shares in the last quarter. Nuveen LLC purchased a new position in First Citizens BancShares during the first quarter worth approximately $149,963,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in First Citizens BancShares by 83.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 107,523 shares of the bank's stock worth $227,198,000 after purchasing an additional 48,994 shares in the last quarter. Castlekeep Investment Advisors LLC purchased a new position in First Citizens BancShares during the fourth quarter worth approximately $66,972,000. Finally, Siemens Fonds Invest GmbH purchased a new position in First Citizens BancShares during the fourth quarter worth approximately $49,265,000. Hedge funds and other institutional investors own 78.01% of the company's stock.

Insiders Place Their Bets

In other First Citizens BancShares news, insider Hope Holding Bryant bought 409 shares of the business's stock in a transaction on Thursday, August 7th. The stock was bought at an average price of $1,630.00 per share, with a total value of $666,670.00. Following the completion of the purchase, the insider directly owned 1,764 shares in the company, valued at $2,875,320. The trade was a 30.18% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Olivia Britton Holding bought 409 shares of the business's stock in a transaction on Thursday, August 7th. The shares were acquired at an average cost of $1,630.00 per share, with a total value of $666,670.00. Following the purchase, the insider owned 1,764 shares of the company's stock, valued at $2,875,320. The trade was a 30.18% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 1,494 shares of company stock valued at $2,485,986. Insiders own 13.40% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on FCNCA. JPMorgan Chase & Co. increased their target price on First Citizens BancShares from $2,100.00 to $2,250.00 and gave the company an "overweight" rating in a report on Tuesday, July 1st. Jefferies Financial Group began coverage on First Citizens BancShares in a report on Wednesday, May 21st. They set a "hold" rating and a $2,050.00 target price for the company. TD Cowen began coverage on First Citizens BancShares in a report on Thursday, May 15th. They set a "buy" rating and a $2,400.00 target price for the company. Citigroup increased their target price on First Citizens BancShares from $1,900.00 to $2,050.00 and gave the company a "neutral" rating in a report on Wednesday, July 2nd. Finally, UBS Group reissued a "buy" rating and set a $2,410.00 target price on shares of First Citizens BancShares in a report on Wednesday, July 9th. Seven analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, First Citizens BancShares presently has a consensus rating of "Moderate Buy" and an average price target of $2,291.17.

First Citizens BancShares Trading Down 4.2%

NASDAQ FCNCA traded down $84.85 on Friday, reaching $1,925.26. 152,003 shares of the company were exchanged, compared to its average volume of 138,490. The business's fifty day moving average price is $2,003.55 and its 200 day moving average price is $1,891.68. The stock has a market capitalization of $24.87 billion, a P/E ratio of 11.36 and a beta of 0.71. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.76. First Citizens BancShares, Inc. has a fifty-two week low of $1,473.62 and a fifty-two week high of $2,412.93.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last released its quarterly earnings data on Friday, July 25th. The bank reported $44.78 earnings per share for the quarter, topping analysts' consensus estimates of $39.08 by $5.70. The company had revenue of $2.38 billion for the quarter, compared to analyst estimates of $2.21 billion. First Citizens BancShares had a return on equity of 11.32% and a net margin of 16.37%. Analysts forecast that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current year.

First Citizens BancShares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 29th will be paid a dividend of $1.95 per share. The ex-dividend date of this dividend is Friday, August 29th. This represents a $7.80 dividend on an annualized basis and a yield of 0.4%. First Citizens BancShares's payout ratio is 4.60%.

First Citizens BancShares Company 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.