Ceredex Value Advisors LLC Has $34.61 Million Stake in First Citizens BancShares, Inc. $FCNCA

Key Points

• Ceredex Value Advisors LLC increased its holdings in First Citizens BancShares, Inc. by 5.1% in the first quarter, owning a total of 18,668 shares valued at $34.6 million.
• First Citizens BancShares reported earnings per share (EPS) of $44.78 for the last quarter, exceeding analysts' expectations by $5.70. Additionally, the company has an annualized dividend of $7.80 at a yield of 0.4%.
• Despite recent price fluctuations, multiple analysts maintain a "Moderate Buy" rating on the stock, with an average price target of $2,291.17.

Ceredex Value Advisors LLC boosted its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 5.1% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 18,668 shares of the bank's stock after acquiring an additional 908 shares during the quarter. Ceredex Value Advisors LLC owned approximately 0.14% of First Citizens BancShares worth $34,613,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. MassMutual Private Wealth & Trust FSB grew its stake in shares of First Citizens BancShares by 54.5% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 17 shares of the bank's stock worth $32,000 after acquiring an additional 6 shares in the last quarter. SVB Wealth LLC bought a new position in First Citizens BancShares in the first quarter valued at about $35,000. Community Bank N.A. bought a new stake in First Citizens BancShares in the first quarter valued at approximately $44,000. Wayfinding Financial LLC bought a new stake in First Citizens BancShares in the first quarter valued at approximately $64,000. Finally, Brooklyn Investment Group lifted its stake in First Citizens BancShares by 32.1% in the first quarter. Brooklyn Investment Group now owns 37 shares of the bank's stock valued at $67,000 after buying an additional 9 shares during the period. 78.01% of the stock is owned by institutional investors.

Insider Activity

In related news, major shareholder Olivia Britton Holding purchased 409 shares of First Citizens BancShares stock in a transaction dated Thursday, August 7th. The shares were acquired at an average price of $1,630.00 per share, with a total value of $666,670.00. Following the completion of the transaction, the insider owned 1,764 shares of the company's stock, valued at approximately $2,875,320. This trade represents a 30.18% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Hope Holding Bryant purchased 409 shares of the business's stock in a transaction dated Thursday, August 7th. The shares were acquired at an average cost of $1,630.00 per share, for a total transaction of $666,670.00. Following the acquisition, the insider owned 1,764 shares of the company's stock, valued at approximately $2,875,320. The trade was a 30.18% increase in their position. The disclosure for this purchase can be found here. Insiders acquired 1,494 shares of company stock worth $2,485,986 over the last ninety days. Corporate insiders own 13.40% of the company's stock.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. JPMorgan Chase & Co. upped their price objective 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. TD Cowen started coverage on First Citizens BancShares in a research report on Thursday, May 15th. They issued a "buy" rating and a $2,400.00 price objective on the stock. Jefferies Financial Group assumed coverage on First Citizens BancShares in a research note on Wednesday, May 21st. They set a "hold" rating and a $2,050.00 price objective for the company. Citigroup lifted their price objective on First Citizens BancShares from $1,900.00 to $2,050.00 and gave the stock a "neutral" rating in a report on Wednesday, July 2nd. Finally, Cowen restated a "buy" rating on shares of First Citizens BancShares in a research report on Monday, July 28th. Seven analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $2,291.17.

First Citizens BancShares Stock Down 1.0%

NASDAQ:FCNCA traded down $19.54 during midday trading on Friday, reaching $1,983.91. The company had a trading volume of 148,796 shares, compared to its average volume of 94,022. The firm has a market capitalization of $25.63 billion, a price-to-earnings ratio of 11.71 and a beta of 0.64. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.76. The stock's fifty day simple moving average is $1,995.95 and its 200-day simple moving average is $1,900.14. First Citizens BancShares, Inc. has a 12-month low of $1,473.62 and a 12-month high of $2,412.93.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last posted its earnings results on Friday, July 25th. The bank reported $44.78 earnings per share for the quarter, beating the consensus estimate of $39.08 by $5.70. The business had revenue of $2.38 billion during the quarter, compared to the consensus estimate of $2.21 billion. First Citizens BancShares had a return on equity of 11.32% and a net margin of 16.37%. On average, sell-side analysts anticipate that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current fiscal 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. This represents a $7.80 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date is Friday, August 29th. First Citizens BancShares's payout ratio is currently 4.60%.

About First Citizens BancShares

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.