Check Capital Management Inc. CA Has $91.83 Million Holdings in First Citizens BancShares, Inc. $FCNCA

Key Points

• Check Capital Management increased its stake in First Citizens BancShares by 21% in the fourth quarter, buying 7,424 more shares and bringing its total holding to 42,788 shares valued at about $91.8 million.
• First Citizens BancShares reported Q1 earnings of $44.86 per share, beating analyst expectations, though revenue of $2.14 billion came in slightly below consensus.
• The bank declared a quarterly dividend of $2.10 per share and saw mixed analyst sentiment, with a consensus rating of Hold and an average price target of $2,215.91.

Check Capital Management Inc. CA boosted its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 21.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 42,788 shares of the bank's stock after purchasing an additional 7,424 shares during the quarter. First Citizens BancShares makes up 2.7% of Check Capital Management Inc. CA's investment portfolio, making the stock its 6th largest position. Check Capital Management Inc. CA owned about 0.34% of First Citizens BancShares worth $91,831,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. SBI Securities Co. Ltd. bought a new position in First Citizens BancShares in the 3rd quarter worth about $27,000. UMB Bank n.a. boosted its position in shares of First Citizens BancShares by 100.0% during the 3rd quarter. UMB Bank n.a. now owns 16 shares of the bank's stock valued at $29,000 after acquiring an additional 8 shares during the last quarter. Root Financial Partners LLC bought a new stake in shares of First Citizens BancShares during the 3rd quarter valued at about $32,000. Harbor Investment Advisory LLC boosted its position in shares of First Citizens BancShares by 150.0% during the 4th quarter. Harbor Investment Advisory LLC now owns 15 shares of the bank's stock valued at $32,000 after acquiring an additional 9 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its position in shares of First Citizens BancShares by 280.0% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 19 shares of the bank's stock valued at $34,000 after acquiring an additional 14 shares during the last quarter. Institutional investors own 78.01% of the company's stock.

First Citizens BancShares Stock Performance

NASDAQ:FCNCA opened at $1,972.77 on Thursday. The business has a 50 day moving average of $1,924.02 and a 200 day moving average of $1,984.52. The company has a market capitalization of $22.86 billion, a price-to-earnings ratio of 11.35, a PEG ratio of 1.47 and a beta of 0.63. First Citizens BancShares, Inc. has a 1-year low of $1,623.76 and a 1-year high of $2,232.21. The company has a debt-to-equity ratio of 1.67, a current ratio of 1.00 and a quick ratio of 1.00.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last released its earnings results on Thursday, April 23rd. The bank reported $44.86 earnings per share for the quarter, topping analysts' consensus estimates of $43.31 by $1.55. The company had revenue of $2.14 billion during 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 quarter in the previous year, the company posted $37.79 EPS. On average, sell-side analysts predict that First Citizens BancShares, Inc. will post 177.84 earnings per share for the current fiscal year.

First Citizens BancShares Announces Dividend

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

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on FCNCA. UBS Group set a $2,325.00 price target on First Citizens BancShares in a research report on Wednesday, February 4th. JPMorgan Chase & Co. dropped their price target on First Citizens BancShares from $2,200.00 to $2,150.00 and set a "neutral" rating for the company in a research report on Friday, April 24th. Barclays dropped their price target on First Citizens BancShares from $2,456.00 to $2,346.00 and set an "equal weight" rating for the company in a research report on Monday, January 26th. Wall Street Zen downgraded First Citizens BancShares from a "hold" rating to a "sell" rating in a research report on Saturday, May 16th. Finally, Keefe, Bruyette & Woods dropped their price target on First Citizens BancShares from $2,375.00 to $2,300.00 and set an "outperform" rating for the company in a research report on Thursday, April 9th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $2,215.91.

Insider Buying and Selling

In related news, CEO Frank B. Holding, Jr. purchased 5,940 shares of the firm's stock in a transaction on Tuesday, May 12th. The shares were acquired at an average cost of $1,726.82 per share, with a total value of $10,257,310.80. Following the purchase, the chief executive officer directly owned 38,111 shares of the company's stock, valued at approximately $65,810,837.02. This trade represents a 18.46% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Over the last 90 days, insiders purchased 6,198 shares of company stock valued at $10,661,547. 14.63% of the stock is owned by 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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