First Citizens BancShares, Inc. $FCNCA Shares Sold by Comerica Bank

Key Points

• Comerica Bank has decreased its holdings in First Citizens BancShares, Inc. by 6.7%, leaving it with 2,010 shares worth approximately $3.7 million as of its latest SEC filing.
• Insiders have been active, with major shareholder Olivia Britton Holding purchasing 409 shares for a total of around $666,670, while CEO Frank B. Holding, Jr. acquired 600 shares valued at over $1 million.
• First Citizens BancShares recently announced a quarterly dividend of $1.95 per share, reflecting an annualized yield of 0.4%, with an upcoming payment date of September 15th.

Comerica Bank trimmed its holdings in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 6.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,010 shares of the bank's stock after selling 144 shares during the quarter. Comerica Bank's holdings in First Citizens BancShares were worth $3,726,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of FCNCA. JT Stratford LLC raised its stake in shares of First Citizens BancShares by 0.4% in the 4th quarter. JT Stratford LLC now owns 1,247 shares of the bank's stock valued at $2,635,000 after acquiring an additional 5 shares during the period. MassMutual Private Wealth & Trust FSB increased its holdings in First Citizens BancShares by 54.5% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 17 shares of the bank's stock valued at $32,000 after purchasing an additional 6 shares during the last quarter. Cresset Asset Management LLC raised its position in First Citizens BancShares by 3.8% in the first quarter. Cresset Asset Management LLC now owns 163 shares of the bank's stock valued at $302,000 after purchasing an additional 6 shares during the period. M&T Bank Corp lifted its stake in 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 purchasing an additional 8 shares in the last quarter. Finally, Venturi Wealth Management LLC boosted its position 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 during the period. Institutional investors and hedge funds own 78.01% of the company's stock.

Insider Activity

In other news, major shareholder Olivia Britton Holding purchased 409 shares of the company'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 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Hope Holding Bryant purchased 409 shares of the business'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 directly owned 1,764 shares of the company's stock, valued at $2,875,320. This represents a 30.18% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought a total of 1,494 shares of company stock valued at $2,485,986 over the last quarter. Corporate insiders own 13.19% of the company's stock.

First Citizens BancShares Stock Performance

Shares of FCNCA traded up $18.93 during midday trading on Thursday, reaching $2,005.05. 72,372 shares of the stock were exchanged, compared to its average volume of 93,895. The business's 50-day moving average price is $2,003.18 and its 200 day moving average price is $1,896.08. The company has a debt-to-equity ratio of 1.76, a current ratio of 1.04 and a quick ratio of 1.04. First Citizens BancShares, Inc. has a twelve month low of $1,473.62 and a twelve month high of $2,412.93. The company has a market capitalization of $25.91 billion, a price-to-earnings ratio of 11.88 and a beta of 0.71.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last posted its quarterly earnings data on Friday, July 25th. The bank reported $44.78 EPS for the quarter, beating the consensus estimate of $39.08 by $5.70. The firm 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 expect that First Citizens BancShares, Inc. will post 167.59 EPS for the current fiscal year.

First Citizens BancShares Dividend Announcement

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

Analyst Upgrades and Downgrades

Several research firms recently issued reports on FCNCA. UBS Group reiterated a "buy" rating and issued a $2,410.00 price objective on shares of First Citizens BancShares in a report on Wednesday, July 9th. Cowen restated a "buy" rating on shares of First Citizens BancShares in a research note on Monday, July 28th. JPMorgan Chase & Co. lifted their price target on shares of First Citizens BancShares from $2,100.00 to $2,250.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 1st. Piper Sandler set a $2,150.00 price objective on shares of First Citizens BancShares and gave the company a "neutral" rating in a research report on Monday, July 28th. Finally, Citigroup lifted their price objective on shares of First Citizens BancShares from $1,900.00 to $2,050.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 2nd. Seven investment 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, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $2,291.17.

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.