Dimensional Fund Advisors LP Sells 8,392 Shares of First Citizens BancShares, Inc. $FCNCA

Key Points

• Dimensional Fund Advisors LP has reduced its stake in First Citizens BancShares by 5.8%, now owning 136,507 shares worth approximately $253 million.
• Insider transactions include CEO Frank B. Holding, Jr. acquiring 600 shares, indicating confidence as he increases his stake in the company.
• First Citizens BancShares plans to pay a quarterly dividend of $1.95 per share on September 15th, reflecting a 0.4% dividend yield.

Dimensional Fund Advisors LP cut its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 5.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 136,507 shares of the bank's stock after selling 8,392 shares during the period. Dimensional Fund Advisors LP owned 1.01% of First Citizens BancShares worth $253,035,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of FCNCA. GAMMA Investing LLC lifted 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 acquiring an additional 122,300 shares during the last quarter. Nuveen LLC acquired a new stake 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 lifted 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 acquiring an additional 48,994 shares during the last quarter. Castlekeep Investment Advisors LLC bought a new position in shares of First Citizens BancShares during the fourth quarter worth approximately $66,972,000. Finally, Siemens Fonds Invest GmbH bought a new position in shares of First Citizens BancShares during the fourth quarter worth approximately $49,265,000. 78.01% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the stock. TD Cowen assumed coverage on shares of First Citizens BancShares in a report on Thursday, May 15th. They set a "buy" rating and a $2,400.00 target price on the stock. UBS Group reaffirmed a "buy" rating and set a $2,410.00 target price on shares of First Citizens BancShares in a report on Wednesday, July 9th. Piper Sandler set a $2,150.00 target price on shares of First Citizens BancShares and gave the stock a "neutral" rating in a report on Monday, July 28th. Cowen reaffirmed a "buy" rating on shares of First Citizens BancShares in a report on Monday, July 28th. Finally, Citigroup raised their target price on shares of 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. Seven analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $2,291.17.

Insider Activity at First Citizens BancShares

In related news, insider Hope Holding Bryant bought 409 shares of the firm's stock in a transaction on Thursday, August 7th. The shares were purchased 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 owned 1,764 shares in the company, valued at $2,875,320. This represents a 30.18% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, major shareholder Olivia Britton Holding bought 409 shares of the firm's stock in a transaction on Thursday, August 7th. The shares were bought at an average cost of $1,630.00 per share, for a total transaction of $666,670.00. Following the purchase, 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 have bought 1,494 shares of company stock valued at $2,485,986 over the last three months. 13.40% of the stock is owned by insiders.

First Citizens BancShares Price Performance

NASDAQ:FCNCA traded up $50.36 during mid-day trading on Friday, reaching $1,987.99. The stock had a trading volume of 155,176 shares, compared to its average volume of 140,911. The stock has a 50-day simple moving average of $1,982.21 and a two-hundred day simple moving average of $1,903.48. The stock has a market capitalization of $25.68 billion, a PE ratio of 11.73 and a beta of 0.64. 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 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 announced its quarterly earnings data on Friday, July 25th. The bank reported $44.78 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $39.08 by $5.70. The business had revenue of $2.38 billion for the quarter, compared to analysts' expectations of $2.21 billion. First Citizens BancShares had a net margin of 16.37% and a return on equity of 11.32%. On average, equities analysts anticipate that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current year.

First Citizens BancShares Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 29th will be paid a $1.95 dividend. This represents a $7.80 dividend on an annualized basis 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 4.60%.

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.