Empowered Funds LLC Sells 1,211 Shares of First Citizens BancShares, Inc. $FCNCA

Key Points

• Empowered Funds LLC cut its First Citizens BancShares stake by 60.2% in the first quarter, selling 1,211 shares and retaining 802 shares valued at approximately $1.51 million. Institutional investors and hedge funds collectively own 78.01% of the stock.
• First Citizens reported quarterly EPS of $57.09, far exceeding the $0.41 consensus estimate, while revenue reached $2.43 billion versus the $2.16 billion forecast.
• The bank declared a quarterly dividend of $2.10 per share, equivalent to $8.40 annually and a 0.4% yield. Analysts maintain a consensus “Hold” rating with an average price target of $2,278.31.

Empowered Funds LLC reduced its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 60.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 802 shares of the bank's stock after selling 1,211 shares during the period. Empowered Funds LLC's holdings in First Citizens BancShares were worth $1,511,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of FCNCA. Quantinno Capital Management LP boosted its stake in First Citizens BancShares by 65.5% in the 1st quarter. Quantinno Capital Management LP now owns 6,301 shares of the bank's stock valued at $11,876,000 after buying an additional 2,493 shares in the last quarter. SummitTX Capital L.P. acquired a new stake in shares of First Citizens BancShares during the 1st quarter worth about $1,095,000. OMERS ADMINISTRATION Corp increased its position in shares of First Citizens BancShares by 25.9% during the 1st quarter. OMERS ADMINISTRATION Corp now owns 457 shares of the bank's stock worth $861,000 after purchasing an additional 94 shares in the last quarter. Lombard Odier Asset Management Switzerland SA acquired a new position in First Citizens BancShares in the first quarter valued at about $303,000. Finally, Waverly Advisors LLC boosted its position in First Citizens BancShares by 104.6% in the first quarter. Waverly Advisors LLC now owns 2,949 shares of the bank's stock valued at $5,558,000 after buying an additional 1,508 shares in the last quarter. 78.01% of the stock is owned by institutional investors and hedge funds.

First Citizens BancShares Trading Down 0.9%

FCNCA stock opened at $2,218.49 on Friday. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.67. First Citizens BancShares, Inc. has a twelve month low of $1,623.76 and a twelve month high of $2,289.99. The company has a market cap of $25.71 billion, a P/E ratio of 11.86, a PEG ratio of 1.71 and a beta of 0.62. The business has a fifty day moving average of $2,108.09 and a 200-day moving average of $2,020.43.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The bank reported $57.09 EPS for the quarter, topping analysts' consensus estimates of $0.41 by $56.68. The firm had revenue of $2.43 billion during the quarter, compared to analyst estimates of $2.16 billion. First Citizens BancShares had a return on equity of 11.98% and a net margin of 16.28%. As a group, equities research analysts expect that First Citizens BancShares, Inc. will post 190.06 EPS for the current year.

First Citizens BancShares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Monday, August 31st will be given a dividend of $2.10 per share. The ex-dividend date is Monday, August 31st. This represents a $8.40 annualized dividend and a dividend yield of 0.4%. First Citizens BancShares's payout ratio is currently 4.49%.

Analyst Ratings Changes

Several analysts have recently weighed in on FCNCA shares. Wall Street Zen raised shares of First Citizens BancShares from a "sell" rating to a "hold" rating in a report on Saturday, June 27th. Piper Sandler increased their price target on First Citizens BancShares from $2,050.00 to $2,100.00 and gave the stock a "neutral" rating in a research report on Monday, July 27th. TD Cowen cut their price objective on First Citizens BancShares from $2,500.00 to $2,300.00 and set a "buy" rating for the company in a research report on Monday, April 27th. JPMorgan Chase & Co. boosted their price objective on First Citizens BancShares from $2,350.00 to $2,450.00 and gave the stock a "neutral" rating in a research note on Friday, July 24th. Finally, Weiss Ratings upgraded First Citizens BancShares from a "hold (c)" rating to a "hold (c+)" rating in a report on Wednesday, July 8th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and eleven have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $2,278.31.

Insider Activity at First Citizens BancShares

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. purchased 528 shares of the company's stock in a transaction that occurred on Friday, June 5th. The stock was acquired at an average cost of $1,813.37 per share, with a total value of $957,459.36. Following the completion of the purchase, the chief executive officer directly owned 64,100 shares in the company, valued at approximately $116,237,017. This represents a 0.83% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In the last ninety days, insiders have purchased 7,190 shares of company stock worth $12,573,868. 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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