Federated Hermes Inc. Lowers Stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Key Points

• Federated Hermes Inc. reduced its position in First Citizens BancShares by 72.9%, holding only 64 shares worth approximately $119,000, after selling 172 shares in the first quarter.
• Institutional investors heavily dominate First Citizens' stock ownership, holding 78.01% of it, with notable increases from several hedge funds in recent quarters, including a 169,861.1% increase by GAMMA Investing LLC.
• First Citizens BancShares reported a strong quarterly performance with an EPS of $44.78, surpassing analysts' expectations of $39.08, and declared a quarterly dividend of $1.95 per share.

Federated Hermes Inc. decreased its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 72.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 64 shares of the bank's stock after selling 172 shares during the period. Federated Hermes Inc.'s holdings in First Citizens BancShares were worth $119,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. MassMutual Private Wealth & Trust FSB boosted its stake in shares of 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 in the last quarter. Community Bank N.A. purchased a new stake in shares of First Citizens BancShares in the 1st quarter valued at $44,000. Wayfinding Financial LLC purchased a new stake in shares of First Citizens BancShares in the 1st quarter valued at $64,000. Toth Financial Advisory Corp boosted its stake in shares of First Citizens BancShares by 263.6% in the 1st quarter. Toth Financial Advisory Corp now owns 40 shares of the bank's stock valued at $74,000 after purchasing an additional 29 shares in the last quarter. Finally, Johnson Financial Group Inc. purchased a new stake in shares of First Citizens BancShares in the 4th quarter valued at $77,000. Institutional investors own 78.01% of the company's stock.

Insider Transactions at First Citizens BancShares

In other First Citizens BancShares news, major shareholder Olivia Britton Holding purchased 409 shares of the stock in a transaction that occurred on Thursday, August 7th. The stock was bought at an average cost of $1,630.00 per share, with a total value of $666,670.00. Following the transaction, the insider directly owned 1,764 shares in the company, valued at approximately $2,875,320. The trade was a 30.18% increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Frank B. Holding, Jr. purchased 600 shares of the stock in a transaction that occurred on Thursday, August 7th. The shares were acquired at an average cost of $1,698.75 per share, with a total value of $1,019,250.00. Following the completion of the transaction, the chief executive officer owned 32,300 shares in the company, valued at $54,869,625. This trade represents a 1.89% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders purchased 1,494 shares of company stock valued at $2,485,986. Company insiders own 13.40% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on FCNCA shares. Barclays cut their price objective on shares of First Citizens BancShares from $2,568.00 to $2,400.00 and set an "equal weight" rating for the company in a research note on Friday, April 25th. Wall Street Zen cut shares of First Citizens BancShares from a "hold" rating to a "sell" rating in a research note on Monday, April 28th. 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 note on Monday, July 28th. Jefferies Financial Group assumed coverage on shares of First Citizens BancShares in a research report on Wednesday, May 21st. They set a "hold" rating and a $2,050.00 price target for the company. Finally, TD Cowen assumed coverage on shares of First Citizens BancShares in a research report on Thursday, May 15th. They set a "buy" rating and a $2,400.00 price target for the company. One research analyst has rated the stock with a sell rating, six have given a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, First Citizens BancShares currently has an average rating of "Hold" and a consensus price target of $2,291.17.

First Citizens BancShares Trading Down 1.1%

Shares of NASDAQ:FCNCA traded down $21.06 on Friday, hitting $1,904.18. The company had a trading volume of 17,748 shares, compared to its average volume of 89,299. The firm's 50-day simple moving average is $1,972.61 and its two-hundred day simple moving average is $1,915.91. First Citizens BancShares, Inc. has a 1 year low of $1,473.62 and a 1 year high of $2,412.93. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.76. The firm has a market capitalization of $25.31 billion, a price-to-earnings ratio of 11.24 and a beta of 0.64.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last posted its earnings results on Friday, July 25th. The bank reported $44.78 EPS for the quarter, topping the consensus estimate of $39.08 by $5.70. First Citizens BancShares had a net margin of 16.37% and a return on equity of 11.32%. The firm had revenue of $2.38 billion during the quarter, compared to analysts' expectations of $2.21 billion. Equities 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 announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 29th will be given a $1.95 dividend. This represents a $7.80 annualized dividend and a dividend yield of 0.4%. The ex-dividend date of this dividend is Friday, August 29th. First Citizens BancShares's dividend payout ratio (DPR) 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.