First Citizens BancShares, Inc. $FCNCA is Thompson Siegel & Walmsley LLC's 10th Largest Position

Key Points

• Thompson Siegel & Walmsley LLC trimmed its First Citizens BancShares stake by 3.5% in the fourth quarter, but the bank remains its 10th-largest holding and represents 1.3% of its portfolio.
• Analysts are largely cautious on FCNCA: the consensus rating is Hold with an average price target of $2,215.91, and several firms recently lowered ratings or price targets.
• First Citizens reported Q1 earnings of $44.86 per share, beating estimates, and declared a quarterly dividend of $2.10 per share payable June 15.

Thompson Siegel & Walmsley LLC cut its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 3.5% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 36,188 shares of the bank's stock after selling 1,327 shares during the quarter. First Citizens BancShares accounts for 1.3% of Thompson Siegel & Walmsley LLC's portfolio, making the stock its 10th largest position. Thompson Siegel & Walmsley LLC owned 0.29% of First Citizens BancShares worth $77,666,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in FCNCA. SBI Securities Co. Ltd. acquired a new stake in First Citizens BancShares in the third quarter valued at $27,000. UMB Bank n.a. raised its holdings in First Citizens BancShares by 100.0% in the third quarter. UMB Bank n.a. now owns 16 shares of the bank's stock valued at $29,000 after acquiring an additional 8 shares in the last quarter. Harbor Investment Advisory LLC raised its holdings in First Citizens BancShares by 150.0% in the fourth quarter. Harbor Investment Advisory LLC now owns 15 shares of the bank's stock valued at $32,000 after acquiring an additional 9 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in First Citizens BancShares by 280.0% in the third 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 in the last quarter. Finally, Fifth Third Bancorp raised its holdings in First Citizens BancShares by 40.0% in the third quarter. Fifth Third Bancorp now owns 21 shares of the bank's stock valued at $38,000 after acquiring an additional 6 shares in the last quarter. 78.01% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on FCNCA. Zacks Research raised shares of First Citizens BancShares from a "strong sell" rating to a "hold" rating in a report on Monday, March 30th. Keefe, Bruyette & Woods cut their price target on shares of First Citizens BancShares from $2,375.00 to $2,300.00 and set an "outperform" rating on the stock in a report on Thursday, April 9th. TD Cowen cut their price target on shares of First Citizens BancShares from $2,500.00 to $2,300.00 and set a "buy" rating on the stock in a report on Monday, April 27th. Deutsche Bank Aktiengesellschaft cut shares of First Citizens BancShares from a "buy" rating to a "hold" rating and set a $2,154.00 price target on the stock. in a report on Wednesday, April 8th. Finally, Wall Street Zen raised shares of First Citizens BancShares from a "sell" rating to a "hold" rating in a report on Sunday, May 24th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $2,215.91.

First Citizens BancShares Price Performance

Shares of NASDAQ:FCNCA opened at $1,990.51 on Monday. The stock has a market capitalization of $23.07 billion, a price-to-earnings ratio of 11.45, a price-to-earnings-growth ratio of 1.52 and a beta of 0.62. First Citizens BancShares, Inc. has a 1-year low of $1,623.76 and a 1-year high of $2,232.21. The company's fifty day moving average is $1,949.40 and its two-hundred day moving average is $1,993.49. The company has a debt-to-equity ratio of 1.67, a quick ratio of 1.00 and a current ratio of 1.00.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last issued 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 for the quarter, compared to analysts' expectations of $2.20 billion. First Citizens BancShares had a net margin of 15.62% and a return on equity of 11.48%. During the same period in the prior year, the company earned $37.79 earnings per share. Equities analysts anticipate that First Citizens BancShares, Inc. will post 177.84 EPS for the current year.

First Citizens BancShares Announces Dividend

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

Insider Buying and Selling at First Citizens BancShares

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. sold 5,346 shares of the stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $1,918.69, for a total transaction of $10,257,316.74. Following the sale, the chief executive officer directly owned 100,654 shares of the company's stock, valued at approximately $193,123,823.26. This represents a 5.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have acquired 6,198 shares of company stock worth $10,661,547 over the last 90 days. 14.63% of the stock is currently owned by corporate 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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