First Citizens BancShares, Inc. $FCNCA Shares Sold by Livforsakringsbolaget Skandia Omsesidigt

Key Points

• Livforsakringsbolaget Skandia Omsesidigt reduced its stake in First Citizens BancShares by 53.2%, owning 2,409 shares valued at $4.71 million as of its latest SEC filing.
• CEO Frank B. Holding, Jr. purchased 600 shares of the company at approximately $1,698.75 each, increasing his total ownership to 32,300 shares worth around $54.87 million.
• First Citizens BancShares reported strong earnings, with an EPS of $44.78 for the last quarter, exceeding analysts' expectations by $5.70, and announced a quarterly dividend of $1.95.

Livforsakringsbolaget Skandia Omsesidigt reduced its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 53.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,409 shares of the bank's stock after selling 2,740 shares during the quarter. Livforsakringsbolaget Skandia Omsesidigt's holdings in First Citizens BancShares were worth $4,713,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in the stock. JT Stratford LLC boosted its stake in shares of First Citizens BancShares by 0.4% during the fourth quarter. JT Stratford LLC now owns 1,247 shares of the bank's stock valued at $2,635,000 after purchasing an additional 5 shares during the period. MassMutual Private Wealth & Trust FSB boosted its stake in shares of First Citizens BancShares by 54.5% during the first 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 period. Cresset Asset Management LLC boosted its stake in shares of First Citizens BancShares by 3.8% during 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 boosted its stake in shares of First Citizens BancShares by 1.3% during the first quarter. M&T Bank Corp now owns 632 shares of the bank's stock valued at $1,172,000 after purchasing an additional 8 shares during the period. Finally, Venturi Wealth Management LLC boosted its stake 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 valued at $410,000 after purchasing an additional 8 shares during the period. 78.01% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at First Citizens BancShares

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. purchased 600 shares of the company's stock in a transaction dated Thursday, August 7th. The shares were acquired at an average price of $1,698.75 per share, for a total transaction of $1,019,250.00. Following the completion of the purchase, the chief executive officer owned 32,300 shares of the company's stock, valued at approximately $54,869,625. The trade was a 1.89% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Hope Holding Bryant purchased 409 shares of the company's stock in a transaction dated Thursday, August 7th. The shares were acquired at an average price of $1,630.00 per share, for a total transaction of $666,670.00. Following the purchase, the insider directly 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. Over the last 90 days, insiders have acquired 1,494 shares of company stock worth $2,485,986. Insiders own 13.40% of the company's stock.

First Citizens BancShares Stock Up 0.7%

Shares of FCNCA stock traded up $13.13 during trading hours on Thursday, reaching $1,895.96. 204,626 shares of the company's stock were exchanged, compared to its average volume of 98,143. First Citizens BancShares, Inc. has a 1 year low of $1,473.62 and a 1 year high of $2,412.93. The stock has a market cap of $24.50 billion, a PE ratio of 11.19 and a beta of 0.71. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.76. The stock's fifty day moving average price is $1,982.24 and its two-hundred day moving average price is $1,886.53.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last issued its quarterly earnings results on Friday, July 25th. The bank reported $44.78 earnings per share for the quarter, topping analysts' consensus estimates of $39.08 by $5.70. First Citizens BancShares had a return on equity of 11.32% and a net margin of 16.37%.The business had revenue of $2.38 billion for the quarter, compared to analyst estimates of $2.21 billion. Research analysts predict that First Citizens BancShares, Inc. will post 167.59 EPS for the current year.

First Citizens BancShares Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Friday, August 29th were paid a dividend of $1.95 per share. The ex-dividend date was Friday, August 29th. This represents a $7.80 dividend on an annualized basis and a dividend yield of 0.4%. First Citizens BancShares's payout ratio is presently 4.60%.

Analyst Ratings Changes

FCNCA has been the subject of a number of recent analyst reports. Jefferies Financial Group initiated coverage on shares of First Citizens BancShares in a research note on Wednesday, May 21st. They set a "hold" rating and a $2,050.00 target price for the company. Piper Sandler set a $2,150.00 price objective on First Citizens BancShares and gave the company a "neutral" rating in a report on Monday, July 28th. JPMorgan Chase & Co. lifted their price objective on First Citizens BancShares from $2,100.00 to $2,250.00 and gave the company an "overweight" rating in a report on Tuesday, July 1st. UBS Group restated a "buy" rating and issued a $2,410.00 price objective on shares of First Citizens BancShares in a report on Wednesday, July 9th. Finally, Cowen restated a "buy" rating on shares of First Citizens BancShares in a report on Monday, July 28th. Seven analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, First Citizens BancShares presently has a consensus rating of "Moderate Buy" and an average price target of $2,291.17.

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.