First Citizens BancShares, Inc. $FCNCA Position Trimmed by Bank of America Corp DE

Key Points

• Bank of America trimmed its First Citizens BancShares stake by 1.2% in the first quarter, selling 947 shares and retaining 75,622 shares valued at approximately $142.5 million. Institutional investors collectively own 78.01% of FCNCA.
• First Citizens reported quarterly EPS of $57.09, far exceeding the $0.41 consensus estimate, while revenue reached $2.24 billion versus expectations of $2.16 billion. The stock opened at $2,226.98, down 1.1%.
• The bank declared a quarterly dividend of $2.10 per share, equal to an annualized $8.40 payout and a 0.4% yield. Analysts’ consensus rating remains “Hold,” with an average price target of $2,278.31.

Bank of America Corp DE lessened its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 1.2% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 75,622 shares of the bank's stock after selling 947 shares during the quarter. Bank of America Corp DE owned 0.65% of First Citizens BancShares worth $142,521,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Goldman Sachs Group Inc. lifted its stake in shares of First Citizens BancShares by 1.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 37,389 shares of the bank's stock valued at $69,324,000 after purchasing an additional 681 shares during the last quarter. Empowered Funds LLC raised its stake in shares of First Citizens BancShares by 71.9% in the first quarter. Empowered Funds LLC now owns 392 shares of the bank's stock valued at $727,000 after purchasing an additional 164 shares in the last quarter. Focus Partners Wealth lifted its holdings in shares of First Citizens BancShares by 5.2% during the 1st quarter. Focus Partners Wealth now owns 241 shares of the bank's stock worth $447,000 after acquiring an additional 12 shares during the period. EverSource Wealth Advisors LLC lifted its stake in First Citizens BancShares by 31.3% during the second quarter. EverSource Wealth Advisors LLC now owns 88 shares of the bank's stock worth $172,000 after purchasing an additional 21 shares during the period. Finally, Flow Traders U.S. LLC acquired a new stake in First Citizens BancShares in the 2nd quarter valued at $260,000. 78.01% of the stock is owned by hedge funds and other institutional investors.

First Citizens BancShares Trading Down 1.1%

NASDAQ FCNCA opened at $2,226.98 on Thursday. The stock has a 50 day moving average of $2,098.96 and a 200-day moving average of $2,018.56. First Citizens BancShares, Inc. has a 12 month low of $1,623.76 and a 12 month high of $2,289.99. The company has a market cap of $25.81 billion, a PE ratio of 11.91, a PEG ratio of 1.72 and a beta of 0.62. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.67.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The bank reported $57.09 earnings per share for the quarter, topping the consensus estimate of $0.41 by $56.68. The company had revenue of $2.24 billion for the quarter, compared to analyst estimates of $2.16 billion. First Citizens BancShares had a net margin of 16.28% and a return on equity of 11.98%. On average, equities research analysts anticipate that First Citizens BancShares, Inc. will post 190.06 EPS for the current fiscal year.

First Citizens BancShares Announces Dividend

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

Analyst Upgrades and Downgrades

FCNCA has been the topic of several research analyst reports. Fundamental Research set a $2,350.00 price objective on shares of First Citizens BancShares in a research note on Wednesday, July 1st. Citigroup reissued a "neutral" rating on shares of First Citizens BancShares in a report on Friday, July 24th. Weiss Ratings upgraded First Citizens BancShares from a "hold (c)" rating to a "hold (c+)" rating in a research report on Wednesday, July 8th. TD Cowen decreased their price objective on shares of First Citizens BancShares from $2,500.00 to $2,300.00 and set a "buy" rating for the company in a report on Monday, April 27th. Finally, JPMorgan Chase & Co. increased their price target on First Citizens BancShares from $2,350.00 to $2,450.00 and gave the stock a "neutral" rating in a report on Friday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and eleven have given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $2,278.31.

Insiders Place Their Bets

In related news, CEO Frank B. Holding, Jr. acquired 5,940 shares of the business's stock in a transaction on Tuesday, May 12th. The stock was purchased at an average cost of $1,726.82 per share, for a total transaction of $10,257,310.80. Following the completion of the transaction, the chief executive officer directly owned 38,111 shares of the company's stock, valued at approximately $65,810,837.02. The trade was a 18.46% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Over the last quarter, insiders have bought 7,190 shares of company stock valued at $12,573,868. 14.63% of the stock is owned by corporate insiders.

First Citizens BancShares Profile

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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