First Citizens BancShares, Inc. $FCNCA Shares Acquired by Militia Capital Partners LP

Key Points

• Militia Capital Partners LP increased its ownership in First Citizens BancShares by 200%, acquiring 300 shares valued at approximately $556,000 as of the end of the last quarter.
• First Citizens BancShares reported an earnings per share (EPS) of $44.78 for the latest quarter, surpassing analysts' estimates of $39.08 by $5.70.
• The company has a quarterly dividend scheduled for September 15th, with a payout of $1.95 per share, resulting in an annualized yield of 0.4%.

Militia Capital Partners LP lifted its holdings in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 200.0% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 300 shares of the bank's stock after buying an additional 200 shares during the period. Militia Capital Partners LP's holdings in First Citizens BancShares were worth $556,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. 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 worth $32,000 after buying an additional 6 shares during the period. SVB Wealth LLC acquired a new stake in shares of First Citizens BancShares during the first quarter worth about $35,000. Community Bank N.A. acquired a new stake in shares of First Citizens BancShares during the first quarter worth about $44,000. Wayfinding Financial LLC acquired a new stake in shares of First Citizens BancShares during the first quarter worth about $64,000. Finally, Brooklyn Investment Group boosted its stake in shares of First Citizens BancShares by 32.1% during the first quarter. Brooklyn Investment Group now owns 37 shares of the bank's stock worth $67,000 after buying an additional 9 shares during the period. Institutional investors and hedge funds own 78.01% of the company's stock.

First Citizens BancShares Trading Up 0.9%

Shares of First Citizens BancShares stock opened at $1,964.43 on Friday. First Citizens BancShares, Inc. has a 12-month low of $1,473.62 and a 12-month high of $2,412.93. 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 has a market cap of $25.38 billion, a PE ratio of 11.59 and a beta of 0.71. The company has a 50-day moving average of $1,996.27 and a two-hundred day moving average of $1,889.75.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last issued its earnings results on Friday, July 25th. The bank reported $44.78 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 company had revenue of $2.38 billion during the quarter, compared to analysts' expectations of $2.21 billion. On average, research analysts anticipate that First Citizens BancShares, Inc. will post 167.59 EPS for the current fiscal year.

First Citizens BancShares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 29th will be issued a $1.95 dividend. The ex-dividend date of this dividend is Friday, August 29th. This represents a $7.80 dividend on an annualized basis and a yield of 0.4%. First Citizens BancShares's dividend payout ratio (DPR) is 4.60%.

Insider Buying and Selling at First Citizens BancShares

In related news, CEO Frank B. Holding, Jr. bought 600 shares of the company's stock in a transaction on Thursday, August 7th. The stock was bought at an average cost of $1,698.75 per share, with a total value of $1,019,250.00. Following the completion of the acquisition, the chief executive officer owned 32,300 shares in the company, valued at approximately $54,869,625. This represents a 1.89% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Hope Holding Bryant bought 409 shares of the company's stock in a transaction 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 completion of the acquisition, the insider owned 1,764 shares of the company's stock, valued at $2,875,320. This represents a 30.18% increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders purchased 1,494 shares of company stock valued at $2,485,986. Corporate insiders own 13.40% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on FCNCA. JPMorgan Chase & Co. increased their target price on shares of First Citizens BancShares from $2,100.00 to $2,250.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 1st. 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 report on Monday, July 28th. Cowen restated a "buy" rating on shares of First Citizens BancShares in a research report on Monday, July 28th. Jefferies Financial Group started coverage on shares of First Citizens BancShares in a research report on Wednesday, May 21st. They issued a "hold" rating and a $2,050.00 price objective for the company. Finally, TD Cowen started coverage on shares of First Citizens BancShares in a research report on Thursday, May 15th. They issued a "buy" rating and a $2,400.00 price objective for the company. Seven research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, First Citizens BancShares presently has an average rating of "Moderate Buy" and a consensus price target of $2,291.17.

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.

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