First Citizens BancShares, Inc. $FCNCA Shares Bought by Check Capital Management Inc. CA

Key Points

• Check Capital Management Inc. CA increased its stake in First Citizens BancShares by 1.0% in Q2, now holding 34,286 shares valued at approximately $67 million, making it the 6th largest position in their portfolio.
• First Citizens BancShares reported earnings per share of $44.78 for the last quarter, surpassing expectations, with a net margin of 16.37% and an annualized dividend yield of 0.5%.
• Insider activity is notable, with CEO Frank B. Holding, Jr. purchasing 600 shares at $1,698.75, indicating confidence in the company's performance and an increase in his ownership stake.

Check Capital Management Inc. CA raised its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 1.0% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 34,286 shares of the bank's stock after acquiring an additional 328 shares during the period. First Citizens BancShares makes up approximately 2.3% of Check Capital Management Inc. CA's investment portfolio, making the stock its 6th largest position. Check Capital Management Inc. CA owned about 0.26% of First Citizens BancShares worth $67,079,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. SVB Wealth LLC acquired a new stake in First Citizens BancShares in the 1st quarter valued at about $35,000. Community Bank N.A. acquired a new stake in First Citizens BancShares in the 1st quarter valued at about $44,000. Wayfinding Financial LLC acquired a new stake in First Citizens BancShares in the 1st quarter valued at about $64,000. Brooklyn Investment Group raised its holdings in First Citizens BancShares by 32.1% in the 1st quarter. Brooklyn Investment Group now owns 37 shares of the bank's stock valued at $67,000 after acquiring an additional 9 shares during the last quarter. Finally, Toth Financial Advisory Corp raised its holdings in First Citizens BancShares by 32.5% in the 2nd quarter. Toth Financial Advisory Corp now owns 53 shares of the bank's stock valued at $104,000 after acquiring an additional 13 shares during the last quarter. Institutional investors and hedge funds own 78.01% of the company's stock.

First Citizens BancShares Stock Down 4.2%

First Citizens BancShares stock opened at $1,701.73 on Friday. First Citizens BancShares, Inc. has a fifty-two week low of $1,473.62 and a fifty-two week high of $2,412.93. The company has a debt-to-equity ratio of 1.76, a quick ratio of 1.04 and a current ratio of 1.04. The firm has a 50 day moving average price of $1,886.23 and a 200 day moving average price of $1,882.01. The company has a market capitalization of $21.99 billion, a PE ratio of 10.04 and a beta of 0.60.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last posted its earnings results on Friday, July 25th. The bank reported $44.78 earnings per share for the quarter, beating 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 the consensus estimate of $2.21 billion. Research analysts expect that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current year.

First Citizens BancShares Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Friday, August 29th were issued a $1.95 dividend. This represents a $7.80 annualized dividend and a yield of 0.5%. The ex-dividend date was Friday, August 29th. First Citizens BancShares's dividend payout ratio (DPR) is 4.60%.

Insider Activity at First Citizens BancShares

In related news, CEO Frank B. Holding, Jr. bought 600 shares of the company's stock in a transaction that occurred on Thursday, August 7th. The stock was purchased at an average price of $1,698.75 per share, for a total transaction of $1,019,250.00. Following the acquisition, the chief executive officer owned 32,300 shares of the company's stock, valued at approximately $54,869,625. This trade represents a 1.89% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Hope Holding Bryant purchased 409 shares of the firm's stock in a transaction on Thursday, August 7th. The stock was acquired 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 $2,875,320. This trade represents a 30.18% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 1,494 shares of company stock worth $2,485,986. Insiders own 13.40% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Truist Financial cut their price target on shares of First Citizens BancShares from $2,240.00 to $2,000.00 and set a "hold" rating for the company in a report on Friday, October 3rd. The Goldman Sachs Group cut their price target on shares of First Citizens BancShares from $2,250.00 to $1,950.00 and set a "buy" rating for the company in a report on Monday, October 6th. JPMorgan Chase & Co. raised their price target on shares of First Citizens BancShares from $2,100.00 to $2,250.00 and gave the stock an "overweight" rating in a report on Tuesday, July 1st. Weiss Ratings restated a "buy (b-)" rating on shares of First Citizens BancShares in a report on Wednesday. Finally, Citigroup restated an "outperform" rating on shares of First Citizens BancShares in a report on Tuesday. Nine investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $2,227.69.

First Citizens BancShares Company 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.

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