Allstate Corp Increases Holdings in First Citizens BancShares, Inc. $FCNCA

Key Points

• Allstate Corp increased its holdings in First Citizens BancShares by 56.9%, owning 469 shares valued at approximately $870,000 as of the end of the first quarter.
• The bank reported quarterly earnings of $44.78 per share, exceeding analyst expectations of $39.08, with revenues reaching $2.38 billion for the quarter.
• A quarterly dividend of $1.95 will be paid on September 15th, with a total annualized dividend yield of 0.4%, reflecting a payout ratio of 4.60%.

Allstate Corp lifted its position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 56.9% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 469 shares of the bank's stock after buying an additional 170 shares during the period. Allstate Corp's holdings in First Citizens BancShares were worth $870,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also made changes to their positions in the company. GAMMA Investing LLC raised its position in First Citizens BancShares by 169,861.1% in the first quarter. GAMMA Investing LLC now owns 122,372 shares of the bank's stock valued at $226,892,000 after purchasing an additional 122,300 shares during the period. Nuveen LLC purchased a new stake in First Citizens BancShares in the first quarter valued at approximately $149,963,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of First Citizens BancShares by 83.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 107,523 shares of the bank's stock worth $227,198,000 after acquiring an additional 48,994 shares during the period. Castlekeep Investment Advisors LLC purchased a new stake in shares of First Citizens BancShares during the fourth quarter worth $66,972,000. Finally, Siemens Fonds Invest GmbH purchased a new stake in shares of First Citizens BancShares during the fourth quarter worth $49,265,000. Institutional investors and hedge funds own 78.01% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on FCNCA. UBS Group reaffirmed a "buy" rating and set a $2,410.00 price objective on shares of First Citizens BancShares in a research report on Wednesday, July 9th. Cowen reaffirmed a "buy" rating on shares of First Citizens BancShares in a research report on Monday, July 28th. TD Cowen assumed coverage on First Citizens BancShares in a research report on Thursday, May 15th. They set a "buy" rating and a $2,400.00 price objective on the stock. JPMorgan Chase & Co. boosted 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. Finally, Jefferies Financial Group assumed 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. Seven analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $2,291.17.

First Citizens BancShares Stock Performance

Shares of NASDAQ FCNCA traded down $19.54 during midday trading on Friday, reaching $1,983.91. 148,796 shares of the company were exchanged, compared to its average volume of 156,520. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.76. 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 fifty day simple moving average of $1,998.22 and a 200 day simple moving average of $1,897.38. The stock has a market cap of $25.63 billion, a P/E ratio of 11.71 and a beta of 0.64.

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

First Citizens BancShares Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 29th will be given a $1.95 dividend. The ex-dividend date 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 presently 4.60%.

Insider Activity at First Citizens BancShares

In other news, insider Hope Holding Bryant acquired 409 shares of First Citizens BancShares stock in a transaction that occurred on Thursday, August 7th. The stock was purchased at an average price of $1,630.00 per share, for a total transaction of $666,670.00. Following the completion of the transaction, the insider directly owned 1,764 shares in the company, valued at approximately $2,875,320. This trade represents a 30.18% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Frank B. Holding, Jr. purchased 600 shares of First Citizens BancShares stock in a transaction dated Thursday, August 7th. The shares were bought at an average price of $1,698.75 per share, with a total value of $1,019,250.00. Following the completion of the transaction, the chief executive officer owned 32,300 shares in the company, valued at approximately $54,869,625. This trade represents a 1.89% increase in their position. The disclosure for this purchase can be found here. Insiders bought a total of 1,494 shares of company stock worth $2,485,986 over the last 90 days. Company insiders own 13.40% of the company's stock.

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.