First Citizens BancShares, Inc. $FCNCA Shares Purchased by Allstate Corp

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 increased its position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 56.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 469 shares of the bank's stock after purchasing an additional 170 shares during the period. Allstate Corp's holdings in First Citizens BancShares were worth $870,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of FCNCA. MassMutual Private Wealth & Trust FSB increased its position in 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 purchasing an additional 6 shares during the last quarter. Community Bank N.A. acquired a new stake in First Citizens BancShares during the first quarter worth about $44,000. Wayfinding Financial LLC acquired a new stake in First Citizens BancShares during the first quarter worth about $64,000. Brooklyn Investment Group increased its position in 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 purchasing an additional 9 shares during the last quarter. Finally, Toth Financial Advisory Corp increased its position in First Citizens BancShares by 263.6% during the first quarter. Toth Financial Advisory Corp now owns 40 shares of the bank's stock worth $74,000 after purchasing an additional 29 shares during the last quarter. 78.01% of the stock is currently owned by institutional investors and hedge funds.

First Citizens BancShares Trading Up 2.6%

Shares of FCNCA stock opened at $1,987.99 on Monday. 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 stock has a market capitalization of $25.68 billion, a P/E ratio of 11.73 and a beta of 0.64. The company has a 50 day moving average price of $1,982.21 and a 200 day moving average price of $1,901.33. First Citizens BancShares, Inc. has a fifty-two week low of $1,473.62 and a fifty-two week high of $2,412.93.

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

First Citizens BancShares Dividend Announcement

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

Insider Activity at First Citizens BancShares

In other First Citizens BancShares news, major shareholder Olivia Britton Holding acquired 409 shares of the company's stock in a transaction that occurred on Thursday, August 7th. The stock was purchased at an average price of $1,630.00 per share, for a total transaction of $666,670.00. Following the completion of the acquisition, the insider owned 1,764 shares of the company's stock, valued at approximately $2,875,320. This trade represents a 30.18% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Hope Holding Bryant acquired 409 shares of the company's stock in a transaction that occurred on Thursday, August 7th. The stock was acquired at an average price of $1,630.00 per share, with a total value of $666,670.00. Following the acquisition, the insider directly owned 1,764 shares of the company's stock, valued at approximately $2,875,320. This represents a 30.18% increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 1,494 shares of company stock worth $2,485,986. Corporate insiders own 13.19% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have 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. Jefferies Financial Group initiated coverage on shares of First Citizens BancShares in a research report on Wednesday, May 21st. They set a "hold" rating and a $2,050.00 price target for the company. Piper Sandler set a $2,150.00 price target on shares of First Citizens BancShares and gave the company a "neutral" rating in a research report on Monday, July 28th. Citigroup lifted their price target on shares of First Citizens BancShares from $1,900.00 to $2,050.00 and gave the company a "neutral" rating in a research report on Wednesday, July 2nd. Finally, Cowen reiterated a "buy" rating on shares of First Citizens BancShares in a research report on Monday, July 28th. Seven equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $2,291.17.

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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