First Citizens BancShares, Inc. $FCNCA Shares Purchased by Barr E S & Co.

Key Points

• Barr E S & Co. increased its stake in First Citizens BancShares by 33.2% in the fourth quarter, adding 1,495 shares to bring its total to 5,995 shares valued at about $12.9 million.
• The bank reported strong quarterly earnings of $44.86 per share, beating analyst expectations, though revenue of $2.14 billion came in slightly below estimates.
• First Citizens also announced a quarterly dividend of $2.10 per share, while analysts currently rate the stock a consensus Hold with an average target price of $2,202.08.

Barr E S & Co. raised its holdings in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 33.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,995 shares of the bank's stock after buying an additional 1,495 shares during the period. First Citizens BancShares comprises 0.7% of Barr E S & Co.'s investment portfolio, making the stock its 27th largest position. Barr E S & Co.'s holdings in First Citizens BancShares were worth $12,866,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Goldman Sachs Group Inc. lifted its position in shares of First Citizens BancShares by 1.9% during the first quarter. Goldman Sachs Group Inc. now owns 37,389 shares of the bank's stock worth $69,324,000 after purchasing an additional 681 shares in the last quarter. Empowered Funds LLC lifted its position in shares of First Citizens BancShares by 71.9% during the first quarter. Empowered Funds LLC now owns 392 shares of the bank's stock worth $727,000 after purchasing an additional 164 shares in the last quarter. Focus Partners Wealth lifted its position in shares of First Citizens BancShares by 5.2% during the first quarter. Focus Partners Wealth now owns 241 shares of the bank's stock worth $447,000 after purchasing an additional 12 shares in the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of 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 in the last quarter. Finally, Flow Traders U.S. LLC acquired a new position in shares of First Citizens BancShares during the second quarter worth $260,000. 78.01% of the stock is owned by institutional investors and hedge funds.

First Citizens BancShares Stock Down 0.5%

Shares of NASDAQ:FCNCA opened at $1,928.39 on Friday. The company has a current ratio of 1.00, a quick ratio of 1.03 and a debt-to-equity ratio of 1.67. The company has a fifty day simple moving average of $1,922.03 and a 200 day simple moving average of $1,979.49. The firm has a market cap of $22.35 billion, a PE ratio of 11.09, a price-to-earnings-growth ratio of 1.47 and a beta of 0.63. First Citizens BancShares, Inc. has a 12-month low of $1,623.76 and a 12-month high of $2,232.21.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last issued its quarterly earnings results on Thursday, April 23rd. The bank reported $44.86 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $43.31 by $1.55. The business had revenue of $2.14 billion during the quarter, compared to analyst estimates of $2.20 billion. First Citizens BancShares had a net margin of 15.62% and a return on equity of 11.48%. During the same quarter in the previous year, the firm earned $37.79 earnings per share. On average, equities research analysts anticipate that First Citizens BancShares, Inc. will post 177.84 EPS for the current fiscal year.

First Citizens BancShares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Friday, May 29th will be paid a dividend of $2.10 per share. The ex-dividend date is Friday, May 29th. This represents a $8.40 annualized dividend and a yield of 0.4%. First Citizens BancShares's payout ratio is presently 4.83%.

Insiders Place Their Bets

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. sold 5,346 shares of the business's stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $1,918.69, for a total transaction of $10,257,316.74. Following the completion of the sale, the chief executive officer owned 100,654 shares in the company, valued at $193,123,823.26. The trade was a 5.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have acquired a total of 6,198 shares of company stock worth $10,661,547 in the last three months. 14.63% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on FCNCA shares. Keefe, Bruyette & Woods reduced their target price on shares of First Citizens BancShares from $2,375.00 to $2,300.00 and set an "outperform" rating on the stock in a research report on Thursday, April 9th. Weiss Ratings cut shares of First Citizens BancShares from a "buy (b)" rating to a "hold (c+)" rating in a research report on Monday, May 11th. Wall Street Zen cut shares of First Citizens BancShares from a "hold" rating to a "sell" rating in a research report on Saturday. Barclays reduced their target price on shares of First Citizens BancShares from $2,456.00 to $2,346.00 and set an "equal weight" rating on the stock in a research report on Monday, January 26th. Finally, JPMorgan Chase & Co. reduced their target price on shares of First Citizens BancShares from $2,200.00 to $2,150.00 and set a "neutral" rating on the stock in a research report on Friday, April 24th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat, First Citizens BancShares has an average rating of "Hold" and an average target price of $2,202.08.

First Citizens BancShares Company 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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