First Citizens BancShares, Inc. $FCNCA Shares Purchased by PNC Financial Services Group Inc.

Key Points

• PNC Financial Services Group increased its stake in First Citizens BancShares by 181.4% in the fourth quarter, buying 927 additional shares and bringing its total to 1,438 shares worth about $3.1 million.
• Company CEO Frank B. Holding, Jr. purchased 5,940 shares in May for about $10.26 million, lifting his ownership by 18.46%. Insiders have bought 6,198 shares over the last 90 days.
• First Citizens BancShares reported quarterly earnings of $44.86 per share, beating estimates, and also announced a $2.10 quarterly dividend. Analysts currently have a consensus rating of Hold with an average price target of $2,215.91.

PNC Financial Services Group Inc. grew its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 181.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,438 shares of the bank's stock after buying an additional 927 shares during the quarter. PNC Financial Services Group Inc.'s holdings in First Citizens BancShares were worth $3,087,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. JPMorgan Chase & Co. raised its holdings in shares of First Citizens BancShares by 4.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 435,278 shares of the bank's stock worth $778,785,000 after purchasing an additional 18,190 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its position in First Citizens BancShares by 117,518.9% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 205,833 shares of the bank's stock valued at $441,755,000 after purchasing an additional 205,658 shares during the last quarter. Alliancebernstein L.P. raised its stake in shares of First Citizens BancShares by 16.3% during the 3rd quarter. Alliancebernstein L.P. now owns 78,310 shares of the bank's stock worth $140,109,000 after purchasing an additional 10,948 shares in the last quarter. Allspring Global Investments Holdings LLC grew its position in First Citizens BancShares by 57.5% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 76,088 shares of the bank's stock worth $164,247,000 after acquiring an additional 27,789 shares in the last quarter. Finally, UBS Group AG lifted its stake in shares of First Citizens BancShares by 96.7% in the 4th quarter. UBS Group AG now owns 69,551 shares of the bank's stock valued at $149,269,000 after purchasing an additional 34,184 shares during the last quarter. 78.01% of the stock is currently owned by institutional investors.

Insider Activity

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. bought 5,940 shares of First Citizens BancShares stock in a transaction dated Tuesday, May 12th. The shares were bought at an average price of $1,726.82 per share, with a total value of $10,257,310.80. Following the purchase, the chief executive officer owned 38,111 shares of the company's stock, valued at $65,810,837.02. This trade represents a 18.46% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Over the last 90 days, insiders have bought 6,198 shares of company stock valued at $10,661,547. 14.63% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research firms recently issued reports on FCNCA. Piper Sandler set a $2,050.00 price objective on shares of First Citizens BancShares in a research note on Friday, April 24th. Wall Street Zen raised shares of First Citizens BancShares from a "sell" rating to a "hold" rating in a report on Sunday. Citigroup reissued a "neutral" rating on shares of First Citizens BancShares in a report on Friday, April 24th. UBS Group set a $2,325.00 price objective on shares of First Citizens BancShares in a research note on Wednesday, February 4th. Finally, TD Cowen dropped their price objective on shares of First Citizens BancShares from $2,500.00 to $2,300.00 and set a "buy" rating for the company in a research note on Monday, April 27th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and nine have assigned a Hold rating to the company's stock. According to MarketBeat.com, First Citizens BancShares has a consensus rating of "Hold" and an average target price of $2,215.91.

First Citizens BancShares Trading Up 0.3%

FCNCA opened at $1,996.92 on Wednesday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.67. The stock has a market capitalization of $23.14 billion, a PE ratio of 11.48, a PEG ratio of 1.52 and a beta of 0.63. First Citizens BancShares, Inc. has a 1-year low of $1,623.76 and a 1-year high of $2,232.21. The firm has a 50-day moving average price of $1,936.17 and a two-hundred day moving average price of $1,989.55.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last posted its quarterly earnings data on Thursday, April 23rd. The bank reported $44.86 earnings per share for the quarter, beating the consensus estimate of $43.31 by $1.55. The firm had revenue of $2.14 billion during the quarter, compared to analysts' expectations 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 last year, the company posted $37.79 EPS. As a group, equities analysts anticipate that First Citizens BancShares, Inc. will post 177.84 earnings per share 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. Stockholders of record on Friday, May 29th will be paid a $2.10 dividend. This represents a $8.40 annualized dividend and a dividend yield of 0.4%. The ex-dividend date of this dividend is Friday, May 29th. First Citizens BancShares's dividend payout ratio (DPR) is 4.83%.

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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