First Citizens BancShares, Inc. $FCNCA Shares Purchased by Reinhart Partners LLC.

Key Points

• Reinhart Partners LLC increased its stake in First Citizens BancShares by 10.8% in the fourth quarter, making FCNCA its largest holding. The firm now owns 77,814 shares valued at about $167.0 million.
• First Citizens BancShares reported better-than-expected quarterly earnings, posting $44.86 EPS versus estimates of $43.31. Revenue came in at $2.14 billion, slightly below forecasts, while analysts still expect full-year EPS of 177.84.
• The company declared a quarterly dividend of $2.10 per share, payable June 15, and the stock was up 2.9% in Wednesday trading. However, analyst sentiment remains cautious overall, with a consensus rating of “Hold” and an average price target of $2,215.91.

Reinhart Partners LLC. lifted its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 10.8% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 77,814 shares of the bank's stock after purchasing an additional 7,566 shares during the period. First Citizens BancShares makes up 5.0% of Reinhart Partners LLC.'s holdings, making the stock its biggest holding. Reinhart Partners LLC. owned approximately 0.63% of First Citizens BancShares worth $167,041,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the business. SBI Securities Co. Ltd. acquired a new position in First Citizens BancShares during the 3rd quarter worth approximately $27,000. UMB Bank n.a. grew its holdings in First Citizens BancShares by 100.0% during the 3rd quarter. UMB Bank n.a. now owns 16 shares of the bank's stock worth $29,000 after acquiring an additional 8 shares in the last quarter. Harbor Investment Advisory LLC grew its holdings in First Citizens BancShares by 150.0% during the 4th quarter. Harbor Investment Advisory LLC now owns 15 shares of the bank's stock worth $32,000 after acquiring an additional 9 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in First Citizens BancShares by 280.0% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 19 shares of the bank's stock worth $34,000 after acquiring an additional 14 shares in the last quarter. Finally, Fifth Third Bancorp grew its holdings in First Citizens BancShares by 40.0% during the 3rd quarter. Fifth Third Bancorp now owns 21 shares of the bank's stock worth $38,000 after acquiring an additional 6 shares in the last quarter. Institutional investors and hedge funds own 78.01% of the company's stock.

Analysts Set New Price Targets

FCNCA has been the subject of several analyst reports. TD Cowen lowered their price target on shares of First Citizens BancShares from $2,500.00 to $2,300.00 and set a "buy" rating for the company in a report on Monday, April 27th. Wall Street Zen upgraded shares of First Citizens BancShares from a "sell" rating to a "hold" rating in a report on Sunday, May 24th. Keefe, Bruyette & Woods lowered their price target on shares of First Citizens BancShares from $2,375.00 to $2,300.00 and set an "outperform" rating for the company in a report on Thursday, April 9th. Deutsche Bank Aktiengesellschaft cut shares of First Citizens BancShares from a "buy" rating to a "hold" rating and set a $2,154.00 price target for the company. in a report on Wednesday, April 8th. Finally, Citigroup reiterated a "neutral" rating on shares of First Citizens BancShares in a report on Friday, April 24th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat.com, First Citizens BancShares presently has a consensus rating of "Hold" and a consensus price target of $2,215.91.

First Citizens BancShares Stock Up 2.9%

FCNCA stock opened at $1,996.43 on Wednesday. The company has a fifty day moving average price of $1,952.13 and a 200 day moving average price of $1,994.35. First Citizens BancShares, Inc. has a 12 month low of $1,623.76 and a 12 month high of $2,232.21. The company has a market cap of $23.14 billion, a price-to-earnings ratio of 11.48, a price-to-earnings-growth ratio of 1.48 and a beta of 0.62. The company has a debt-to-equity ratio of 1.67, a current ratio of 1.00 and a quick ratio of 1.00.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last released its quarterly earnings results on Thursday, April 23rd. The bank reported $44.86 EPS for the quarter, beating the consensus estimate of $43.31 by $1.55. First Citizens BancShares had a net margin of 15.62% and a return on equity of 11.48%. The firm had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $2.20 billion. During the same quarter in the prior year, the firm earned $37.79 EPS. Sell-side analysts expect that First Citizens BancShares, Inc. will post 177.84 earnings per share for the current year.

First Citizens BancShares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Friday, May 29th will be given a $2.10 dividend. 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 dividend payout ratio is 4.83%.

Insider Buying and Selling

In related news, CEO Frank B. Holding, Jr. sold 5,346 shares of the company's stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $1,918.69, for a total value 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. This represents a 5.04% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In the last ninety days, insiders have acquired 6,198 shares of company stock valued at $10,661,547. 14.63% of the stock is owned by corporate insiders.

First Citizens BancShares 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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