Alua Capital Management LP Sells 50,862 Shares of First Citizens BancShares, Inc. $FCNCA

Key Points

• Alua Capital Management LP reduced its stake in First Citizens BancShares by 55.5% in the first quarter, now holding 40,859 shares, which constitute 5.9% of its portfolio.
• Insider trading activity includes CEO Frank B. Holding, Jr. purchasing 600 shares at $1,698.75 each, increasing his stake by 1.89% to a total value of approximately $54.9 million.
• First Citizens BancShares reported an EPS of $44.78 for the last quarter, exceeding analyst expectations, with a projected EPS of 167.59 for the current fiscal year.

Alua Capital Management LP lowered its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 55.5% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 40,859 shares of the bank's stock after selling 50,862 shares during the quarter. First Citizens BancShares makes up approximately 5.9% of Alua Capital Management LP's holdings, making the stock its 7th largest position. Alua Capital Management LP owned approximately 0.30% of First Citizens BancShares worth $75,757,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Teacher Retirement System of Texas bought a new stake in First Citizens BancShares during the 1st quarter valued at $2,642,000. Bank of New York Mellon Corp raised its stake in First Citizens BancShares by 1.9% during the 1st quarter. Bank of New York Mellon Corp now owns 40,553 shares of the bank's stock valued at $75,190,000 after acquiring an additional 772 shares in the last quarter. Cambridge Investment Research Advisors Inc. raised its stake in First Citizens BancShares by 16.6% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 190 shares of the bank's stock valued at $352,000 after acquiring an additional 27 shares in the last quarter. Kingswood Wealth Advisors LLC bought a new stake in First Citizens BancShares during the 1st quarter valued at $439,000. Finally, DAVENPORT & Co LLC bought a new stake in First Citizens BancShares during the 1st quarter valued at $221,000. Institutional investors and hedge funds own 78.01% of the company's stock.

Insiders Place Their Bets

In other news, major shareholder Olivia Britton Holding purchased 409 shares of the business's stock in a transaction on Thursday, August 7th. The stock was purchased 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 in the company, valued at approximately $2,875,320. The trade was a 30.18% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Frank B. Holding, Jr. purchased 600 shares of the business's stock in a transaction on Thursday, August 7th. The stock was purchased at an average cost of $1,698.75 per share, with a total value of $1,019,250.00. Following the acquisition, the chief executive officer owned 32,300 shares in the company, valued at approximately $54,869,625. This represents a 1.89% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased 1,494 shares of company stock valued at $2,485,986 over the last quarter. Insiders own 13.40% of the company's stock.

First Citizens BancShares Price Performance

Shares of NASDAQ FCNCA traded down $84.85 during mid-day trading on Friday, reaching $1,925.26. The company had a trading volume of 152,003 shares, compared to its average volume of 138,490. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.76. The stock has a market cap of $24.87 billion, a PE ratio of 11.36 and a beta of 0.71. The company has a 50-day moving average price of $2,003.55 and a two-hundred day moving average price of $1,891.68. First Citizens BancShares, Inc. has a 1-year low of $1,473.62 and a 1-year high of $2,412.93.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last issued its quarterly earnings results 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. First Citizens BancShares had a return on equity of 11.32% and a net margin of 16.37%.The business had revenue of $2.38 billion for the quarter, compared to the consensus estimate of $2.21 billion. On average, equities analysts anticipate that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current year.

First Citizens BancShares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 29th will be given a $1.95 dividend. The ex-dividend date of this dividend 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 currently 4.60%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on FCNCA. Piper Sandler set a $2,150.00 price objective on First Citizens BancShares and gave the stock a "neutral" rating in a research note on Monday, July 28th. Cowen reissued a "buy" rating on shares of First Citizens BancShares in a research note on Monday, July 28th. Citigroup boosted their price objective on First Citizens BancShares from $1,900.00 to $2,050.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 2nd. JPMorgan Chase & Co. boosted their price objective on 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 began coverage on First Citizens BancShares in a research note on Wednesday, May 21st. They issued a "hold" rating and a $2,050.00 price objective on the stock. Seven research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat, First Citizens BancShares has an average rating of "Moderate Buy" and an average price target of $2,291.17.

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.