First Citizens BancShares, Inc. $FCNCA Shares Sold by Geode Capital Management LLC

Key Points

• Geode Capital Management trimmed its position in First Citizens BancShares by 3.7% in the fourth quarter, selling 7,034 shares and leaving it with 181,487 shares worth about $388.5 million.
• CEO Frank B. Holding, Jr. bought 5,940 shares in May for roughly $10.26 million, boosting his direct ownership by 18.46%; insiders now own 14.63% of the company.
• The bank reported better-than-expected EPS of $44.86 in its latest quarter, and it also announced a quarterly dividend of $2.10 per share payable June 15, representing an annualized yield of about 0.4%.

Geode Capital Management LLC decreased its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 3.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 181,487 shares of the bank's stock after selling 7,034 shares during the period. Geode Capital Management LLC owned approximately 1.46% of First Citizens BancShares worth $388,530,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of FCNCA. SBI Securities Co. Ltd. acquired a new position in First Citizens BancShares during the 3rd quarter valued at about $27,000. UMB Bank n.a. increased its stake in First Citizens BancShares by 100.0% during the 3rd quarter. UMB Bank n.a. now owns 16 shares of the bank's stock valued at $29,000 after buying an additional 8 shares during the period. Harbor Investment Advisory LLC increased its stake in First Citizens BancShares by 150.0% during the 4th quarter. Harbor Investment Advisory LLC now owns 15 shares of the bank's stock valued at $32,000 after buying an additional 9 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its stake 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 valued at $34,000 after buying an additional 14 shares during the period. Finally, Fifth Third Bancorp increased its stake in First Citizens BancShares by 40.0% during the 3rd quarter. Fifth Third Bancorp now owns 21 shares of the bank's stock valued at $38,000 after buying an additional 6 shares during the period. Institutional investors and hedge funds own 78.01% of the company's stock.

Insider Activity

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. acquired 5,940 shares of the 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 directly owned 38,111 shares of the company's stock, valued at approximately $65,810,837.02. This trade represents a 18.46% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Over the last 90 days, insiders have purchased 6,198 shares of company stock valued at $10,661,547. Insiders own 14.63% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. UBS Group set a $2,325.00 target price on shares of First Citizens BancShares in a research note on Wednesday, February 4th. Weiss Ratings cut shares of First Citizens BancShares from a "hold (c+)" rating to a "hold (c)" rating in a research note on Friday, May 22nd. TD Cowen lowered their target price on shares of First Citizens BancShares from $2,500.00 to $2,300.00 and set a "buy" rating on the stock in a research note on Monday, April 27th. Wall Street Zen raised shares of First Citizens BancShares from a "sell" rating to a "hold" rating in a research note on Sunday, May 24th. Finally, Citigroup reaffirmed a "neutral" rating on shares of First Citizens BancShares in a research note on Friday, April 24th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat.com, First Citizens BancShares presently has an average rating of "Hold" and a consensus target price of $2,215.91.

First Citizens BancShares Stock Performance

Shares of FCNCA opened at $1,990.51 on Monday. The firm's 50 day moving average is $1,949.40 and its 200-day moving average is $1,993.49. The stock has a market capitalization of $23.07 billion, a P/E ratio of 11.45, a P/E/G ratio of 1.52 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, 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 announced its quarterly earnings data on Thursday, April 23rd. The bank reported $44.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $43.31 by $1.55. The company had revenue of $2.14 billion for 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 in the previous year, the company posted $37.79 EPS. 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 disclosed 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. The ex-dividend date of this dividend is Friday, May 29th. This represents a $8.40 annualized dividend and a dividend yield of 0.4%. First Citizens BancShares's payout ratio is currently 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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