First Citizens BancShares, Inc. $FCNCA Shares Sold by HB Wealth Management LLC

Key Points

• HB Wealth Management LLC reduced its stake in First Citizens BancShares, Inc. by 18.8% during the second quarter, now holding shares valued at approximately $1.43 million.
• CEO Frank B. Holding, Jr. purchased 600 shares of company stock, increasing his ownership by 1.89% following the transaction.
• First Citizens BancShares recently announced a quarterly dividend of $1.95 per share, equating to an annual dividend yield of 0.4%.

HB Wealth Management LLC decreased its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 18.8% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 733 shares of the bank's stock after selling 170 shares during the quarter. HB Wealth Management LLC's holdings in First Citizens BancShares were worth $1,434,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. SVB Wealth LLC acquired a new position in First Citizens BancShares during the 1st quarter valued at approximately $35,000. Community Bank N.A. acquired a new position in First Citizens BancShares during the 1st quarter valued at approximately $44,000. Wayfinding Financial LLC acquired a new position in First Citizens BancShares during the 1st quarter valued at approximately $64,000. Brooklyn Investment Group boosted its position in First Citizens BancShares by 32.1% during the 1st quarter. Brooklyn Investment Group now owns 37 shares of the bank's stock valued at $67,000 after purchasing an additional 9 shares during the period. Finally, Toth Financial Advisory Corp boosted its position in First Citizens BancShares by 263.6% during the 1st quarter. Toth Financial Advisory Corp now owns 40 shares of the bank's stock valued at $74,000 after purchasing an additional 29 shares during the period. Institutional investors and hedge funds own 78.01% of the company's stock.

Insider Transactions at First Citizens BancShares

In other news, CEO Frank B. Holding, Jr. acquired 600 shares of the company's stock in a transaction dated Thursday, August 7th. The shares were bought at an average price of $1,698.75 per share, with a total value of $1,019,250.00. Following the purchase, the chief executive officer owned 32,300 shares of the company's stock, valued at approximately $54,869,625. This represents a 1.89% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Hope Holding Bryant acquired 409 shares of the company's stock in a transaction dated Thursday, August 7th. The stock was purchased at an average cost of $1,630.00 per share, for a total transaction of $666,670.00. Following the purchase, the insider directly owned 1,764 shares in the company, valued at approximately $2,875,320. This represents a 30.18% increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have bought 1,494 shares of company stock valued at $2,485,986. Corporate insiders own 13.40% of the company's stock.

First Citizens BancShares Stock Performance

FCNCA stock opened at $1,742.68 on Friday. The company has a market capitalization of $22.52 billion, a P/E ratio of 10.28 and a beta of 0.60. The company has a 50-day simple moving average of $1,917.77 and a 200 day simple moving average of $1,886.55. First Citizens BancShares, Inc. has a fifty-two week low of $1,473.62 and a fifty-two week high of $2,412.93. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.76.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last posted its quarterly earnings data on Friday, July 25th. The bank reported $44.78 EPS for the quarter, topping 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 company had revenue of $2.38 billion for the quarter, compared to the consensus estimate of $2.21 billion. Sell-side analysts predict that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current fiscal year.

First Citizens BancShares Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Friday, August 29th were paid a $1.95 dividend. This represents a $7.80 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date of this dividend was Friday, August 29th. First Citizens BancShares's payout ratio is currently 4.60%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. JPMorgan Chase & Co. boosted their price objective on First Citizens BancShares from $2,100.00 to $2,250.00 and gave the company an "overweight" rating in a research report on Tuesday, July 1st. Piper Sandler set a $2,150.00 price objective on First Citizens BancShares and gave the company a "neutral" rating in a research report on Monday, July 28th. Wall Street Zen lowered First Citizens BancShares from a "hold" rating to a "sell" rating in a research report on Sunday, September 28th. UBS Group restated a "buy" rating and set a $2,410.00 price objective on shares of First Citizens BancShares in a research report on Wednesday, July 9th. Finally, Citigroup reiterated an "underweight" rating on shares of First Citizens BancShares in a research report on Wednesday. Seven investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $2,291.17.

First Citizens BancShares Profile

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.

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