Invesco Ltd. Has $21.26 Million Stock Position in First Citizens BancShares, Inc. $FCNCA

Key Points

• Invesco Ltd. has reduced its ownership in First Citizens BancShares, Inc. by 28.8%, leaving it with approximately 11,465 shares valued at $21.3 million.
• Several institutional investors significantly increased their stakes, with GAMMA Investing LLC alone raising its shareholding by an astonishing 169,861.1%.
• First Citizens BancShares recently announced a $1.95 quarterly dividend, representing an annual yield of 0.4%, with an ex-dividend date set for August 29.

Invesco Ltd. lessened its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 28.8% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 11,465 shares of the bank's stock after selling 4,628 shares during the period. Invesco Ltd. owned approximately 0.08% of First Citizens BancShares worth $21,257,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of FCNCA. GAMMA Investing LLC raised its stake in shares of First Citizens BancShares by 169,861.1% in the 1st quarter. GAMMA Investing LLC now owns 122,372 shares of the bank's stock worth $226,892,000 after buying an additional 122,300 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of First Citizens BancShares by 83.7% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 107,523 shares of the bank's stock worth $227,198,000 after buying an additional 48,994 shares in the last quarter. Castlekeep Investment Advisors LLC acquired a new position in shares of First Citizens BancShares in the 4th quarter worth $66,972,000. Siemens Fonds Invest GmbH acquired a new position in shares of First Citizens BancShares in the 4th quarter worth $49,265,000. Finally, Egerton Capital UK LLP grew its holdings in shares of First Citizens BancShares by 21.7% in the 1st quarter. Egerton Capital UK LLP now owns 124,773 shares of the bank's stock worth $231,344,000 after acquiring an additional 22,257 shares during the last quarter. Institutional investors own 78.01% of the company's stock.

Wall Street Analyst Weigh In

FCNCA has been the topic of a number of recent research reports. Piper Sandler set a $2,150.00 target price on First Citizens BancShares and gave the stock a "neutral" rating in a report on Monday, July 28th. UBS Group restated a "buy" rating and issued a $2,410.00 target price on shares of First Citizens BancShares in a report on Wednesday, July 9th. TD Cowen initiated coverage on First Citizens BancShares in a report on Thursday, May 15th. They issued a "buy" rating and a $2,400.00 target price on the stock. Wall Street Zen cut First Citizens BancShares from a "hold" rating to a "sell" rating in a report on Monday, April 28th. Finally, Cowen restated a "buy" rating on shares of First Citizens BancShares in a report on Monday, July 28th. Seven research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, First Citizens BancShares has an average rating of "Moderate Buy" and a consensus target price of $2,291.17.

First Citizens BancShares Price Performance

NASDAQ FCNCA traded up $29.84 during trading hours on Tuesday, reaching $1,998.32. 103,732 shares of the company's stock were exchanged, compared to its average volume of 145,678. The stock has a market cap of $25.82 billion, a PE ratio of 11.79 and a beta of 0.64. First Citizens BancShares, Inc. has a one year low of $1,473.62 and a one year high of $2,412.93. The firm has a fifty day moving average of $1,989.04 and a 200-day moving average of $1,900.27. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.76.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last released its quarterly earnings results on Friday, July 25th. The bank reported $44.78 EPS for the quarter, topping analysts' consensus estimates of $39.08 by $5.70. The business had revenue of $2.38 billion for the quarter, compared to analyst estimates of $2.21 billion. First Citizens BancShares had a return on equity of 11.32% and a net margin of 16.37%. On average, equities research 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 firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 29th will be given a dividend of $1.95 per share. The ex-dividend date is Friday, August 29th. This represents a $7.80 dividend on an annualized basis and a yield of 0.4%. First Citizens BancShares's dividend payout ratio is 4.60%.

Insider Buying and Selling

In other First Citizens BancShares news, major shareholder Olivia Britton Holding purchased 409 shares of the firm's stock in a transaction that occurred on Thursday, August 7th. The shares were acquired at an average cost of $1,630.00 per share, for a total transaction of $666,670.00. Following the transaction, 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 ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, CEO Frank B. Holding, Jr. purchased 600 shares of the firm's stock in a transaction that occurred on Thursday, August 7th. The shares were acquired at an average price of $1,698.75 per share, for a total transaction of $1,019,250.00. Following the completion of the transaction, the chief executive officer owned 32,300 shares in the company, valued at $54,869,625. The trade was a 1.89% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired a total of 1,494 shares of company stock worth $2,485,986 in the last three months. Insiders own 13.19% of the company's stock.

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.