First Citizens BancShares, Inc. $FCNCA Shares Sold by Invesco Ltd.

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. decreased its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 28.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,465 shares of the bank's stock after selling 4,628 shares during the period. Invesco Ltd. owned about 0.08% of First Citizens BancShares worth $21,257,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of the business. GAMMA Investing LLC grew its stake in shares of First Citizens BancShares by 169,861.1% during the first quarter. GAMMA Investing LLC now owns 122,372 shares of the bank's stock worth $226,892,000 after purchasing an additional 122,300 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of First Citizens BancShares by 83.7% during the fourth 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 purchasing an additional 48,994 shares in the last quarter. Castlekeep Investment Advisors LLC acquired a new position in shares of First Citizens BancShares during the fourth quarter worth $66,972,000. Siemens Fonds Invest GmbH acquired a new position in shares of First Citizens BancShares during the fourth quarter worth $49,265,000. Finally, Egerton Capital UK LLP grew its stake in shares of First Citizens BancShares by 21.7% during the first quarter. Egerton Capital UK LLP now owns 124,773 shares of the bank's stock worth $231,344,000 after purchasing an additional 22,257 shares in the last quarter. 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. bought 600 shares of First Citizens BancShares stock in a transaction dated Thursday, August 7th. The stock was acquired at an average cost of $1,698.75 per share, with a total value of $1,019,250.00. Following the completion of the acquisition, 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Olivia Britton Holding bought 409 shares of First Citizens BancShares stock in a transaction dated Thursday, August 7th. The stock was acquired at an average cost of $1,630.00 per share, with a total value of $666,670.00. Following the completion of the acquisition, the insider directly owned 1,764 shares of the company's stock, valued at approximately $2,875,320. The trade was a 30.18% increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders acquired 1,494 shares of company stock valued at $2,485,986. Insiders own 13.40% of the company's stock.

First Citizens BancShares Price Performance

Shares of FCNCA opened at $1,931.34 on Thursday. First Citizens BancShares, Inc. has a 1-year low of $1,473.62 and a 1-year high of $2,412.93. The stock has a market cap of $24.95 billion, a PE ratio of 11.40 and a beta of 0.64. The company has a debt-to-equity ratio of 1.76, a current ratio of 1.04 and a quick ratio of 1.04. The firm has a fifty day moving average price of $1,976.90 and a 200 day moving average price of $1,907.86.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last announced 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 net margin of 16.37% and a return on equity of 11.32%. The firm had revenue of $2.38 billion during the quarter, compared to analysts' expectations of $2.21 billion. As a group, sell-side analysts anticipate that First Citizens BancShares, Inc. will post 167.59 EPS for the current year.

First Citizens BancShares Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 29th will be issued 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 is Friday, August 29th. First Citizens BancShares's dividend payout ratio is presently 4.60%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. Wall Street Zen downgraded shares of First Citizens BancShares from a "hold" rating to a "sell" rating in a research note on Monday, April 28th. Jefferies Financial Group assumed coverage on shares of First Citizens BancShares in a research note on Wednesday, May 21st. They set a "hold" rating and a $2,050.00 target price for the company. Barclays lowered their target price on shares of First Citizens BancShares from $2,568.00 to $2,400.00 and set an "equal weight" rating for the company in a research note on Friday, April 25th. Citigroup boosted their target price on shares of 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. Finally, TD Cowen assumed coverage on shares of First Citizens BancShares in a research note on Thursday, May 15th. They set a "buy" rating and a $2,400.00 target price for the company. Seven equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus 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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