First Citizens BancShares, Inc. $FCNCA Shares Sold by Royal Bank of Canada

Key Points

• Royal Bank of Canada cut its First Citizens BancShares stake by 32.5% in the first quarter, selling 2,278 shares and retaining 4,742 shares valued at approximately $8.94 million. Institutional investors collectively own 78.01% of FCNCA.
• Analysts remain broadly cautious, with the stock carrying a consensus “Hold” rating and an average price target of $2,278.31, although Goldman Sachs raised its target to $2,340.
• First Citizens reported quarterly revenue of $2.43 billion and EPS of $57.09, exceeding estimates, and declared a quarterly dividend of $2.10 per share, equivalent to a 0.4% annual yield.

Royal Bank of Canada lowered its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 32.5% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 4,742 shares of the bank's stock after selling 2,278 shares during the quarter. Royal Bank of Canada's holdings in First Citizens BancShares were worth $8,937,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in FCNCA. Hilton Head Capital Partners LLC acquired a new stake in shares of First Citizens BancShares in the fourth quarter valued at about $26,000. Reflection Asset Management purchased a new position in First Citizens BancShares in the 4th quarter valued at about $45,000. Global Assets Advisory LLC purchased a new position in First Citizens BancShares in the 1st quarter valued at about $45,000. UMB Bank n.a. boosted its holdings in First Citizens BancShares by 50.0% in the 4th quarter. UMB Bank n.a. now owns 24 shares of the bank's stock worth $52,000 after buying an additional 8 shares during the last quarter. Finally, Jessup Wealth Management Inc purchased a new stake in First Citizens BancShares during the 4th quarter worth approximately $56,000. Hedge funds and other institutional investors own 78.01% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on FCNCA. Weiss Ratings raised First Citizens BancShares from a "hold (c)" rating to a "hold (c+)" rating in a report on Wednesday, July 8th. The Goldman Sachs Group lifted their price target on First Citizens BancShares from $2,100.00 to $2,340.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 7th. Jefferies Financial Group reiterated a "hold" rating and set a $2,300.00 price target on shares of First Citizens BancShares in a research report on Thursday, July 23rd. Keefe, Bruyette & Woods reissued a "market perform" rating and issued a $2,300.00 price objective on shares of First Citizens BancShares in a research note on Thursday, July 9th. Finally, Fundamental Research set a $2,350.00 price objective on First Citizens BancShares in a report on Wednesday, July 1st. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and eleven have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $2,278.31.

First Citizens BancShares Price Performance

FCNCA stock opened at $2,218.49 on Monday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.67. The firm has a 50-day moving average of $2,108.09 and a two-hundred day moving average of $2,019.39. First Citizens BancShares, Inc. has a 12 month low of $1,623.76 and a 12 month high of $2,289.99. The company has a market cap of $25.71 billion, a price-to-earnings ratio of 11.86, a PEG ratio of 1.69 and a beta of 0.62.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The bank reported $57.09 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.41 by $56.68. First Citizens BancShares had a return on equity of 11.98% and a net margin of 16.28%.The business had revenue of $2.43 billion during the quarter, compared to analyst estimates of $2.16 billion. As a group, analysts forecast that First Citizens BancShares, Inc. will post 190.06 earnings per share for the current fiscal year.

First Citizens BancShares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Monday, August 31st will be given a dividend of $2.10 per share. The ex-dividend date of this dividend is Monday, August 31st. This represents a $8.40 annualized dividend and a dividend yield of 0.4%. First Citizens BancShares's payout ratio is presently 4.49%.

Insider Activity

In other news, CEO Frank B. Holding, Jr. acquired 528 shares of the business's stock in a transaction that occurred on Friday, June 5th. The stock was purchased at an average cost of $1,813.37 per share, for a total transaction of $957,459.36. Following the completion of the transaction, the chief executive officer owned 64,100 shares in the company, valued at approximately $116,237,017. This trade represents a 0.83% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders have bought a total of 7,190 shares of company stock valued at $12,573,868 over the last ninety days. Corporate insiders own 14.63% of the company's stock.

First Citizens BancShares 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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