Systematic Financial Management LP Has $48.64 Million Stock Position in First Citizens BancShares, Inc. $FCNCA

Key Points

• Systematic Financial Management LP reduced its stake in First Citizens BancShares, Inc. by 12.8% during the 1st quarter, maintaining 26,233 shares, which approximates 1.4% of its overall holdings.
• First Citizens BancShares is experiencing mixed analyst ratings, with seven analysts giving it a Buy rating and a price target averaging $2,291.17, while others have issued lower ratings.
• The company recently announced a quarterly dividend of $1.95 per share, with a planned payout date of September 15th, reflecting an annualized yield of 0.4%.

Systematic Financial Management LP reduced its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 12.8% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 26,233 shares of the bank's stock after selling 3,864 shares during the period. First Citizens BancShares comprises 1.4% of Systematic Financial Management LP's holdings, making the stock its 7th largest position. Systematic Financial Management LP owned about 0.19% of First Citizens BancShares worth $48,638,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of FCNCA. GAMMA Investing LLC raised its holdings in First Citizens BancShares by 169,861.1% in the 1st quarter. GAMMA Investing LLC now owns 122,372 shares of the bank's stock valued at $226,892,000 after acquiring an additional 122,300 shares during the period. Nuveen LLC bought a new position in shares of First Citizens BancShares during the first quarter worth approximately $149,963,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in First Citizens BancShares by 83.7% during 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 purchasing an additional 48,994 shares during the last quarter. Castlekeep Investment Advisors LLC bought a new stake in First Citizens BancShares in the 4th quarter valued at $66,972,000. Finally, Siemens Fonds Invest GmbH acquired a new position in First Citizens BancShares in the 4th quarter valued at $49,265,000. 78.01% of the stock is currently owned by institutional investors and hedge funds.

First Citizens BancShares Stock Performance

Shares of NASDAQ:FCNCA traded up $29.84 during midday trading on Tuesday, reaching $1,998.32. The company had a trading volume of 103,732 shares, compared to its average volume of 145,678. The company's 50 day moving average price is $1,989.04 and its 200 day moving average price is $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. The stock has a market cap of $25.82 billion, a P/E ratio of 11.79 and a beta of 0.64. First Citizens BancShares, Inc. has a 52-week low of $1,473.62 and a 52-week high of $2,412.93.

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

First Citizens BancShares Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 29th will be issued a $1.95 dividend. The ex-dividend date of this dividend is Friday, August 29th. This represents a $7.80 annualized dividend and a yield of 0.4%. First Citizens BancShares's dividend payout ratio (DPR) is 4.60%.

Insider Activity at First Citizens BancShares

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. acquired 600 shares of the company's stock in a transaction on Thursday, August 7th. The shares were 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 directly owned 32,300 shares in the company, valued at $54,869,625. This trade 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 price of $1,630.00 per share, with a total value of $666,670.00. Following the purchase, the insider directly owned 1,764 shares of the company's stock, valued at approximately $2,875,320. This represents a 30.18% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders have bought 1,494 shares of company stock worth $2,485,986. Company insiders own 13.19% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. JPMorgan Chase & Co. lifted their price target on shares of 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. TD Cowen began 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 on the stock. UBS Group reiterated a "buy" rating and issued a $2,410.00 price objective on shares of First Citizens BancShares in a report on Wednesday, July 9th. Cowen reiterated a "buy" rating on shares of First Citizens BancShares in a research report on Monday, July 28th. Finally, Piper Sandler set a $2,150.00 target price on shares of First Citizens BancShares and gave the company a "neutral" rating 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 company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price 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.