First Citizens BancShares, Inc. $FCNCA Stake Cut by Mitsubishi UFJ Trust & Banking Corp

Key Points

• Mitsubishi UFJ Trust & Banking cut its stake in First Citizens BancShares by 31.0% in Q4, selling 2,545 shares and ending the period with 5,668 shares valued at about $12.165 million.
• First Citizens reported quarterly EPS of $44.86, beating estimates while revenue was $2.14 billion versus a $2.20 billion consensus, and declared a quarterly dividend of $2.10 (annualized $8.40, yield ~0.4%) payable June 15.

Mitsubishi UFJ Trust & Banking Corp reduced its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 31.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,668 shares of the bank's stock after selling 2,545 shares during the period. Mitsubishi UFJ Trust & Banking Corp's holdings in First Citizens BancShares were worth $12,165,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. SBI Securities Co. Ltd. purchased a new stake in First Citizens BancShares in the 3rd quarter worth about $27,000. UMB Bank n.a. raised its stake in shares of First Citizens BancShares by 100.0% during the 3rd quarter. UMB Bank n.a. now owns 16 shares of the bank's stock worth $29,000 after purchasing an additional 8 shares in the last quarter. Root Financial Partners LLC purchased a new stake in shares of First Citizens BancShares during the 3rd quarter worth about $32,000. Harbor Investment Advisory LLC raised its stake in shares of First Citizens BancShares by 150.0% during the 4th quarter. Harbor Investment Advisory LLC now owns 15 shares of the bank's stock worth $32,000 after purchasing an additional 9 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in shares of First Citizens BancShares by 280.0% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 19 shares of the bank's stock worth $34,000 after purchasing an additional 14 shares in the last quarter. 78.01% of the stock is owned by hedge funds and other institutional investors.

First Citizens BancShares Stock Up 0.1%

Shares of FCNCA stock opened at $1,985.39 on Friday. The stock's 50 day simple moving average is $1,926.86 and its 200 day simple moving average is $1,964.79. The company has a debt-to-equity ratio of 1.72, a quick ratio of 1.03 and a current ratio of 1.03. First Citizens BancShares, Inc. has a twelve month low of $1,623.76 and a twelve month high of $2,232.21. The company has a market capitalization of $23.70 billion, a price-to-earnings ratio of 11.42, a PEG ratio of 1.53 and a beta of 0.65.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last issued its quarterly earnings data on Thursday, April 23rd. The bank reported $44.86 earnings per share for the quarter, beating analysts' consensus estimates of $43.31 by $1.55. First Citizens BancShares had a return on equity of 11.37% and a net margin of 15.62%.The business had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $2.20 billion. During the same period last year, the business earned $37.79 EPS. As a group, research analysts predict that First Citizens BancShares, Inc. will post 176.04 EPS for the current year.

First Citizens BancShares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Friday, May 29th will be paid a $2.10 dividend. This represents a $8.40 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date of this dividend is Friday, May 29th. First Citizens BancShares's dividend payout ratio (DPR) is presently 4.83%.

Insider Buying and Selling at First Citizens BancShares

In related news, CEO Frank B. Holding, Jr. acquired 134 shares of the business's stock in a transaction that occurred on Friday, March 13th. The shares were acquired at an average cost of $1,550.00 per share, with a total value of $207,700.00. Following the purchase, the chief executive officer owned 2,749 shares of the company's stock, valued at approximately $4,260,950. The trade was a 5.12% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last quarter, insiders purchased 258 shares of company stock valued at $404,236. 14.63% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on FCNCA shares. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of First Citizens BancShares in a research note on Friday, March 27th. JPMorgan Chase & Co. cut their price target on First Citizens BancShares from $2,200.00 to $2,150.00 and set a "neutral" rating for the company in a research note on Friday, April 24th. Citigroup reaffirmed a "neutral" rating on shares of First Citizens BancShares in a research note on Friday, April 24th. Truist Financial raised their price target on First Citizens BancShares from $2,050.00 to $2,150.00 and gave the stock a "hold" rating in a research note on Monday, January 26th. Finally, Wall Street Zen raised First Citizens BancShares from a "sell" rating to a "hold" rating in a research note on Saturday, February 28th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and nine have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $2,202.08.

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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