First Citizens BancShares, Inc. $FCNCA Position Lifted by Federation des caisses Desjardins du Quebec

Key Points

• The Federation des caisses Desjardins du Quebec raised its stake in First Citizens BancShares by 18% in the 1st quarter, owning shares worth approximately $2.75 million after acquiring additional shares.
• First Citizens BancShares reported a strong quarterly earnings result with an EPS of $44.78, beating expectations and showing significant growth in revenue to $2.38 billion.
• The company announced a quarterly dividend of $1.95 per share, reflecting a low annualized dividend yield of 0.4% and a payout ratio of 4.60%.

Federation des caisses Desjardins du Quebec raised its holdings in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 18.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,481 shares of the bank's stock after acquiring an additional 226 shares during the quarter. Federation des caisses Desjardins du Quebec's holdings in First Citizens BancShares were worth $2,746,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FCNCA. MassMutual Private Wealth & Trust FSB increased its stake in shares of First Citizens BancShares by 54.5% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 17 shares of the bank's stock worth $32,000 after purchasing an additional 6 shares in the last quarter. SVB Wealth LLC acquired a new stake in First Citizens BancShares during the 1st quarter valued at $35,000. Community Bank N.A. acquired a new stake in First Citizens BancShares during the 1st quarter valued at $44,000. Wayfinding Financial LLC purchased a new position in First Citizens BancShares during the first quarter worth $64,000. Finally, Brooklyn Investment Group raised its holdings in shares of First Citizens BancShares by 32.1% in the first quarter. Brooklyn Investment Group now owns 37 shares of the bank's stock worth $67,000 after acquiring an additional 9 shares during the last quarter. Institutional investors and hedge funds own 78.01% of the company's stock.

Insider Activity

In related news, insider Hope Holding Bryant bought 409 shares of the company'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 acquisition, the insider owned 1,764 shares in the company, valued at $2,875,320. This represents a 30.18% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Frank B. Holding, Jr. bought 600 shares of First Citizens BancShares stock in a transaction dated Thursday, August 7th. The shares were purchased at an average cost 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 of the company's stock, valued at approximately $54,869,625. This represents a 1.89% increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 1,494 shares of company stock worth $2,485,986. 13.40% of the stock is currently owned by corporate insiders.

First Citizens BancShares Trading Up 0.9%

FCNCA traded up $17.78 during trading on Thursday, hitting $1,964.43. 183,106 shares of the company's stock were exchanged, compared to its average volume of 133,530. 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 50 day moving average price of $1,996.27 and a 200 day moving average price of $1,889.75. The firm has a market cap of $25.38 billion, a P/E ratio of 11.59 and a beta of 0.71. 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 issued its earnings results on Friday, July 25th. The bank reported $44.78 EPS 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 business had revenue of $2.38 billion for the quarter, compared to the consensus estimate of $2.21 billion. As a group, analysts expect that First Citizens BancShares, Inc. will post 167.59 EPS for the current fiscal year.

First Citizens BancShares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 29th will be given a $1.95 dividend. The ex-dividend date of this dividend is Friday, August 29th. This represents a $7.80 annualized dividend and a dividend yield of 0.4%. First Citizens BancShares's dividend payout ratio is presently 4.60%.

Analyst Upgrades and Downgrades

A number of analysts recently commented on FCNCA shares. TD Cowen began coverage on First Citizens BancShares in a research note on Thursday, May 15th. They set a "buy" rating and a $2,400.00 price objective on the stock. Jefferies Financial Group initiated coverage on shares of First Citizens BancShares in a research report on Wednesday, May 21st. They issued a "hold" rating and a $2,050.00 price objective for the company. JPMorgan Chase & Co. raised their target price on shares of First Citizens BancShares from $2,100.00 to $2,250.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 1st. Citigroup lifted 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, Piper Sandler set a $2,150.00 price target on First Citizens BancShares and gave the stock a "neutral" rating in a research note on Monday, July 28th. Seven equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $2,291.17.

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.