Federation des caisses Desjardins du Quebec Purchases 226 Shares of First Citizens BancShares, Inc. $FCNCA

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 First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 18.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,481 shares of the bank's stock after acquiring an additional 226 shares during the period. 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 institutional investors and hedge funds have also recently added to or reduced their stakes in FCNCA. GAMMA Investing LLC grew its stake in First Citizens BancShares by 169,861.1% in the first 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 acquired a new position in First Citizens BancShares in the first quarter valued at about $149,963,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in First Citizens BancShares by 83.7% in 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 valued at $227,198,000 after acquiring an additional 48,994 shares during the period. Castlekeep Investment Advisors LLC acquired a new position in First Citizens BancShares in the fourth quarter valued at about $66,972,000. Finally, Siemens Fonds Invest GmbH acquired a new position in shares of First Citizens BancShares during the fourth quarter worth about $49,265,000. 78.01% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have recently weighed in on FCNCA. UBS Group reaffirmed a "buy" rating and set a $2,410.00 price objective on shares of First Citizens BancShares in a research report on Wednesday, July 9th. JPMorgan Chase & Co. upped their price objective on 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. Piper Sandler set a $2,150.00 price objective on First Citizens BancShares and gave the stock a "neutral" rating in a research report on Monday, July 28th. Jefferies Financial Group began coverage on First Citizens BancShares in a research report on Wednesday, May 21st. They set a "hold" rating and a $2,050.00 price objective for the company. Finally, Citigroup upped their price objective on First Citizens BancShares from $1,900.00 to $2,050.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 2nd. Seven investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat, First Citizens BancShares has an average rating of "Moderate Buy" and a consensus target price of $2,291.17.

First Citizens BancShares Stock Down 0.2%

FCNCA traded down $4.28 on Wednesday, hitting $1,941.68. 105,066 shares of the company were exchanged, compared to its average volume of 94,970. First Citizens BancShares, Inc. has a 12 month low of $1,473.62 and a 12 month high of $2,412.93. The company has a market cap of $25.09 billion, a PE ratio of 11.49 and a beta of 0.71. The company has a debt-to-equity ratio of 1.76, a quick ratio of 1.04 and a current ratio of 1.04. The stock's fifty day moving average is $2,001.41 and its 200-day moving average is $1,889.77.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last released its quarterly earnings data on Friday, July 25th. The bank reported $44.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $39.08 by $5.70. The firm had revenue of $2.38 billion for the quarter, compared to analyst estimates of $2.21 billion. First Citizens BancShares had a return on equity of 11.32% and a net margin of 16.37%. Equities research analysts predict that First Citizens BancShares, Inc. will post 167.59 EPS for the current fiscal year.

First Citizens BancShares Dividend Announcement

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

Insider Buying and Selling at First Citizens BancShares

In other First Citizens BancShares news, insider Hope Holding Bryant acquired 409 shares of the company's stock in a transaction on Thursday, August 7th. The shares were purchased at an average price of $1,630.00 per share, for a total transaction of $666,670.00. Following the completion of 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Olivia Britton Holding acquired 409 shares of the company's stock in a transaction on Thursday, August 7th. The stock was acquired at an average price of $1,630.00 per share, for a total transaction 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 trade represents a 30.18% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired 1,494 shares of company stock worth $2,485,986 over the last 90 days. Company insiders own 13.19% of the company's stock.

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.