American Century Companies Inc. Buys 2,893 Shares of First Citizens BancShares, Inc. $FCNCA

Key Points

• American Century Companies Inc. increased its holdings in First Citizens BancShares by 22.2%, now owning 15,898 shares valued at approximately $29.5 million.
• In the latest quarterly earnings report, First Citizens BancShares reported earnings per share of $44.78, exceeding estimates by $5.70, with a revenue of $2.38 billion.
• The company announced a quarterly dividend of $1.95 per share, with a yield of 0.4%, scheduled for distribution on September 15th.

American Century Companies Inc. lifted its position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 22.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 15,898 shares of the bank's stock after purchasing an additional 2,893 shares during the period. American Century Companies Inc. owned 0.12% of First Citizens BancShares worth $29,477,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the company. Teacher Retirement System of Texas bought a new position in shares of First Citizens BancShares during the 1st quarter worth approximately $2,642,000. Bank of New York Mellon Corp increased its stake in shares of First Citizens BancShares by 1.9% during the first quarter. Bank of New York Mellon Corp now owns 40,553 shares of the bank's stock worth $75,190,000 after purchasing an additional 772 shares during the period. Cambridge Investment Research Advisors Inc. increased its stake in shares of First Citizens BancShares by 16.6% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 190 shares of the bank's stock worth $352,000 after purchasing an additional 27 shares during the period. Kingswood Wealth Advisors LLC bought a new position in shares of First Citizens BancShares during the first quarter worth approximately $439,000. Finally, DAVENPORT & Co LLC bought a new position in shares of First Citizens BancShares during the first quarter worth approximately $221,000. 78.01% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. purchased 600 shares of the business's stock in a transaction on 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 acquisition, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Olivia Britton Holding purchased 409 shares of the business's stock in a transaction on Thursday, August 7th. The shares were acquired at an average price of $1,630.00 per share, for a total transaction of $666,670.00. Following the completion of the acquisition, the insider directly owned 1,764 shares in the company, valued at approximately $2,875,320. This represents a 30.18% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 1,494 shares of company stock worth $2,485,986. Corporate insiders own 13.19% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on FCNCA shares. Jefferies Financial Group started coverage on First Citizens BancShares in a research note on Wednesday, May 21st. They issued a "hold" rating and a $2,050.00 price target for the company. UBS Group reiterated a "buy" rating and issued a $2,410.00 price target on shares of First Citizens BancShares in a research note on Wednesday, July 9th. Wall Street Zen cut First Citizens BancShares from a "hold" rating to a "sell" rating in a research note on Monday, April 28th. JPMorgan Chase & Co. lifted their price objective on shares of First Citizens BancShares from $2,100.00 to $2,250.00 and gave the company an "overweight" rating in a research note on Tuesday, July 1st. Finally, Citigroup lifted their price objective on shares of First Citizens BancShares from $1,900.00 to $2,050.00 and gave the company a "neutral" rating in a research note on Wednesday, July 2nd. Seven investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat, First Citizens BancShares currently has a consensus rating of "Moderate Buy" and an average price target of $2,291.17.

First Citizens BancShares Price Performance

NASDAQ:FCNCA traded up $25.70 on Tuesday, hitting $1,994.18. The company had a trading volume of 59,464 shares, compared to its average volume of 92,062. The stock has a market capitalization of $25.76 billion, a price-to-earnings ratio of 11.82 and a beta of 0.64. 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 firm has a 50 day moving average of $1,985.24 and a two-hundred day moving average of $1,899.58. 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 issued its quarterly earnings data on Friday, July 25th. The bank reported $44.78 EPS for the quarter, beating the consensus estimate 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. On average, research analysts anticipate that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current year.

First Citizens BancShares Dividend Announcement

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

First Citizens BancShares Company 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.