First Citizens BancShares, Inc. $FCNCA Shares Bought by Reinhart Partners LLC.

Key Points

• Reinhart Partners LLC increased its stake in First Citizens BancShares by 4.2% in the second quarter, now holding approximately 69,279 shares worth $135.6 million, making it the firm's largest position.
• JPMorgan Chase & Co. raised its position by 2.3%, owning 401,167 shares valued at $743.8 million, while several other institutions also made significant increases.
• First Citizens BancShares declared a quarterly dividend of $1.95 per share, with a payout ratio of 4.60%, highlighting its financial stability.

Reinhart Partners LLC. increased its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 4.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 69,279 shares of the bank's stock after acquiring an additional 2,820 shares during the period. First Citizens BancShares makes up about 4.6% of Reinhart Partners LLC.'s holdings, making the stock its largest holding. Reinhart Partners LLC. owned about 0.52% of First Citizens BancShares worth $135,575,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of FCNCA. Focus Partners Wealth boosted its holdings in First Citizens BancShares by 47.7% in the fourth quarter. Focus Partners Wealth now owns 229 shares of the bank's stock valued at $505,000 after purchasing an additional 74 shares during the period. Quantinno Capital Management LP boosted its holdings in First Citizens BancShares by 60.3% in the fourth quarter. Quantinno Capital Management LP now owns 508 shares of the bank's stock valued at $1,074,000 after purchasing an additional 191 shares during the period. Snowden Capital Advisors LLC boosted its holdings in First Citizens BancShares by 7.1% in the fourth quarter. Snowden Capital Advisors LLC now owns 241 shares of the bank's stock valued at $509,000 after purchasing an additional 16 shares during the period. Toronto Dominion Bank boosted its holdings in First Citizens BancShares by 6.3% in the fourth quarter. Toronto Dominion Bank now owns 1,300 shares of the bank's stock valued at $2,747,000 after purchasing an additional 77 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings 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 purchasing an additional 48,994 shares during the period. 78.01% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, major shareholder Olivia Britton Holding bought 409 shares of the company's stock in a transaction on Thursday, August 7th. The stock was bought at an average cost of $1,630.00 per share, with a total value of $666,670.00. Following the completion of the acquisition, the insider owned 1,764 shares in the company, valued at approximately $2,875,320. This represents a 30.18% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Frank B. Holding, Jr. bought 600 shares of the company's stock in a transaction on Thursday, August 7th. The stock was bought 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 owned 32,300 shares of the company's stock, valued at $54,869,625. This represents a 1.89% increase in their position. The disclosure for this purchase can be found here. Insiders bought 1,494 shares of company stock valued at $2,485,986 over the last ninety days. Corporate insiders own 13.40% of the company's stock.

First Citizens BancShares Stock Performance

Shares of NASDAQ:FCNCA traded down $29.08 on Friday, reaching $1,866.88. The company's stock had a trading volume of 279,289 shares, compared to its average volume of 145,029. The stock's 50-day moving average is $1,972.51 and its two-hundred day moving average is $1,885.60. First Citizens BancShares, Inc. has a 52-week low of $1,473.62 and a 52-week high of $2,412.93. The company has a debt-to-equity ratio of 1.76, a current ratio of 1.04 and a quick ratio of 1.04. The stock has a market capitalization of $24.12 billion, a P/E ratio of 11.02 and a beta of 0.71.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last posted its quarterly earnings results on Friday, July 25th. The bank reported $44.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $39.08 by $5.70. The firm had revenue of $2.38 billion during the quarter, compared to analysts' expectations of $2.21 billion. First Citizens BancShares had a net margin of 16.37% and a return on equity of 11.32%. As a group, sell-side analysts forecast that First Citizens BancShares, Inc. will post 167.59 EPS for the current year.

First Citizens BancShares Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Friday, August 29th were issued a dividend of $1.95 per share. This represents a $7.80 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend was Friday, August 29th. First Citizens BancShares's dividend payout ratio is currently 4.60%.

Analyst Ratings Changes

FCNCA has been the subject of a number of analyst reports. UBS Group reiterated a "buy" rating and set a $2,410.00 target price on shares of First Citizens BancShares in a research note on Wednesday, July 9th. Citigroup boosted 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. Wall Street Zen upgraded shares of First Citizens BancShares from a "sell" rating to a "hold" rating in a research note on Saturday. JPMorgan Chase & Co. upped 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, Piper Sandler set a $2,150.00 price objective on shares of First Citizens BancShares and gave the company a "neutral" rating in a research note on Monday, July 28th. Seven analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price 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.