Brandywine Global Investment Management LLC Sells 643 Shares of First Citizens BancShares, Inc. $FCNCA

Key Points

• Brandywine Global Investment Management LLC reduced its holdings in First Citizens BancShares by 8.7%, owning a total of 6,714 shares worth approximately $12.4 million after selling 643 shares.
• Major shareholder, Olivia Britton Holding, increased her position by purchasing 409 shares at $1,630.00 each, resulting in a total transaction value of $666,670.
• First Citizens BancShares announced a quarterly dividend of $1.95 per share, with a dividend yield of 0.4%, set to be paid on September 15th to stockholders of record as of August 29th.

Brandywine Global Investment Management LLC reduced its position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 8.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,714 shares of the bank's stock after selling 643 shares during the period. Brandywine Global Investment Management LLC's holdings in First Citizens BancShares were worth $12,449,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. JPMorgan Chase & Co. grew its stake in shares of First Citizens BancShares by 2.3% in the 1st quarter. JPMorgan Chase & Co. now owns 401,167 shares of the bank's stock worth $743,815,000 after purchasing an additional 9,070 shares during the last quarter. Capital International Investors boosted its holdings in First Citizens BancShares by 78.2% during the fourth quarter. Capital International Investors now owns 172,723 shares of the bank's stock worth $364,967,000 after buying an additional 75,785 shares in the last quarter. Egerton Capital UK LLP grew its position in First Citizens BancShares by 21.7% in the first quarter. Egerton Capital UK LLP now owns 124,773 shares of the bank's stock worth $231,344,000 after buying an additional 22,257 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of 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 buying an additional 122,300 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of First Citizens BancShares by 83.7% during the 4th 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 last quarter. 78.01% of the stock is currently owned by institutional investors.

First Citizens BancShares Trading Up 2.3%

Shares of First Citizens BancShares stock traded up $43.9150 on Friday, hitting $1,981.5450. 73,266 shares of the company's stock traded hands, compared to its average volume of 91,486. The firm's 50-day moving average price is $1,978.83 and its two-hundred day moving average price is $1,906.45. 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 $25.60 billion, a PE ratio of 11.69 and a beta of 0.64. First Citizens BancShares, Inc. has a one year low of $1,473.62 and a one year high of $2,412.93.

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. First Citizens BancShares had a return on equity of 11.32% and a net margin of 16.37%.The business had revenue of $2.38 billion for the quarter, compared to analyst estimates of $2.21 billion. On average, research analysts expect that First Citizens BancShares, Inc. will post 167.59 EPS for the current fiscal year.

First Citizens BancShares Announces Dividend

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 dividend of $1.95 per share. This represents a $7.80 annualized dividend and a dividend yield of 0.4%. The ex-dividend date is Friday, August 29th. First Citizens BancShares's payout ratio is presently 4.60%.

Analyst Ratings Changes

A number of analysts have commented on the stock. Citigroup upped 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. Wall Street Zen lowered shares of 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 stock an "overweight" rating in a research report on Tuesday, July 1st. Piper Sandler set a $2,150.00 target price on First Citizens BancShares and gave the company a "neutral" rating in a report on Monday, July 28th. Finally, UBS Group reaffirmed a "buy" rating and issued a $2,410.00 target price on shares of First Citizens BancShares in a research report on Wednesday, July 9th. 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 MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $2,291.17.

Insider Activity

In other First Citizens BancShares news, major shareholder Olivia Britton Holding purchased 409 shares of the stock in a transaction on Thursday, August 7th. The stock was bought at an average cost 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 of the company's stock, valued at $2,875,320. The trade was a 30.18% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Hope Holding Bryant purchased 409 shares of the company's stock in a transaction dated 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 transaction, the insider owned 1,764 shares of the company's stock, valued at $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 purchased a total of 1,494 shares of company stock valued at $2,485,986 in the last ninety days. 13.40% of the stock is owned by insiders.

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.