Gulf International Bank UK Ltd Decreases Position in First Citizens BancShares, Inc. $FCNCA

Key Points

• Gulf International Bank UK Ltd reduced its holdings in First Citizens BancShares by 30.9%, selling 261 shares and ending the quarter with a total of 583 shares valued at $1,080,000.
• CEO Frank B. Holding, Jr. purchased 600 shares of the company, increasing his holdings to 32,300 shares, valued at approximately $54.87 million.
• First Citizens BancShares reported earnings of $44.78 per share for the last quarter, exceeding estimates and indicating strong revenue growth compared to previous predictions.

Gulf International Bank UK Ltd lessened its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 30.9% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 583 shares of the bank's stock after selling 261 shares during the quarter. Gulf International Bank UK Ltd's holdings in First Citizens BancShares were worth $1,080,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in FCNCA. GAMMA Investing LLC raised its position in First Citizens BancShares by 169,861.1% in the 1st quarter. GAMMA Investing LLC now owns 122,372 shares of the bank's stock worth $226,892,000 after purchasing an additional 122,300 shares during the period. Nuveen LLC purchased a new position in First Citizens BancShares in the 1st quarter worth $149,963,000. Capital International Investors raised its position in First Citizens BancShares by 78.2% in the 4th quarter. Capital International Investors now owns 172,723 shares of the bank's stock worth $364,967,000 after purchasing an additional 75,785 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in First Citizens BancShares by 83.7% in 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 worth $227,198,000 after purchasing an additional 48,994 shares during the period. Finally, Castlekeep Investment Advisors LLC bought a new stake in First Citizens BancShares in the 4th quarter worth $66,972,000. Hedge funds and other institutional investors own 78.01% of the company's stock.

First Citizens BancShares Trading Down 0.1%

Shares of FCNCA traded down $2.4710 during trading hours on Thursday, reaching $1,928.8690. 111,322 shares of the company traded hands, compared to its average volume of 91,378. The company's fifty day moving average price is $1,976.90 and its two-hundred day moving average price is $1,907.86. The company has a market capitalization of $24.92 billion, a price-to-earnings ratio of 11.37 and a beta of 0.64. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.76. First Citizens BancShares, Inc. has a 12 month low of $1,473.62 and a 12 month high of $2,412.93.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last announced its earnings results on Friday, July 25th. The bank reported $44.78 earnings per share 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 firm had revenue of $2.38 billion for the quarter, compared to analyst estimates of $2.21 billion. Equities research analysts predict that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current fiscal year.

First Citizens BancShares Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on FCNCA shares. UBS Group reissued a "buy" rating and issued a $2,410.00 price target on shares of First Citizens BancShares in a report on Wednesday, July 9th. TD Cowen started coverage on shares of First Citizens BancShares in a report on Thursday, May 15th. They issued a "buy" rating and a $2,400.00 price target on the stock. Jefferies Financial Group started coverage on shares of First Citizens BancShares in a report on Wednesday, May 21st. They issued a "hold" rating and a $2,050.00 price target on the stock. Cowen reissued a "buy" rating on shares of First Citizens BancShares in a report on Monday, July 28th. Finally, Wall Street Zen lowered shares of First Citizens BancShares from a "hold" rating to a "sell" rating in a report on Monday, April 28th. Seven analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $2,291.17.

Insider Buying and Selling

In other First Citizens BancShares news, insider Hope Holding Bryant acquired 409 shares of the company's stock in a transaction that occurred on Thursday, August 7th. The shares were acquired at an average price of $1,630.00 per share, with a total value 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. The trade was a 30.18% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Frank B. Holding, Jr. acquired 600 shares of the company's stock in a transaction that occurred on Thursday, August 7th. The shares were acquired at an average cost of $1,698.75 per share, for a total transaction of $1,019,250.00. Following the purchase, the chief executive officer directly owned 32,300 shares of the company's stock, valued at $54,869,625. This represents a 1.89% 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 valued at $2,485,986 over the last quarter. Corporate insiders own 13.40% of the company's stock.

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.