Mawer Investment Management Ltd. Cuts Holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Key Points

• Mawer Investment Management Ltd. decreased its holdings in First Citizens BancShares by 8.0% in the first quarter, now owning approximately 0.07% of the company valued at $16,542,000.
• First Citizens BancShares recently reported quarterly earnings of $44.78 EPS, exceeding analyst estimates, with a net revenue of $2.38 billion.
• The company announced a quarterly dividend of $1.95 per share, resulting in an annualized yield of 0.38% for shareholders.

Mawer Investment Management Ltd. reduced its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 8.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,922 shares of the bank's stock after selling 781 shares during the period. Mawer Investment Management Ltd. owned about 0.07% of First Citizens BancShares worth $16,542,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in FCNCA. Meeder Asset Management Inc. boosted its position in First Citizens BancShares by 11,625.0% during the 1st quarter. Meeder Asset Management Inc. now owns 469 shares of the bank's stock worth $870,000 after buying an additional 465 shares during the period. Mackenzie Financial Corp boosted its position in First Citizens BancShares by 92.6% during the 1st quarter. Mackenzie Financial Corp now owns 622 shares of the bank's stock worth $1,153,000 after buying an additional 299 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in First Citizens BancShares by 1.2% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,235 shares of the bank's stock worth $4,144,000 after buying an additional 26 shares during the period. HB Wealth Management LLC boosted its position in First Citizens BancShares by 353.8% during the 1st quarter. HB Wealth Management LLC now owns 903 shares of the bank's stock worth $1,674,000 after buying an additional 704 shares during the period. Finally, Mediolanum International Funds Ltd raised its holdings in First Citizens BancShares by 71.0% during the 1st quarter. Mediolanum International Funds Ltd now owns 2,154 shares of the bank's stock worth $3,953,000 after purchasing an additional 894 shares during the last quarter. 78.01% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, major shareholder Olivia Britton Holding purchased 66 shares of the business's stock in a transaction on Tuesday, July 29th. The shares were bought at an average price of $1,735.00 per share, for a total transaction of $114,510.00. Following the acquisition, the insider directly owned 121,926 shares in the company, valued at $211,541,610. This trade represents a 0.05% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 13.40% of the company's stock.

First Citizens BancShares Stock Performance

Shares of NASDAQ:FCNCA traded down $66.96 during trading on Friday, hitting $1,927.80. The stock had a trading volume of 69,481 shares, compared to its average volume of 84,830. First Citizens BancShares, Inc. has a 12-month low of $1,473.62 and a 12-month high of $2,412.93. The stock has a market capitalization of $25.62 billion, a price-to-earnings ratio of 11.38 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 1.77. The stock has a 50-day simple moving average of $1,964.23 and a two-hundred day simple moving average of $1,937.84.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last issued its quarterly earnings results on Friday, July 25th. The bank reported $44.78 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 11.30% and a net margin of 16.37%. On average, equities research analysts expect that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current fiscal year.

First Citizens BancShares Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 29th will be issued a $1.95 dividend. 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 currently 4.60%.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. Piper Sandler set a $2,150.00 price objective on shares of First Citizens BancShares and gave the stock a "neutral" rating in a report on Monday. Barclays cut their price objective on shares of First Citizens BancShares from $2,568.00 to $2,400.00 and set an "equal weight" rating on the stock in a report on Friday, April 25th. Citigroup lifted their price objective on shares of First Citizens BancShares from $1,900.00 to $2,050.00 and gave the stock a "neutral" rating in a report on Wednesday, July 2nd. Jefferies Financial Group initiated 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. Finally, Wall Street Zen downgraded shares of First Citizens BancShares from a "hold" rating to a "sell" rating in a report on Monday, April 28th. One analyst has rated the stock with a sell rating, six have issued a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $2,291.17.

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.