First Citizens Bank & Trust Co. Sells 1,824 Shares of First Citizens BancShares, Inc. $FCNCA

Key Points

• First Citizens Bank & Trust Co. reduced its stake in First Citizens BancShares by 2.3% in the first quarter, selling 1,824 shares and leaving it with 76,638 shares valued at about $144.4 million.
• The company reported strong quarterly earnings, posting $44.86 EPS versus analyst expectations of $43.31, though revenue of $2.14 billion came in below estimates.
• Insider activity was positive, with CEO Frank B. Holding, Jr. buying 528 shares in June; meanwhile, analysts currently rate the stock a Hold on average with a consensus target price of $2,247.08.

First Citizens Bank & Trust Co. decreased its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 2.3% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 76,638 shares of the bank's stock after selling 1,824 shares during the quarter. First Citizens BancShares accounts for about 2.5% of First Citizens Bank & Trust Co.'s investment portfolio, making the stock its 8th biggest position. First Citizens Bank & Trust Co. owned about 0.64% of First Citizens BancShares worth $144,437,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in FCNCA. Northwestern Mutual Wealth Management Co. grew its position in First Citizens BancShares by 117,518.9% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 205,833 shares of the bank's stock worth $441,755,000 after buying an additional 205,658 shares in the last quarter. Norges Bank acquired a new position in First Citizens BancShares in the 4th quarter valued at approximately $116,565,000. River Road Asset Management LLC lifted its position in shares of First Citizens BancShares by 574.0% in the 4th quarter. River Road Asset Management LLC now owns 55,402 shares of the bank's stock worth $118,903,000 after acquiring an additional 47,182 shares during the period. Orion Porfolio Solutions LLC lifted its position in shares of First Citizens BancShares by 2,057.4% in the 2nd quarter. Orion Porfolio Solutions LLC now owns 47,506 shares of the bank's stock worth $92,944,000 after acquiring an additional 45,304 shares during the period. Finally, M&T Bank Corp lifted its position in shares of First Citizens BancShares by 13,512.7% in the 4th quarter. M&T Bank Corp now owns 38,524 shares of the bank's stock worth $82,679,000 after acquiring an additional 38,241 shares during the period. Institutional investors and hedge funds own 78.01% of the company's stock.

First Citizens BancShares Stock Down 0.2%

NASDAQ FCNCA opened at $2,071.16 on Wednesday. First Citizens BancShares, Inc. has a 1-year low of $1,623.76 and a 1-year high of $2,232.21. The company has a market capitalization of $24.00 billion, a price-to-earnings ratio of 11.91, a PEG ratio of 1.57 and a beta of 0.62. The stock's 50 day moving average is $2,050.59 and its two-hundred day moving average is $2,017.46. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.67.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last issued its earnings results on Thursday, April 23rd. The bank reported $44.86 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $43.31 by $1.55. The business had revenue of $2.14 billion during the quarter, compared to analysts' expectations of $2.20 billion. First Citizens BancShares had a return on equity of 11.48% and a net margin of 15.62%.During the same period in the prior year, the firm posted $37.79 EPS. Equities analysts forecast that First Citizens BancShares, Inc. will post 177.18 earnings per share for the current fiscal year.

Insider Buying and Selling

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. bought 528 shares of the company's stock in a transaction on Friday, June 5th. The stock was bought at an average price of $1,813.37 per share, for a total transaction of $957,459.36. Following the transaction, the chief executive officer owned 64,100 shares of the company's stock, valued at approximately $116,237,017. The trade was a 0.83% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Over the last three months, insiders have acquired 7,190 shares of company stock worth $12,573,868. 14.63% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

FCNCA has been the topic of a number of research reports. Piper Sandler set a $2,050.00 price objective on First Citizens BancShares in a research report on Friday, April 24th. TD Cowen reduced their target price on First Citizens BancShares from $2,500.00 to $2,300.00 and set a "buy" rating for the company in a research report on Monday, April 27th. Weiss Ratings upgraded shares of First Citizens BancShares from a "hold (c)" rating to a "hold (c+)" rating in a research note on Wednesday, July 8th. Fundamental Research set a $2,350.00 price target on shares of First Citizens BancShares in a research note on Wednesday, July 1st. Finally, Citigroup lowered shares of First Citizens BancShares from a "neutral" rating to a "market perform" rating in a report on Thursday, July 9th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and ten have given a Hold rating to the company. According to MarketBeat, First Citizens BancShares currently has a consensus rating of "Hold" and a consensus target price of $2,247.08.

First Citizens BancShares Company Profile

First Citizens BancShares, Inc is the bank holding company for First Citizens Bank, a full‑service commercial bank headquartered in Raleigh, North Carolina. The company traces its roots to a community bank founded in 1898 and has grown into a diversified financial services organization that operates through its banking subsidiary to serve retail, commercial and institutional clients.

First Citizens offers a broad suite of banking products and services, including consumer and business deposit accounts, commercial and industrial lending, real estate and mortgage lending, treasury and cash management, and specialized lending solutions.

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