Forsta AP Fonden Lowers Stock Holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Key Points

• Forsta AP Fonden has sold 700 shares of First Citizens BancShares, reducing their stake by 29.2%, leaving them with 1,700 shares valued at approximately $3.15 million.
• Analyst ratings for First Citizens BancShares show a consensus of "Hold" with a target price averaging around $2,291.17, reflecting mixed sentiments from various brokerages.
• The company announced a quarterly dividend of $1.95 per share to be paid on September 15th, with a current payout ratio of 4.60%.

Forsta AP Fonden trimmed its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 29.2% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,700 shares of the bank's stock after selling 700 shares during the quarter. Forsta AP Fonden's holdings in First Citizens BancShares were worth $3,152,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in FCNCA. National Bank of Canada FI lifted its position in First Citizens BancShares by 59.5% during the first quarter. National Bank of Canada FI now owns 2,463 shares of the bank's stock worth $4,566,000 after buying an additional 919 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in First Citizens BancShares by 7.2% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 7,968 shares of the bank's stock worth $14,774,000 after buying an additional 537 shares during the period. Ontario Teachers Pension Plan Board lifted its position in First Citizens BancShares by 20.2% during the first quarter. Ontario Teachers Pension Plan Board now owns 226 shares of the bank's stock worth $419,000 after buying an additional 38 shares during the period. Charles Schwab Investment Management Inc. lifted its position in First Citizens BancShares by 6.2% during the first quarter. Charles Schwab Investment Management Inc. now owns 50,701 shares of the bank's stock worth $94,006,000 after buying an additional 2,977 shares during the period. Finally, WealthShield Partners LLC lifted its position in First Citizens BancShares by 3.2% during the first quarter. WealthShield Partners LLC now owns 359 shares of the bank's stock worth $666,000 after buying an additional 11 shares during the period. 78.01% of the stock is owned by institutional investors and hedge funds.

First Citizens BancShares Price Performance

Shares of FCNCA stock traded down $37.32 during trading hours on Friday, hitting $1,887.92. The company had a trading volume of 68,089 shares, compared to its average volume of 89,614. First Citizens BancShares, Inc. has a 12 month low of $1,473.62 and a 12 month high of $2,412.93. The firm has a market capitalization of $25.09 billion, a price-to-earnings ratio of 11.15 and a beta of 0.64. The firm's fifty day moving average is $1,972.61 and its 200 day moving average is $1,915.91. The company has a debt-to-equity ratio of 1.76, a quick ratio of 1.04 and a current ratio of 1.04.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last released its quarterly earnings results on Friday, July 25th. The bank reported $44.78 EPS for the quarter, topping analysts' consensus estimates of $39.08 by $5.70. The company 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 11.32% and a net margin of 16.37%. On average, sell-side analysts predict that First Citizens BancShares, Inc. will post 167.59 EPS for the current fiscal year.

First Citizens BancShares Announces Dividend

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

Insiders Place Their Bets

In other news, major shareholder Olivia Britton Holding 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, for a total transaction of $666,670.00. Following the completion of the purchase, the insider owned 1,764 shares in the company, valued at approximately $2,875,320. This trade represents a 30.18% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Hope Holding Bryant acquired 409 shares of the company's stock in a transaction that occurred on Thursday, August 7th. The stock was purchased at an average price of $1,630.00 per share, for a total transaction of $666,670.00. Following the purchase, the insider owned 1,764 shares of the company's stock, valued at $2,875,320. The trade was a 30.18% increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 1,494 shares of company stock worth $2,485,986. Company insiders own 13.40% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have commented on FCNCA shares. Jefferies Financial Group started coverage on First Citizens BancShares in a research note on Wednesday, May 21st. They set a "hold" rating and a $2,050.00 price target for the company. TD Cowen started coverage on First Citizens BancShares in a research report on Thursday, May 15th. They issued a "buy" rating and a $2,400.00 target price for the company. Wall Street Zen downgraded First Citizens BancShares from a "hold" rating to a "sell" rating in a research report on Monday, April 28th. Cowen reaffirmed a "buy" rating on shares of First Citizens BancShares in a research report on Monday, July 28th. Finally, Piper Sandler set a $2,150.00 target price on First Citizens BancShares and gave the stock a "neutral" rating in a research report on Monday, July 28th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, First Citizens BancShares has an average rating of "Hold" and a consensus target price of $2,291.17.

First Citizens BancShares 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.