Founders Financial Alliance LLC Acquires 150 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Key Points

• Founders Financial Alliance LLC significantly increased its stake in First Citizens BancShares, Inc. by 133.9% during the first quarter, holding shares worth $486,000 as of the end of that period.
• First Citizens BancShares reported a quarterly earnings per share of $44.78, exceeding analysts' estimates by $5.70, with revenue of $2.38 billion.
• The company declared a quarterly dividend of $1.95 per share, which will be paid out on September 15th, representing a 0.4% dividend yield.

Founders Financial Alliance LLC grew its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 133.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 262 shares of the bank's stock after buying an additional 150 shares during the quarter. Founders Financial Alliance LLC's holdings in First Citizens BancShares were worth $486,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. National Bank of Canada FI grew 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 valued at $4,566,000 after purchasing an additional 919 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in shares of First Citizens BancShares by 7.2% in 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 last quarter. Ontario Teachers Pension Plan Board lifted its stake in shares of First Citizens BancShares by 20.2% in 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 last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of First Citizens BancShares by 6.2% in 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 last quarter. Finally, WealthShield Partners LLC raised its stake in First Citizens BancShares by 3.2% during the 1st quarter. WealthShield Partners LLC now owns 359 shares of the bank's stock valued at $666,000 after purchasing an additional 11 shares during the last quarter. Institutional investors and hedge funds own 78.01% of the company's stock.

Insiders Place Their Bets

In other news, CEO Frank B. Holding, Jr. acquired 600 shares of the stock in a transaction dated Thursday, August 7th. The stock was bought at an average price of $1,698.75 per share, with a total value of $1,019,250.00. Following the completion of 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Hope Holding Bryant acquired 409 shares of the stock in a transaction dated Thursday, August 7th. The stock was purchased at an average cost of $1,630.00 per share, with a total value of $666,670.00. Following the purchase, the insider directly 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. Over the last 90 days, insiders acquired 1,494 shares of company stock valued at $2,485,986. 13.19% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

FCNCA has been the subject of several research analyst reports. Piper Sandler set a $2,150.00 target price on shares of First Citizens BancShares and gave the company a "neutral" rating in a research note on Monday, July 28th. JPMorgan Chase & Co. upped their target price on shares of First Citizens BancShares from $2,100.00 to $2,250.00 and gave the stock an "overweight" rating in a report on Tuesday, July 1st. TD Cowen started coverage on shares of First Citizens BancShares in a report on Thursday, May 15th. They set a "buy" rating and a $2,400.00 price objective on the stock. Citigroup upped their target price on shares of First Citizens BancShares from $1,900.00 to $2,050.00 and gave the company a "neutral" rating in a research report on Wednesday, July 2nd. Finally, Cowen restated a "buy" rating on shares of First Citizens BancShares in a research report on Monday, July 28th. One research analyst has rated the stock with a sell rating, six have given a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, First Citizens BancShares has a consensus rating of "Hold" and a consensus price target of $2,291.17.

First Citizens BancShares Stock Up 1.1%

Shares of NASDAQ:FCNCA traded up $20.80 during midday trading on Monday, hitting $1,848.93. The stock had a trading volume of 138,065 shares, compared to its average volume of 111,216. 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 business's 50-day simple moving average is $1,968.06 and its 200-day simple moving average is $1,918.01. First Citizens BancShares, Inc. has a 12 month low of $1,473.62 and a 12 month high of $2,412.93. The company has a market cap of $24.57 billion, a P/E ratio of 10.91 and a beta of 0.64.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last released its quarterly earnings data on Friday, July 25th. The bank reported $44.78 EPS for the quarter, topping 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 11.30%. The firm had revenue of $2.38 billion during the quarter, compared to analysts' expectations of $2.21 billion. On average, sell-side analysts forecast that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current fiscal year.

First Citizens BancShares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders 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%.

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.