Fox Run Management L.L.C. Invests $443,000 in First Citizens BancShares, Inc. $FCNCA

Key Points

• Fox Run Management L.L.C. has acquired a new position in First Citizens BancShares, Inc., purchasing 239 shares valued at approximately $443,000 during the first quarter.
• In its recent quarterly earnings report, First Citizens BancShares surpassed estimates with an EPS of $44.78, exceeding the consensus estimate of $39.08.
• The bank has also announced a quarterly dividend of $1.95 per share, which will be paid to investors on September 15th, representing a yield of 0.4%.

Fox Run Management L.L.C. acquired a new position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 239 shares of the bank's stock, valued at approximately $443,000.

A number of other hedge funds have also recently bought and sold shares of FCNCA. JPMorgan Chase & Co. boosted its holdings in shares of First Citizens BancShares by 2.3% in the 1st quarter. JPMorgan Chase & Co. now owns 401,167 shares of the bank's stock worth $743,815,000 after buying an additional 9,070 shares during the last quarter. Egerton Capital UK LLP grew its position in First Citizens BancShares by 21.7% during the first quarter. Egerton Capital UK LLP now owns 124,773 shares of the bank's stock valued at $231,344,000 after acquiring an additional 22,257 shares during the last quarter. GAMMA Investing LLC grew its position in First Citizens BancShares by 169,861.1% during the first quarter. GAMMA Investing LLC now owns 122,372 shares of the bank's stock valued at $226,892,000 after acquiring an additional 122,300 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of First Citizens BancShares by 83.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 107,523 shares of the bank's stock valued at $227,198,000 after purchasing an additional 48,994 shares during the period. Finally, Nuveen LLC purchased a new stake in shares of First Citizens BancShares during the first quarter valued at approximately $149,963,000. 78.01% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently commented on FCNCA shares. Citigroup raised their price target on First Citizens BancShares from $1,900.00 to $2,050.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 2nd. JPMorgan Chase & Co. lifted their price objective on 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. UBS Group reaffirmed a "buy" rating and set a $2,410.00 price objective on shares of First Citizens BancShares in a research report on Wednesday, July 9th. Jefferies Financial Group began coverage on First Citizens BancShares in a report on Wednesday, May 21st. They set a "hold" rating and a $2,050.00 price objective on the stock. Finally, Barclays decreased their price target on 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. Seven analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $2,291.17.

Insider Buying and Selling at First Citizens BancShares

In other news, insider Hope Holding Bryant purchased 409 shares of the firm's stock in a transaction that occurred on Thursday, August 7th. The stock was acquired at an average cost 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 of the company's stock, 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Olivia Britton Holding bought 409 shares of the firm's stock in a transaction on Thursday, August 7th. The stock was bought 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 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. Insiders have purchased 1,494 shares of company stock valued at $2,485,986 over the last three months. 13.40% of the stock is owned by company insiders.

First Citizens BancShares Trading Up 0.3%

Shares of First Citizens BancShares stock traded up $6.29 during trading hours on Thursday, reaching $1,937.63. 149,296 shares of the company's stock were exchanged, compared to its average volume of 139,215. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.76. The firm has a market capitalization of $25.03 billion, a price-to-earnings ratio of 11.43 and a beta of 0.64. The company has a fifty day moving average of $1,978.83 and a 200-day moving average of $1,906.45. First Citizens BancShares, Inc. has a 52-week low of $1,473.62 and a 52-week high of $2,412.93.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last issued its earnings results on Friday, July 25th. The bank reported $44.78 earnings per share for the quarter, topping the consensus estimate of $39.08 by $5.70. The business 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%. Sell-side analysts forecast that First Citizens BancShares, Inc. will post 167.59 EPS for the current fiscal year.

First Citizens BancShares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 29th will be given a $1.95 dividend. 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 dividend payout ratio (DPR) is 4.60%.

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.