Fuller & Thaler Asset Management Inc. Sells 12,639 Shares of First Citizens BancShares, Inc. $FCNCA

Key Points

• Fuller & Thaler Asset Management Inc. reduced its stake in First Citizens BancShares by 13.1%, owning now 83,965 shares worth approximately $155.68 million.
• First Citizens BancShares announced a quarterly dividend of $1.95, equating to an annualized dividend yield of 0.4% with a low payout ratio of 4.60%.
• Analysts show a mixed outlook with a consensus rating of "Hold" and a target price around $2,291.17, reflecting varying opinions on the company's growth potential.

Fuller & Thaler Asset Management Inc. decreased its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 13.1% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 83,965 shares of the bank's stock after selling 12,639 shares during the period. Fuller & Thaler Asset Management Inc. owned 0.62% of First Citizens BancShares worth $155,680,000 as of its most recent filing with the SEC.

Other hedge funds have also added to or reduced their stakes in the company. MassMutual Private Wealth & Trust FSB raised its position in First Citizens BancShares by 54.5% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 17 shares of the bank's stock worth $32,000 after acquiring an additional 6 shares during the period. Community Bank N.A. bought a new stake in First Citizens BancShares in the first quarter worth about $44,000. Johnson Financial Group Inc. purchased a new stake in First Citizens BancShares in the 4th quarter worth about $77,000. Wayfinding Financial LLC bought a new stake in First Citizens BancShares in the 1st quarter valued at about $64,000. Finally, Brooklyn Investment Group raised its stake in First Citizens BancShares by 32.1% in the 1st quarter. Brooklyn Investment Group now owns 37 shares of the bank's stock valued at $67,000 after acquiring an additional 9 shares during the period. Institutional investors own 78.01% of the company's stock.

Insider Activity

In related news, major shareholder Olivia Britton Holding purchased 409 shares of the company's stock in a transaction dated Thursday, August 7th. The shares were purchased at an average price of $1,630.00 per share, with a total value of $666,670.00. Following the acquisition, the insider directly owned 1,764 shares in the company, valued at $2,875,320. The trade was a 30.18% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Hope Holding Bryant purchased 409 shares of the company's stock in a transaction dated Thursday, August 7th. The shares were bought at an average cost of $1,630.00 per share, for a total transaction of $666,670.00. Following the acquisition, the insider owned 1,764 shares in the company, valued at approximately $2,875,320. The trade was a 30.18% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased a total of 1,494 shares of company stock valued at $2,485,986 in the last 90 days. 13.40% of the stock is currently owned by insiders.

First Citizens BancShares Stock Up 0.3%

Shares of FCNCA stock traded up $6.29 during mid-day trading on Thursday, hitting $1,937.63. The company's stock had a trading volume of 149,296 shares, compared to its average volume of 139,215. The stock has a market cap of $25.03 billion, a price-to-earnings ratio of 11.13 and a beta of 0.64. 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, Inc. has a 52-week low of $1,473.62 and a 52-week high of $2,412.93. The business has a 50-day moving average price of $1,978.83 and a 200 day moving average price of $1,906.45.

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 the consensus estimate of $39.08 by $5.70. The company had revenue of $2.38 billion during the quarter, compared to the consensus estimate of $2.21 billion. First Citizens BancShares had a return on equity of 11.32% and a net margin of 16.37%. Research analysts predict that First Citizens BancShares, Inc. will post 167.59 EPS for the current fiscal year.

First Citizens BancShares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders 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 dividend yield of 0.4%. The ex-dividend date of this dividend is Friday, August 29th. First Citizens BancShares's dividend payout ratio (DPR) is presently 4.60%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Piper Sandler set a $2,150.00 target price on shares of First Citizens BancShares and gave the stock a "neutral" rating in a research note on Monday, July 28th. Cowen reaffirmed a "buy" rating on shares of First Citizens BancShares in a report on Monday, July 28th. UBS Group reissued a "buy" rating and set a $2,410.00 target price on shares of First Citizens BancShares in a report on Wednesday, July 9th. TD Cowen began coverage on First Citizens BancShares in a report on Thursday, May 15th. They issued a "buy" rating and a $2,400.00 price target for the company. Finally, JPMorgan Chase & Co. boosted their price objective on First Citizens BancShares from $2,100.00 to $2,250.00 and gave the company an "overweight" rating in a research note on Tuesday, July 1st. Seven research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, First Citizens BancShares presently has a consensus rating of "Moderate Buy" and an average price target of $2,291.17.

About First Citizens BancShares

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.