Generate Investment Management Ltd Acquires New Stake in First Citizens BancShares, Inc. $FCNCA

Key Points

• Generate Investment Management Ltd has acquired a new stake in First Citizens BancShares, purchasing 3,365 shares valued at approximately $6.58 million.
• First Citizens BancShares reported an EPS of $44.78 for the last quarter, exceeding analysts' expectations by $5.70. The firm also announced a quarterly dividend of $1.95 per share.
• Analysts' ratings for First Citizens BancShares indicate a consensus of "Moderate Buy", with price targets ranging from $1,900 to $2,410.

Generate Investment Management Ltd acquired a new stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 3,365 shares of the bank's stock, valued at approximately $6,584,000.

A number of other large investors also recently bought and sold shares of the company. MassMutual Private Wealth & Trust FSB increased its stake in shares of First Citizens BancShares by 54.5% during 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. Cresset Asset Management LLC increased its position in First Citizens BancShares by 3.8% during the 1st quarter. Cresset Asset Management LLC now owns 163 shares of the bank's stock worth $302,000 after purchasing an additional 6 shares during the period. M&T Bank Corp increased its position in First Citizens BancShares by 1.3% during the 1st quarter. M&T Bank Corp now owns 632 shares of the bank's stock worth $1,172,000 after purchasing an additional 8 shares during the period. Venturi Wealth Management LLC raised its stake in shares of First Citizens BancShares by 3.8% during the 1st quarter. Venturi Wealth Management LLC now owns 221 shares of the bank's stock worth $410,000 after buying an additional 8 shares in the last quarter. Finally, Cooper Financial Group lifted its holdings in shares of First Citizens BancShares by 5.5% in the 1st quarter. Cooper Financial Group now owns 154 shares of the bank's stock valued at $286,000 after buying an additional 8 shares during the period. Hedge funds and other institutional investors own 78.01% of the company's stock.

First Citizens BancShares Trading Down 0.7%

Shares of FCNCA opened at $1,850.38 on Monday. The company has a debt-to-equity ratio of 1.76, a current ratio of 1.04 and a quick ratio of 1.04. First Citizens BancShares, Inc. has a 1-year low of $1,473.62 and a 1-year high of $2,412.93. The stock has a market cap of $23.91 billion, a price-to-earnings ratio of 10.92 and a beta of 0.71. The firm has a 50 day simple moving average of $1,946.40 and a 200-day simple moving average of $1,888.84.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last posted its earnings results on Friday, July 25th. The bank reported $44.78 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $39.08 by $5.70. The firm 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%. Equities 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 was paid on Monday, September 15th. Investors of record on Friday, August 29th were given 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 was Friday, August 29th. First Citizens BancShares's dividend payout ratio (DPR) is currently 4.60%.

Analysts Set New Price Targets

FCNCA has been the subject of a number of recent analyst reports. Citigroup raised their target price on First Citizens BancShares from $1,900.00 to $2,050.00 and gave the company a "neutral" rating in a report on Wednesday, July 2nd. Wall Street Zen downgraded shares of First Citizens BancShares from a "hold" rating to a "sell" rating in a report on Sunday. UBS Group restated a "buy" rating and set a $2,410.00 target price on shares of First Citizens BancShares in a research report on Wednesday, July 9th. Piper Sandler set a $2,150.00 price target on shares of First Citizens BancShares and gave the company a "neutral" rating in a research report on Monday, July 28th. Finally, JPMorgan Chase & Co. boosted their price target on First Citizens BancShares from $2,100.00 to $2,250.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 1st. Seven investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, First Citizens BancShares currently has a consensus rating of "Moderate Buy" and a consensus target price of $2,291.17.

Insider Buying and Selling

In other news, major shareholder Olivia Britton Holding bought 409 shares of the business'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, with a total value of $666,670.00. Following 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 position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Frank B. Holding, Jr. bought 600 shares of First Citizens BancShares stock in a transaction on Thursday, August 7th. The stock was purchased at an average price of $1,698.75 per share, for a total transaction of $1,019,250.00. Following the completion of the acquisition, the chief executive officer owned 32,300 shares in the company, valued at $54,869,625. This represents a 1.89% increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 1,494 shares of company stock worth $2,485,986. 13.19% of the stock is owned by corporate insiders.

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.

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