Harvest Portfolios Group Inc. Acquires 392 Shares of First Citizens BancShares, Inc. $FCNCA

Key Points

• Harvest Portfolios Group Inc. increased its holdings in First Citizens BancShares, Inc. by 14.0%, bringing their total value to $5.92 million after acquiring additional shares in the first quarter.
• First Citizens BancShares reported earnings per share of $44.78 for the last quarter, exceeding the consensus estimate of $39.08, alongside a revenue of $2.38 billion.
• The company recently declared a quarterly dividend of $1.95, set to be paid on September 15th, reflecting an annualized yield of 0.4%.

Harvest Portfolios Group Inc. raised its position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 14.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,193 shares of the bank's stock after acquiring an additional 392 shares during the period. Harvest Portfolios Group Inc.'s holdings in First Citizens BancShares were worth $5,920,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of FCNCA. GAMMA Investing LLC lifted its stake in shares of First Citizens BancShares by 169,861.1% in the first quarter. GAMMA Investing LLC now owns 122,372 shares of the bank's stock valued at $226,892,000 after buying an additional 122,300 shares during the period. Nuveen LLC bought a new stake in First Citizens BancShares during the 1st quarter worth about $149,963,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of First Citizens BancShares by 83.7% in the 4th 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. Castlekeep Investment Advisors LLC acquired a new position in First Citizens BancShares in the 4th quarter valued at about $66,972,000. Finally, Siemens Fonds Invest GmbH acquired a new position in shares of First Citizens BancShares during the 4th quarter worth approximately $49,265,000. Institutional investors and hedge funds own 78.01% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently commented on FCNCA. Piper Sandler set a $2,150.00 price target on shares of First Citizens BancShares and gave the stock a "neutral" rating in a report on Monday, July 28th. Cowen reissued a "buy" rating on shares of First Citizens BancShares in a research report on Monday, July 28th. TD Cowen initiated coverage on shares of First Citizens BancShares in a report on Thursday, May 15th. They issued a "buy" rating and a $2,400.00 price target on the stock. Citigroup upped their price objective on shares of First Citizens BancShares from $1,900.00 to $2,050.00 and gave the stock a "neutral" rating in a report on Wednesday, July 2nd. Finally, UBS Group reissued a "buy" rating and issued a $2,410.00 price objective on shares of First Citizens BancShares in a report on Wednesday, July 9th. Seven research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $2,291.17.

First Citizens BancShares Stock Performance

Shares of NASDAQ FCNCA traded down $19.54 during mid-day trading on Friday, hitting $1,983.91. 148,796 shares of the company were exchanged, compared to its average volume of 94,022. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.76. 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 50 day simple moving average of $1,995.95 and a 200-day simple moving average of $1,900.14. The firm has a market cap of $25.63 billion, a price-to-earnings ratio of 11.71 and a beta of 0.64.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last posted its quarterly earnings results on Friday, July 25th. The bank reported $44.78 EPS for the quarter, beating the consensus estimate of $39.08 by $5.70. The company had revenue of $2.38 billion during the quarter, compared to analysts' expectations 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 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 declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 29th will be given a $1.95 dividend. The ex-dividend date is Friday, August 29th. This represents a $7.80 dividend on an annualized basis and a dividend yield of 0.4%. First Citizens BancShares's dividend payout ratio (DPR) is 4.60%.

Insider Buying and Selling

In related news, insider Hope Holding Bryant bought 409 shares of the business's stock in a transaction that occurred on Thursday, August 7th. The stock was acquired at an average price of $1,630.00 per share, for a total transaction of $666,670.00. Following the transaction, the insider directly owned 1,764 shares of the company's stock, valued at $2,875,320. This represents a 30.18% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, major shareholder Olivia Britton Holding acquired 409 shares of the firm's stock in a transaction that occurred on Thursday, August 7th. The shares were bought at an average cost 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. In the last ninety days, insiders acquired 1,494 shares of company stock valued at $2,485,986. Corporate insiders own 13.40% of the company's stock.

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.