Hiddenite Capital Partners LP Makes New $6.87 Million Investment in First Citizens BancShares, Inc. $FCNCA

Key Points

• Hiddenite Capital Partners opened a new position in First Citizens BancShares, buying 3,200 shares worth about $6.87 million. The stake makes FCNCA its 24th-largest holding and about 0.9% of its portfolio.
• Institutional ownership remains heavy, with several other funds also increasing their holdings and hedge funds/other institutions owning 78.01% of the stock. Notable buyers included Northwestern Mutual Wealth Management, UBS Group, and Allspring Global Investments.
• The bank recently beat earnings expectations with Q1 EPS of $44.86 versus estimates of $43.31, though revenue came in slightly below forecasts. First Citizens also declared a quarterly dividend of $2.10 per share, payable June 15.

Hiddenite Capital Partners LP acquired a new position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 3,200 shares of the bank's stock, valued at approximately $6,868,000. First Citizens BancShares accounts for about 0.9% of Hiddenite Capital Partners LP's holdings, making the stock its 24th biggest position.

Several other institutional investors also recently bought and sold shares of FCNCA. Northwestern Mutual Wealth Management Co. boosted its stake in shares of First Citizens BancShares by 117,518.9% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 205,833 shares of the bank's stock valued at $441,755,000 after purchasing an additional 205,658 shares during the period. Orion Porfolio Solutions LLC boosted its stake in shares of First Citizens BancShares by 2,057.4% in the second quarter. Orion Porfolio Solutions LLC now owns 47,506 shares of the bank's stock valued at $92,944,000 after purchasing an additional 45,304 shares during the period. M&T Bank Corp boosted its stake in shares of First Citizens BancShares by 13,512.7% in the fourth quarter. M&T Bank Corp now owns 38,524 shares of the bank's stock valued at $82,679,000 after purchasing an additional 38,241 shares during the period. UBS Group AG boosted its stake in shares of First Citizens BancShares by 96.7% in the fourth quarter. UBS Group AG now owns 69,551 shares of the bank's stock valued at $149,269,000 after purchasing an additional 34,184 shares during the period. Finally, Allspring Global Investments Holdings LLC boosted its stake in shares of First Citizens BancShares by 57.5% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 76,088 shares of the bank's stock valued at $164,247,000 after purchasing an additional 27,789 shares during the period. 78.01% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. UBS Group set a $2,325.00 target price on shares of First Citizens BancShares in a research note on Wednesday, February 4th. JPMorgan Chase & Co. decreased their target price on shares of First Citizens BancShares from $2,200.00 to $2,150.00 and set a "neutral" rating for the company in a research note on Friday, April 24th. Citigroup restated a "neutral" rating on shares of First Citizens BancShares in a research note on Friday, April 24th. Barclays decreased their target price on shares of First Citizens BancShares from $2,456.00 to $2,346.00 and set an "equal weight" rating for the company in a research note on Monday, January 26th. Finally, Keefe, Bruyette & Woods decreased their target price on shares of First Citizens BancShares from $2,375.00 to $2,300.00 and set an "outperform" rating for the company in a research note on Thursday, April 9th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat.com, First Citizens BancShares currently has an average rating of "Hold" and an average target price of $2,202.08.

Insider Transactions at First Citizens BancShares

In related news, CEO Frank B. Holding, Jr. sold 5,346 shares of the company's stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $1,918.69, for a total value of $10,257,316.74. Following the sale, the chief executive officer directly owned 100,654 shares of the company's stock, valued at $193,123,823.26. This represents a 5.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders have acquired 6,198 shares of company stock valued at $10,661,547 over the last 90 days. Corporate insiders own 14.63% of the company's stock.

First Citizens BancShares Trading Down 0.5%

FCNCA opened at $1,928.39 on Friday. The stock has a market capitalization of $22.34 billion, a PE ratio of 11.09, a P/E/G ratio of 1.47 and a beta of 0.63. The firm's fifty day moving average price is $1,922.03 and its 200 day moving average price is $1,979.49. The company has a debt-to-equity ratio of 1.67, a current ratio of 1.00 and a quick ratio of 1.03. First Citizens BancShares, Inc. has a 12-month low of $1,623.76 and a 12-month high of $2,232.21.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last posted its quarterly earnings results on Thursday, April 23rd. The bank reported $44.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $43.31 by $1.55. The firm had revenue of $2.14 billion for the quarter, compared to analysts' expectations of $2.20 billion. First Citizens BancShares had a net margin of 15.62% and a return on equity of 11.48%. During the same period in the prior year, the company posted $37.79 earnings per share. As a group, research analysts expect that First Citizens BancShares, Inc. will post 177.84 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, June 15th. Investors of record on Friday, May 29th will be issued a $2.10 dividend. The ex-dividend date of this dividend is Friday, May 29th. This represents a $8.40 annualized dividend and a yield of 0.4%. First Citizens BancShares's dividend payout ratio is currently 4.83%.

About First Citizens BancShares

First Citizens BancShares, Inc is the bank holding company for First Citizens Bank, a full‑service commercial bank headquartered in Raleigh, North Carolina. The company traces its roots to a community bank founded in 1898 and has grown into a diversified financial services organization that operates through its banking subsidiary to serve retail, commercial and institutional clients.

First Citizens offers a broad suite of banking products and services, including consumer and business deposit accounts, commercial and industrial lending, real estate and mortgage lending, treasury and cash management, and specialized lending solutions.

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