Hsbc Holdings PLC Has $18.37 Million Stake in First Citizens BancShares, Inc. $FCNCA

Key Points

• HSBC reduced its stake in First Citizens BancShares by 18.6% in the fourth quarter, but still held 8,551 shares valued at about $18.37 million.
• First Citizens reported strong quarterly earnings, posting $44.86 per share and beating analyst estimates, though revenue of $2.14 billion came in slightly below expectations.
• Analysts remain cautious overall, with the stock carrying a consensus Hold rating and an average target price of about $2,247, even as several firms adjusted their price targets.

Hsbc Holdings PLC lowered its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 18.6% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 8,551 shares of the bank's stock after selling 1,959 shares during the period. Hsbc Holdings PLC owned approximately 0.07% of First Citizens BancShares worth $18,369,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in FCNCA. Hilton Head Capital Partners LLC acquired a new stake in shares of First Citizens BancShares in the fourth quarter valued at approximately $26,000. Harbor Investment Advisory LLC grew its position in First Citizens BancShares by 150.0% during the fourth quarter. Harbor Investment Advisory LLC now owns 15 shares of the bank's stock worth $32,000 after buying an additional 9 shares in the last quarter. Reflection Asset Management acquired a new stake in First Citizens BancShares during the fourth quarter worth approximately $45,000. UMB Bank n.a. increased its stake in First Citizens BancShares by 50.0% during the 4th quarter. UMB Bank n.a. now owns 24 shares of the bank's stock worth $52,000 after acquiring an additional 8 shares during the period. Finally, Jessup Wealth Management Inc bought a new position in First Citizens BancShares during the 4th quarter worth $56,000. Institutional investors and hedge funds own 78.01% of the company's stock.

First Citizens BancShares Price Performance

First Citizens BancShares stock opened at $2,092.43 on Wednesday. The company has a debt-to-equity ratio of 1.67, a quick ratio of 1.00 and a current ratio of 1.00. First Citizens BancShares, Inc. has a 52 week low of $1,623.76 and a 52 week high of $2,232.21. The stock has a market capitalization of $24.25 billion, a P/E ratio of 12.03, a price-to-earnings-growth ratio of 1.60 and a beta of 0.62. The stock has a fifty day moving average of $2,025.90 and a 200-day moving average of $2,022.74.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last released its quarterly earnings data on Thursday, April 23rd. The bank reported $44.86 earnings per share for the quarter, beating the consensus estimate of $43.31 by $1.55. The business had revenue of $2.14 billion for the quarter, compared to analyst estimates of $2.20 billion. First Citizens BancShares had a return on equity of 11.48% and a net margin of 15.62%.During the same period last year, the firm posted $37.79 earnings per share. On average, sell-side analysts expect that First Citizens BancShares, Inc. will post 177 earnings per share for the current fiscal year.

First Citizens BancShares Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Friday, May 29th were paid a $2.10 dividend. This represents a $8.40 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date was Friday, May 29th. First Citizens BancShares's dividend payout ratio (DPR) is presently 4.83%.

Insider Activity

In related news, CEO Frank B. Holding, Jr. bought 335 shares of the business's stock in a transaction on Friday, June 5th. The shares were purchased at an average price of $1,920.80 per share, for a total transaction of $643,468.00. Following the completion of the transaction, the chief executive officer directly owned 64,435 shares of the company's stock, valued at approximately $123,766,748. This represents a 0.52% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Over the last 90 days, insiders have purchased 7,190 shares of company stock worth $12,573,868. Insiders own 14.63% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on FCNCA shares. The Goldman Sachs Group upped their target price on First Citizens BancShares from $2,100.00 to $2,340.00 and gave the company a "neutral" rating in a research report on Tuesday. Zacks Research upgraded First Citizens BancShares from a "strong sell" rating to a "hold" rating in a research report on Monday, March 30th. Citigroup reaffirmed a "neutral" rating on shares of First Citizens BancShares in a research note on Wednesday, July 1st. Keefe, Bruyette & Woods cut their price objective 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 report on Thursday, April 9th. Finally, TD Cowen reduced their price objective on shares of First Citizens BancShares from $2,500.00 to $2,300.00 and set a "buy" rating on the stock in a research note on Monday, April 27th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat.com, First Citizens BancShares currently has a consensus rating of "Hold" and an average target price of $2,247.08.

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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