Huber Capital Management LLC Sells 500 Shares of First Citizens BancShares, Inc. $FCNCA

Key Points

• Huber Capital Management LLC has reduced its stake in First Citizens BancShares by 10.2%, holding 4,393 shares valued at approximately $8.15 million, making it the firm's 24th largest position.
• CEO Frank B. Holding, Jr. recently purchased 600 shares of First Citizens BancShares stock for $1,019,250, increasing his ownership to 32,300 shares valued at nearly $55 million.
• The bank will pay a quarterly dividend of $1.95 on September 15, representing an annualized yield of 0.4% and a dividend payout ratio of 4.60%.

Huber Capital Management LLC decreased its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 10.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,393 shares of the bank's stock after selling 500 shares during the period. First Citizens BancShares comprises about 1.5% of Huber Capital Management LLC's investment portfolio, making the stock its 24th biggest holding. Huber Capital Management LLC's holdings in First Citizens BancShares were worth $8,145,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. MassMutual Private Wealth & Trust FSB increased its holdings in shares of First Citizens BancShares by 54.5% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 17 shares of the bank's stock worth $32,000 after purchasing an additional 6 shares in the last quarter. SVB Wealth LLC purchased a new position in First Citizens BancShares in the first quarter worth about $35,000. Community Bank N.A. purchased a new position in First Citizens BancShares in the first quarter worth about $44,000. Wayfinding Financial LLC purchased a new position in First Citizens BancShares in the first quarter worth about $64,000. Finally, Brooklyn Investment Group boosted its position in First Citizens BancShares by 32.1% in the first quarter. Brooklyn Investment Group now owns 37 shares of the bank's stock worth $67,000 after purchasing an additional 9 shares during the last quarter. Institutional investors own 78.01% of the company's stock.

First Citizens BancShares Stock Performance

NASDAQ FCNCA traded down $19.54 on Friday, hitting $1,983.91. 148,796 shares of the company traded hands, compared to its average volume of 156,520. The company has a market capitalization of $25.63 billion, a price-to-earnings ratio of 11.71 and a beta of 0.64. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.76. The business's 50 day moving average price is $1,998.22 and its 200-day moving average price is $1,897.38. First Citizens BancShares, Inc. has a 52-week low of $1,473.62 and a 52-week high of $2,412.93.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last announced its quarterly earnings data on Friday, July 25th. The bank reported $44.78 EPS for the quarter, beating the consensus estimate of $39.08 by $5.70. First Citizens BancShares had a return on equity of 11.32% and a net margin of 16.37%.The business had revenue of $2.38 billion for the quarter, compared to the consensus estimate of $2.21 billion. Equities analysts expect that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current year.

First Citizens BancShares Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 29th will be given a $1.95 dividend. This represents a $7.80 annualized dividend and a dividend yield of 0.4%. The ex-dividend date is Friday, August 29th. First Citizens BancShares's payout ratio is presently 4.60%.

Analysts Set New Price Targets

Several brokerages have issued reports on FCNCA. Piper Sandler set a $2,150.00 target price on First Citizens BancShares and gave the stock a "neutral" rating in a research report on Monday, July 28th. TD Cowen began coverage on First Citizens BancShares in a research report on Thursday, May 15th. They issued a "buy" rating and a $2,400.00 target price on the stock. Citigroup raised their target price on First Citizens BancShares from $1,900.00 to $2,050.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 2nd. UBS Group reiterated 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. Finally, Jefferies Financial Group initiated coverage on First Citizens BancShares in a research report on Wednesday, May 21st. They set a "hold" rating and a $2,050.00 target price on the stock. Seven equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat, First Citizens BancShares has a consensus rating of "Moderate Buy" and an average target price of $2,291.17.

Insider Activity

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. acquired 600 shares of the stock in a transaction dated Thursday, August 7th. The shares were acquired at an average cost of $1,698.75 per share, for a total transaction of $1,019,250.00. Following the completion of the transaction, the chief executive officer directly owned 32,300 shares of the company's stock, valued at approximately $54,869,625. The trade was a 1.89% 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 stock in a transaction dated 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 completion of the transaction, the insider directly owned 1,764 shares of the company's stock, valued at approximately $2,875,320. This represents a 30.18% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired 1,494 shares of company stock worth $2,485,986 over the last ninety days. 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.