IFM Investors Pty Ltd Acquires Shares of 1,669 First Citizens BancShares, Inc. $FCNCA

Key Points

• IFM Investors Pty Ltd initiated a new position in First Citizens BancShares, buying 1,669 shares valued at about $3.15 million in the first quarter.
• The bank reported Q1 earnings of $44.86 per share, beating expectations, though revenue of $2.14 billion came in slightly below estimates.
• Analyst sentiment is mixed: the stock has a consensus rating of Hold with an average target price of $2,243.75, while insiders also recently bought shares, including CEO Frank B. Holding, Jr.

IFM Investors Pty Ltd acquired a new position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 1,669 shares of the bank's stock, valued at approximately $3,145,000.

Other hedge funds also recently made changes to their positions in the company. Goldman Sachs Group Inc. increased its stake in shares of First Citizens BancShares by 1.9% during the first quarter. Goldman Sachs Group Inc. now owns 37,389 shares of the bank's stock worth $69,324,000 after acquiring an additional 681 shares during the period. Empowered Funds LLC lifted its position in First Citizens BancShares by 71.9% in the first quarter. Empowered Funds LLC now owns 392 shares of the bank's stock valued at $727,000 after purchasing an additional 164 shares during the period. Focus Partners Wealth lifted its position in First Citizens BancShares by 5.2% in the first quarter. Focus Partners Wealth now owns 241 shares of the bank's stock valued at $447,000 after purchasing an additional 12 shares during the period. EverSource Wealth Advisors LLC boosted its holdings in First Citizens BancShares by 31.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 88 shares of the bank's stock valued at $172,000 after purchasing an additional 21 shares in the last quarter. Finally, Flow Traders U.S. LLC purchased a new stake in First Citizens BancShares in the 2nd quarter valued at approximately $260,000. Institutional investors and hedge funds own 78.01% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on FCNCA shares. Piper Sandler set a $2,050.00 target price on First Citizens BancShares in a research report on Friday, April 24th. TD Cowen reduced their price target on First Citizens BancShares from $2,500.00 to $2,300.00 and set a "buy" rating for the company in a report on Monday, April 27th. Keefe, Bruyette & Woods decreased their price target on First Citizens BancShares from $2,375.00 to $2,300.00 and set an "outperform" rating on the stock in a research note on Thursday, April 9th. Fundamental Research set a $2,350.00 price objective on First Citizens BancShares in a report on Wednesday. Finally, Citigroup reiterated a "neutral" rating on shares of First Citizens BancShares in a research report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $2,243.75.

First Citizens BancShares Price Performance

FCNCA stock opened at $2,082.99 on Friday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.67. The company's 50-day moving average price is $2,019.87 and its 200 day moving average price is $2,023.06. First Citizens BancShares, Inc. has a 52 week low of $1,623.76 and a 52 week high of $2,232.21. The company has a market cap of $24.14 billion, a P/E ratio of 11.98, a P/E/G ratio of 1.59 and a beta of 0.62.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last issued its earnings results on Thursday, April 23rd. The bank reported $44.86 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $43.31 by $1.55. First Citizens BancShares had a net margin of 15.62% and a return on equity of 11.48%. The company had revenue of $2.14 billion during the quarter, compared to analysts' expectations of $2.20 billion. During the same period last year, the company posted $37.79 earnings per share. On average, research analysts expect that First Citizens BancShares, Inc. will post 175.42 earnings per share for the current fiscal year.

First Citizens BancShares Dividend Announcement

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

Insiders Place Their Bets

In other news, CEO Frank B. Holding, Jr. acquired 5,940 shares of First Citizens BancShares stock in a transaction that occurred on Tuesday, May 12th. The stock was purchased at an average cost of $1,726.82 per share, with a total value of $10,257,310.80. Following the completion of the acquisition, the chief executive officer owned 38,111 shares in the company, valued at $65,810,837.02. This trade represents a 18.46% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Over the last ninety days, insiders purchased 7,190 shares of company stock valued at $12,573,868. Company insiders own 14.63% of the company's stock.

First Citizens BancShares Company Profile

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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