First Citizens BancShares, Inc. $FCNCA Position Lifted by Jacobs Asset Management LLC

Key Points

• Jacobs Asset Management LLC has increased its position in First Citizens BancShares, Inc. by 41.7%, owning a total of 8,500 shares, making it the firm’s largest holding.
• First Citizens BancShares has posted strong earnings, reporting an EPS of $44.78 for the quarter, exceeding estimates and showing a solid return on equity of 11.32%.
• The bank's quarterly dividend of $1.95 will be paid on September 15th, reflecting a dividend yield of 0.4% and a payout ratio of 4.60%.

Jacobs Asset Management LLC increased its position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 41.7% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 8,500 shares of the bank's stock after purchasing an additional 2,500 shares during the quarter. First Citizens BancShares accounts for approximately 9.9% of Jacobs Asset Management LLC's investment portfolio, making the stock its largest holding. Jacobs Asset Management LLC owned 0.06% of First Citizens BancShares worth $15,760,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. Ceredex Value Advisors LLC raised its position in First Citizens BancShares by 5.1% during the first quarter. Ceredex Value Advisors LLC now owns 18,668 shares of the bank's stock valued at $34,613,000 after acquiring an additional 908 shares in the last quarter. Harvest Portfolios Group Inc. increased its position in shares of First Citizens BancShares by 14.0% in the first quarter. Harvest Portfolios Group Inc. now owns 3,193 shares of the bank's stock valued at $5,920,000 after buying an additional 392 shares in the last quarter. Quantitative Investment Management LLC purchased a new stake in shares of First Citizens BancShares in the first quarter valued at approximately $272,000. Oliver Luxxe Assets LLC increased its position in shares of First Citizens BancShares by 10.9% in the first quarter. Oliver Luxxe Assets LLC now owns 3,235 shares of the bank's stock valued at $5,998,000 after buying an additional 319 shares in the last quarter. Finally, SVB Wealth LLC purchased a new stake in shares of First Citizens BancShares in the first quarter valued at approximately $35,000. 78.01% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CEO Frank B. Holding, Jr. purchased 600 shares of the business's stock in a transaction on Thursday, August 7th. The shares were bought at an average price of $1,698.75 per share, for a total transaction of $1,019,250.00. Following the acquisition, the chief executive officer directly owned 32,300 shares in the company, valued at $54,869,625. This trade represents a 1.89% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Hope Holding Bryant purchased 409 shares of the business's stock in a transaction on Thursday, August 7th. The shares were bought at an average price of $1,630.00 per share, for a total transaction of $666,670.00. Following the acquisition, the insider owned 1,764 shares in the company, 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. Insiders have acquired a total of 1,494 shares of company stock worth $2,485,986 in the last ninety days. 13.40% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Cowen restated a "buy" rating on shares of First Citizens BancShares in a research report on Monday, July 28th. Piper Sandler set a $2,150.00 price target on First Citizens BancShares and gave the stock a "neutral" rating in a research report on Monday, July 28th. Jefferies Financial Group started coverage on First Citizens BancShares in a research report on Wednesday, May 21st. They set a "hold" rating and a $2,050.00 price target for the company. UBS Group reiterated a "buy" rating and set a $2,410.00 price target on shares of First Citizens BancShares in a research report on Wednesday, July 9th. Finally, JPMorgan Chase & Co. boosted their price target on First Citizens BancShares from $2,100.00 to $2,250.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 1st. Seven research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $2,291.17.

First Citizens BancShares Trading Down 1.0%

Shares of First Citizens BancShares stock traded down $19.54 during trading hours on Friday, hitting $1,983.91. The company's stock had a trading volume of 148,796 shares, compared to its average volume of 94,022. First Citizens BancShares, Inc. has a twelve month low of $1,473.62 and a twelve month high of $2,412.93. The firm has a fifty day moving average of $1,998.22 and a 200-day moving average of $1,898.95. The stock has a market cap of $25.63 billion, a price-to-earnings ratio of 11.71 and a beta of 0.64. The company has a debt-to-equity ratio of 1.76, a quick ratio of 1.04 and a current ratio of 1.04.

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

First Citizens BancShares Dividend Announcement

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

First Citizens BancShares 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.