JPMorgan Chase & Co. Boosts Stock Position in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Key Points

• JPMorgan Chase & Co. increased its stake in First Citizens BancShares by 2.3%, purchasing an additional 9,070 shares, bringing its total holdings to approximately $743.8 million.
• Several hedge funds have significantly increased their positions in First Citizens BancShares, with notable purchases from Capital International Investors and GAMMA Investing LLC.
• First Citizens BancShares reported a quarterly EPS of $44.78, surpassing analyst expectations, and announced a quarterly dividend of $1.95 per share.

JPMorgan Chase & Co. raised its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 2.3% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 401,167 shares of the bank's stock after purchasing an additional 9,070 shares during the quarter. JPMorgan Chase & Co. owned 2.95% of First Citizens BancShares worth $743,815,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of FCNCA. MassMutual Private Wealth & Trust FSB boosted its position in First Citizens BancShares by 54.5% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 17 shares of the bank's stock worth $32,000 after acquiring an additional 6 shares during the period. Community Bank N.A. bought a new stake in shares of First Citizens BancShares in the 1st quarter valued at approximately $44,000. Johnson Financial Group Inc. acquired a new position in First Citizens BancShares during the fourth quarter valued at approximately $77,000. Wayfinding Financial LLC acquired a new stake in First Citizens BancShares in the 1st quarter valued at approximately $64,000. Finally, Toth Financial Advisory Corp grew its holdings in shares of First Citizens BancShares by 263.6% during the 1st quarter. Toth Financial Advisory Corp now owns 40 shares of the bank's stock worth $74,000 after purchasing an additional 29 shares in the last quarter. 78.01% of the stock is currently owned by hedge funds and other institutional investors.

First Citizens BancShares Stock Down 1.4%

Shares of FCNCA stock traded down $27.84 during trading hours on Friday, reaching $1,897.40. The company had a trading volume of 51,888 shares, compared to its average volume of 89,515. First Citizens BancShares, Inc. has a 12 month low of $1,473.62 and a 12 month high of $2,412.93. The company has a debt-to-equity ratio of 1.76, a current ratio of 1.04 and a quick ratio of 1.04. The business has a fifty day simple moving average of $1,972.61 and a 200-day simple moving average of $1,915.91. The company has a market cap of $25.22 billion, a price-to-earnings ratio of 11.19 and a beta of 0.64.

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

First Citizens BancShares Announces Dividend

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

Insider Activity at First Citizens BancShares

In related news, insider Hope Holding Bryant acquired 409 shares of the stock in a transaction on Thursday, August 7th. The stock was purchased 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 owned 1,764 shares of the company's stock, valued at $2,875,320. This trade represents a 30.18% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Frank B. Holding, Jr. acquired 600 shares of the stock in a transaction on Thursday, August 7th. The stock was bought at an average price of $1,698.75 per share, with a total value of $1,019,250.00. Following 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 position. The disclosure for this purchase can be found here. In the last three months, insiders have bought 1,494 shares of company stock valued at $2,485,986. Corporate insiders own 13.40% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. TD Cowen assumed coverage on First Citizens BancShares in a report on Thursday, May 15th. They issued a "buy" rating and a $2,400.00 price target for the company. Piper Sandler set a $2,150.00 price target on First Citizens BancShares and gave the company a "neutral" rating in a report on Monday, July 28th. JPMorgan Chase & Co. upped their price target on First Citizens BancShares from $2,100.00 to $2,250.00 and gave the company an "overweight" rating in a research note on Tuesday, July 1st. Cowen reaffirmed a "buy" rating on shares of First Citizens BancShares in a research note on Monday, July 28th. Finally, Citigroup upped their price target on First Citizens BancShares from $1,900.00 to $2,050.00 and gave the company a "neutral" rating in a research note on Wednesday, July 2nd. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $2,291.17.

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.