Knightsbridge Asset Management LLC Decreases Stake in First Citizens BancShares, Inc. $FCNCA

Key Points

• Knightsbridge Asset Management LLC has reduced its stake in First Citizens BancShares, Inc. by 22.9%, owning 2,390 shares after selling 710 shares in the first quarter.
• The bank's recent quarterly earnings report revealed an EPS of $44.78, exceeding estimates, with a net margin of 16.37%.
• First Citizens BancShares announced a $1.95 quarterly dividend, with a yield of 0.4%, payable to stockholders on record by August 29th.

Knightsbridge Asset Management LLC cut its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 22.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,390 shares of the bank's stock after selling 710 shares during the period. Knightsbridge Asset Management LLC's holdings in First Citizens BancShares were worth $4,431,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in FCNCA. MassMutual Private Wealth & Trust FSB boosted its position in First Citizens BancShares by 54.5% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 17 shares of the bank's stock valued at $32,000 after buying an additional 6 shares during the period. SVB Wealth LLC bought a new stake in shares of First Citizens BancShares during the first quarter valued at approximately $35,000. Community Bank N.A. bought a new stake in shares of First Citizens BancShares during the first quarter valued at approximately $44,000. Wayfinding Financial LLC purchased a new stake in shares of First Citizens BancShares in the first quarter valued at approximately $64,000. Finally, Brooklyn Investment Group grew its stake 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 in the last quarter. Hedge funds and other institutional investors own 78.01% of the company's stock.

Insider Buying and Selling at First Citizens BancShares

In other First Citizens BancShares news, insider Hope Holding Bryant acquired 409 shares of the firm's stock in a transaction dated 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 acquisition, the insider owned 1,764 shares in the company, valued at approximately $2,875,320. This trade represents a 30.18% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Frank B. Holding, Jr. acquired 600 shares of the stock in a transaction dated Thursday, August 7th. The stock was acquired at an average cost 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 in the company, valued at approximately $54,869,625. This represents a 1.89% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought a total of 1,494 shares of company stock worth $2,485,986 over the last three months. Corporate insiders own 13.40% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on FCNCA. TD Cowen initiated coverage on First Citizens BancShares in a report on Thursday, May 15th. They set a "buy" rating and a $2,400.00 price objective on the stock. Piper Sandler set a $2,150.00 price target on First Citizens BancShares and gave the company a "neutral" rating in a research note on Monday, July 28th. Citigroup lifted their price objective on First Citizens BancShares from $1,900.00 to $2,050.00 and gave the company a "neutral" rating in a report on Wednesday, July 2nd. Cowen reiterated a "buy" rating on shares of First Citizens BancShares in a report on Monday, July 28th. Finally, JPMorgan Chase & Co. raised their target price on shares of First Citizens BancShares from $2,100.00 to $2,250.00 and gave the company 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 issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $2,291.17.

First Citizens BancShares Stock Up 1.0%

FCNCA stock traded up $19.80 during trading on Friday, reaching $1,984.23. 87,249 shares of the company traded hands, compared to its average volume of 95,611. The business has a 50 day simple moving average of $1,996.27 and a 200 day simple moving average of $1,889.75. 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 quick ratio of 1.04 and a current ratio of 1.04. The company has a market capitalization of $25.64 billion, a price-to-earnings ratio of 11.71 and a beta of 0.71.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last announced its 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 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%. On average, equities research analysts anticipate that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current fiscal year.

First Citizens BancShares Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 29th will be given a dividend of $1.95 per share. The ex-dividend date of this dividend 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 presently 4.60%.

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.