First Citizens BancShares, Inc. $FCNCA Shares Sold by Knightsbridge Asset Management LLC

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 reduced its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 22.9% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor 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 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently modified their holdings of the stock. Jones Financial Companies Lllp raised its stake in shares of First Citizens BancShares by 284.6% in the first quarter. Jones Financial Companies Lllp now owns 950 shares of the bank's stock valued at $1,761,000 after acquiring an additional 703 shares during the period. EJF Capital LLC increased its stake in shares of First Citizens BancShares by 22.6% during the first quarter. EJF Capital LLC now owns 2,371 shares of the bank's stock valued at $4,396,000 after buying an additional 437 shares during the period. Alliancebernstein L.P. increased its position in First Citizens BancShares by 3.9% during the 1st quarter. Alliancebernstein L.P. now owns 77,148 shares of the bank's stock valued at $143,042,000 after purchasing an additional 2,919 shares during the period. Advisors Asset Management Inc. bought a new position in First Citizens BancShares in the first quarter worth approximately $369,000. Finally, Alyeska Investment Group L.P. purchased a new position in shares of First Citizens BancShares in the 1st quarter valued at $323,000. Institutional investors own 78.01% of the company's stock.

Insiders Place Their Bets

In related news, insider Hope Holding Bryant acquired 409 shares of the firm's stock in a transaction on Thursday, August 7th. The shares were acquired at an average cost of $1,630.00 per share, with a total value of $666,670.00. Following the completion of the acquisition, the insider directly owned 1,764 shares in the company, valued at approximately $2,875,320. This trade represents a 30.18% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Olivia Britton Holding bought 409 shares of the business's stock in a transaction dated Thursday, August 7th. The shares were bought at an average cost of $1,630.00 per share, with a total value of $666,670.00. Following the purchase, 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. Over the last ninety days, insiders purchased 1,494 shares of company stock worth $2,485,986. Company insiders own 13.40% of the company's stock.

First Citizens BancShares Stock Performance

Shares of FCNCA stock traded up $0.70 during trading hours on Wednesday, hitting $1,946.65. The company's stock had a trading volume of 138,531 shares, compared to its average volume of 133,524. The stock has a market cap of $25.15 billion, a PE ratio of 11.21 and a beta of 0.71. 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 50 day moving average of $1,998.86 and a 200 day moving average of $1,890.17. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.76.

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 (EPS) for the quarter, beating analysts' consensus estimates of $39.08 by $5.70. First Citizens BancShares had a net margin of 16.37% and a return on equity of 11.32%. The company had revenue of $2.38 billion during the quarter, compared to the consensus estimate of $2.21 billion. On average, sell-side analysts forecast that First Citizens BancShares, Inc. will post 167.59 EPS for the current fiscal year.

First Citizens BancShares Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of brokerages have commented on FCNCA. TD Cowen started coverage on shares of First Citizens BancShares in a report on Thursday, May 15th. They issued a "buy" rating and a $2,400.00 target price for the company. Citigroup upped their target price on First Citizens BancShares from $1,900.00 to $2,050.00 and gave the company a "neutral" rating in a research report on Wednesday, July 2nd. 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. Cowen restated a "buy" rating on shares of First Citizens BancShares in a research note on Monday, July 28th. Finally, JPMorgan Chase & Co. upped their price objective on shares of First Citizens BancShares from $2,100.00 to $2,250.00 and gave the company an "overweight" rating in a report on Tuesday, July 1st. Seven equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average 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.