Legal & General Group Plc Has $73.15 Million Position in First Citizens BancShares, Inc. $FCNCA

Key Points

• Legal & General Group Plc trimmed its stake in First Citizens BancShares by 4.6% in the fourth quarter, but still held 34,082 shares valued at about $73.15 million.
• Insider buying was notable, with CEO Frank B. Holding, Jr. purchasing 5,940 shares for about $10.26 million, bringing his holdings up 18.46% and lifting total insider purchases over the past 90 days to $10.66 million.
• First Citizens BancShares recently beat earnings expectations with quarterly EPS of $44.86 versus $43.31 estimated, though revenue came in slightly below forecasts; analysts currently rate the stock a Hold on average with a $2,215.91 price target.

Legal & General Group Plc lowered its position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 4.6% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 34,082 shares of the bank's stock after selling 1,626 shares during the quarter. Legal & General Group Plc owned 0.27% of First Citizens BancShares worth $73,146,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the company. JPMorgan Chase & Co. grew its holdings in First Citizens BancShares by 4.4% during the third quarter. JPMorgan Chase & Co. now owns 435,278 shares of the bank's stock valued at $778,785,000 after purchasing an additional 18,190 shares during the period. Northwestern Mutual Wealth Management Co. grew its holdings in First Citizens BancShares by 117,518.9% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 205,833 shares of the bank's stock valued at $441,755,000 after purchasing an additional 205,658 shares during the period. Alliancebernstein L.P. grew its holdings in First Citizens BancShares by 16.3% during the third quarter. Alliancebernstein L.P. now owns 78,310 shares of the bank's stock valued at $140,109,000 after purchasing an additional 10,948 shares during the period. Allspring Global Investments Holdings LLC grew its holdings in First Citizens BancShares by 57.5% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 76,088 shares of the bank's stock valued at $164,247,000 after purchasing an additional 27,789 shares during the period. Finally, UBS Group AG grew its holdings in First Citizens BancShares by 96.7% during the fourth quarter. UBS Group AG now owns 69,551 shares of the bank's stock valued at $149,269,000 after purchasing an additional 34,184 shares during the period. Institutional investors and hedge funds own 78.01% of the company's stock.

Insider Buying and Selling

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. bought 5,940 shares of First Citizens BancShares stock in a transaction that occurred on Tuesday, May 12th. The stock was acquired at an average price of $1,726.82 per share, for a total transaction of $10,257,310.80. Following the completion of the acquisition, the chief executive officer owned 38,111 shares of the company's stock, valued at $65,810,837.02. This trade represents a 18.46% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders have acquired a total of 6,198 shares of company stock worth $10,661,547 in the last ninety days. Corporate insiders own 14.63% of the company's stock.

Analyst Upgrades and Downgrades

FCNCA has been the subject of several research analyst reports. Wall Street Zen upgraded shares of First Citizens BancShares from a "sell" rating to a "hold" rating in a report on Sunday, May 24th. Deutsche Bank Aktiengesellschaft cut shares of First Citizens BancShares from a "buy" rating to a "hold" rating and set a $2,154.00 price target for the company. in a report on Wednesday, April 8th. Keefe, Bruyette & Woods reduced their price target on shares of First Citizens BancShares from $2,375.00 to $2,300.00 and set an "outperform" rating for the company in a report on Thursday, April 9th. Weiss Ratings cut shares of First Citizens BancShares from a "hold (c+)" rating to a "hold (c)" rating in a report on Friday, May 22nd. Finally, Piper Sandler set a $2,050.00 price target on shares of First Citizens BancShares in a report on Friday, April 24th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat, the company has an average rating of "Hold" and an average price target of $2,215.91.

First Citizens BancShares Stock Down 0.9%

First Citizens BancShares stock opened at $1,990.51 on Friday. The stock has a market capitalization of $23.06 billion, a PE ratio of 11.45, a price-to-earnings-growth ratio of 1.53 and a beta of 0.63. First Citizens BancShares, Inc. has a twelve month low of $1,623.76 and a twelve month high of $2,232.21. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.67. The company has a 50 day moving average of $1,949.40 and a 200-day moving average of $1,992.23.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last released its quarterly earnings results on Thursday, April 23rd. The bank reported $44.86 earnings per share for the quarter, beating the consensus estimate 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 quarter in the prior year, the company earned $37.79 earnings per share. On average, equities research analysts anticipate that First Citizens BancShares, Inc. will post 177.84 EPS for the current fiscal year.

First Citizens BancShares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Friday, May 29th will be issued a dividend of $2.10 per share. The ex-dividend date is Friday, May 29th. This represents a $8.40 annualized dividend and a yield of 0.4%. First Citizens BancShares's dividend payout ratio is presently 4.83%.

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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