Livforsakringsbolaget Skandia Omsesidigt Purchases 1,100 Shares of First Citizens BancShares, Inc. $FCNCA

Key Points

• Livforsakringsbolaget Skandia Omsesidigt increased its stake in First Citizens BancShares by 21.4%, owning 6,249 shares worth approximately $12.2 million after acquiring an additional 1,100 shares.
• Major institutional investors, including UBS AM and Quantinno Capital Management LP, significantly raised their holdings in First Citizens BancShares, reflecting strong confidence in the bank.
• First Citizens BancShares reported an earnings per share (EPS) of $44.78 for the recent quarter, surpassing estimates and indicating a healthy net margin of 16.37%.

Livforsakringsbolaget Skandia Omsesidigt raised its holdings in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 21.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 6,249 shares of the bank's stock after purchasing an additional 1,100 shares during the quarter. Livforsakringsbolaget Skandia Omsesidigt's holdings in First Citizens BancShares were worth $12,226,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. MassMutual Private Wealth & Trust FSB lifted its holdings in First Citizens BancShares by 54.5% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 17 shares of the bank's stock valued at $32,000 after purchasing an additional 6 shares during the last quarter. SVB Wealth LLC purchased a new stake in shares of First Citizens BancShares in the first quarter worth about $35,000. Community Bank N.A. purchased a new stake in shares of First Citizens BancShares in the first quarter worth about $44,000. Wayfinding Financial LLC purchased a new stake in shares of First Citizens BancShares in the first quarter worth about $64,000. Finally, Brooklyn Investment Group lifted its holdings in shares of 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 buying an additional 9 shares in the last quarter. 78.01% of the stock is owned by hedge funds and other institutional investors.

First Citizens BancShares Price Performance

Shares of FCNCA stock traded down $6.86 during trading on Tuesday, hitting $1,843.56. The company had a trading volume of 93,478 shares, compared to its average volume of 99,396. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.76. The stock's 50-day moving average is $1,966.46 and its two-hundred day moving average is $1,885.73. The stock has a market capitalization of $23.82 billion, a price-to-earnings ratio of 10.88 and a beta of 0.71. First Citizens BancShares, Inc. has a 52 week low of $1,473.62 and a 52 week high of $2,412.93.

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, 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 business had revenue of $2.38 billion for the quarter, compared to analysts' expectations of $2.21 billion. As a group, analysts predict that First Citizens BancShares, Inc. will post 167.59 EPS for the current fiscal year.

First Citizens BancShares Dividend Announcement

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

Insider Buying and Selling at First Citizens BancShares

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. purchased 600 shares of First Citizens BancShares stock in a transaction on Thursday, August 7th. The shares were acquired at an average cost of $1,698.75 per share, for a total transaction of $1,019,250.00. Following the completion of 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 ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Hope Holding Bryant purchased 409 shares of First Citizens BancShares stock in a transaction on Thursday, August 7th. The shares were acquired 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 directly owned 1,764 shares of the company's stock, valued at approximately $2,875,320. The trade was a 30.18% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired 1,494 shares of company stock worth $2,485,986 over the last ninety days. Insiders own 13.19% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on FCNCA. Piper Sandler set a $2,150.00 price target on shares of First Citizens BancShares and gave the stock a "neutral" rating in a report on Monday, July 28th. Wall Street Zen raised shares of First Citizens BancShares from a "sell" rating to a "hold" rating in a report on Saturday. Citigroup increased their price target on shares of First Citizens BancShares from $1,900.00 to $2,050.00 and gave the stock a "neutral" rating in a report on Wednesday, July 2nd. JPMorgan Chase & Co. increased their price target on shares of First Citizens BancShares from $2,100.00 to $2,250.00 and gave the stock an "overweight" rating in a report on Tuesday, July 1st. Finally, UBS Group restated a "buy" rating and issued a $2,410.00 price objective on shares of First Citizens BancShares in a research report on Wednesday, July 9th. Seven research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target 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.