Mackenzie Financial Corp Increases Stock Holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Key Points

• Mackenzie Financial Corp increased its holdings in First Citizens BancShares by 92.6%, acquiring 299 additional shares, bringing its total ownership to 622 shares worth approximately $1.15 million.
• First Citizens BancShares reported a quarterly earnings per share (EPS) of $44.78, exceeding analysts' expectations by $5.70, with total revenue reaching $2.38 billion.
• The company announced a quarterly dividend of $1.95 per share, resulting in an annualized dividend of $7.80, equating to a yield of 0.4%.

Mackenzie Financial Corp increased its holdings in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 92.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 622 shares of the bank's stock after acquiring an additional 299 shares during the period. Mackenzie Financial Corp's holdings in First Citizens BancShares were worth $1,153,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. MassMutual Private Wealth & Trust FSB grew its holdings in First Citizens BancShares by 54.5% in 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. Community Bank N.A. acquired a new stake in First Citizens BancShares in the first quarter valued at $44,000. Wayfinding Financial LLC acquired a new stake in First Citizens BancShares in the first quarter valued at $64,000. Toth Financial Advisory Corp grew its holdings in First Citizens BancShares by 263.6% in the first quarter. Toth Financial Advisory Corp now owns 40 shares of the bank's stock valued at $74,000 after purchasing an additional 29 shares during the last quarter. Finally, Johnson Financial Group Inc. acquired a new stake in First Citizens BancShares in the fourth quarter valued at $77,000. Institutional investors and hedge funds own 78.01% of the company's stock.

Analysts Set New Price Targets

FCNCA has been the topic of several research reports. Jefferies Financial Group initiated coverage on First Citizens BancShares in a report on Wednesday, May 21st. They issued a "hold" rating and a $2,050.00 target price on the stock. JPMorgan Chase & Co. upped their target price on 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. TD Cowen began coverage on First Citizens BancShares in a research report on Thursday, May 15th. They issued a "buy" rating and a $2,400.00 price objective on the stock. Wall Street Zen downgraded First Citizens BancShares from a "hold" rating to a "sell" rating in a research report on Monday, April 28th. 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. One research analyst has rated the stock with a sell rating, six have issued a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, First Citizens BancShares has an average rating of "Hold" and an average price target of $2,291.17.

First Citizens BancShares Trading Up 0.4%

NASDAQ FCNCA traded up $7.28 during trading hours on Friday, hitting $1,828.13. 286,357 shares of the company's stock were exchanged, compared to its average volume of 100,816. The business's 50 day moving average is $1,967.07 and its 200-day moving average is $1,924.74. First Citizens BancShares, Inc. has a 12-month low of $1,473.62 and a 12-month high of $2,412.93. The firm has a market capitalization of $24.30 billion, a P/E ratio of 10.79 and a beta of 0.64. The company has a debt-to-equity ratio of 1.77, a quick ratio of 1.04 and a current ratio of 1.04.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last released its earnings results on Friday, July 25th. The bank reported $44.78 earnings per share for the quarter, topping the consensus estimate of $39.08 by $5.70. The firm had revenue of $2.38 billion for the quarter, compared to the consensus estimate of $2.21 billion. First Citizens BancShares had a return on equity of 11.30% and a net margin of 16.37%. As a group, analysts anticipate that First Citizens BancShares, Inc. will post 167.59 EPS for the current fiscal year.

First Citizens BancShares Announces Dividend

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

Insider Buying and Selling

In other news, major shareholder Olivia Britton Holding purchased 66 shares of the company's stock in a transaction on Tuesday, July 29th. The stock was bought at an average cost of $1,735.00 per share, for a total transaction of $114,510.00. Following the completion of the purchase, the insider directly owned 121,926 shares of the company's stock, valued at $211,541,610. The trade was a 0.05% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. 13.40% of the stock is owned by corporate insiders.

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.