NewEdge Advisors LLC Has $3 Million Stock Holdings in First Citizens BancShares, Inc. $FCNCA

Key Points

• NewEdge Advisors increased its First Citizens BancShares stake by 219.3% in the first quarter, owning 1,590 shares valued at approximately $3.0 million. Institutional investors collectively hold 78.01% of the company.
• First Citizens reported quarterly revenue of $2.43 billion and EPS of $57.09, surpassing analysts’ estimates. The stock opened at $2,268.09, near its 52-week high, while analysts maintain a consensus “Hold” rating with a $2,278.31 price target.
• CEO Frank B. Holding Jr. purchased 528 shares for roughly $957,000, and insiders bought $2.32 million of stock over the past quarter. The company also declared a quarterly dividend of $2.10 per share, yielding about 0.4% annually.

NewEdge Advisors LLC boosted its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 219.3% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 1,590 shares of the bank's stock after buying an additional 1,092 shares during the period. NewEdge Advisors LLC's holdings in First Citizens BancShares were worth $3,001,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Northwestern Mutual Wealth Management Co. boosted its position in First Citizens BancShares by 117,518.9% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 205,833 shares of the bank's stock worth $441,755,000 after acquiring an additional 205,658 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of First Citizens BancShares by 1.5% in the first quarter. Dimensional Fund Advisors LP now owns 125,947 shares of the bank's stock valued at $237,333,000 after buying an additional 1,886 shares during the last quarter. Morgan Stanley increased its holdings in shares of First Citizens BancShares by 31.8% in the fourth quarter. Morgan Stanley now owns 123,048 shares of the bank's stock valued at $264,087,000 after purchasing an additional 29,681 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in First Citizens BancShares by 11.2% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 122,317 shares of the bank's stock valued at $262,514,000 after buying an additional 12,303 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC grew its holdings in First Citizens BancShares by 20.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 91,876 shares of the bank's stock valued at $174,048,000 after buying an additional 15,788 shares in the last quarter. Institutional investors and hedge funds own 78.01% of the company's stock.

Insider Activity at First Citizens BancShares

In related news, CEO Frank B. Holding, Jr. bought 528 shares of First Citizens BancShares stock in a transaction that occurred on Friday, June 5th. The shares were acquired at an average cost of $1,813.37 per share, for a total transaction of $957,459.36. Following the completion of the acquisition, the chief executive officer directly owned 64,100 shares of the company's stock, valued at approximately $116,237,017. The trade was a 0.83% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders purchased 1,250 shares of company stock valued at $2,316,557 over the last quarter. 14.63% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. Wall Street Zen upgraded shares of First Citizens BancShares from a "sell" rating to a "hold" rating in a research report on Saturday, June 27th. Fundamental Research set a $2,350.00 price target on shares of First Citizens BancShares in a report on Wednesday, July 1st. TD Cowen decreased their price objective on shares of First Citizens BancShares from $2,500.00 to $2,300.00 and set a "buy" rating on the stock in a research note on Monday, April 27th. Barclays boosted their price objective on shares of First Citizens BancShares from $2,346.00 to $2,376.00 and gave the company an "equal weight" rating in a research report on Monday, July 27th. Finally, Weiss Ratings raised First Citizens BancShares from a "hold (c+)" rating to a "buy (b)" rating in a report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and ten have issued a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $2,278.31.

First Citizens BancShares Price Performance

FCNCA stock opened at $2,268.09 on Friday. The company has a market capitalization of $26.29 billion, a P/E ratio of 12.13, a PEG ratio of 1.73 and a beta of 0.62. First Citizens BancShares, Inc. has a 52-week low of $1,623.76 and a 52-week high of $2,296.30. The company has a fifty day moving average price of $2,129.84 and a 200-day moving average price of $2,022.90. The company has a debt-to-equity ratio of 1.67, a quick ratio of 1.00 and a current ratio of 1.00.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last announced its earnings results on Thursday, July 23rd. The bank reported $57.09 EPS for the quarter, topping the consensus estimate of $0.41 by $56.68. First Citizens BancShares had a return on equity of 11.98% and a net margin of 16.28%.The firm had revenue of $2.43 billion for the quarter, compared to the consensus estimate of $2.16 billion. As a group, equities analysts expect that First Citizens BancShares, Inc. will post 190.06 EPS for the current year.

First Citizens BancShares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Monday, August 31st will be paid a $2.10 dividend. This represents a $8.40 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date of this dividend is Monday, August 31st. First Citizens BancShares's payout ratio is currently 4.49%.

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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