Nuveen LLC Makes New $149.96 Million Investment in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Key Points

• Nuveen LLC has acquired a new stake in First Citizens BancShares, purchasing 80,881 shares valued at approximately $149,963,000, which represents about 0.60% ownership of the company.
• Numerous institutional investors, including Federated Hermes and Sterling Capital Management, have significantly modified their holdings in First Citizens BancShares over the recent quarters, with many increasing their stakes.
• First Citizens BancShares recently declared a quarterly dividend of $1.95 per share, reflecting an annualized dividend yield of 0.4% and a payout ratio of 4.60%.

Nuveen LLC bought a new stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 80,881 shares of the bank's stock, valued at approximately $149,963,000. Nuveen LLC owned approximately 0.60% of First Citizens BancShares at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in FCNCA. Teacher Retirement System of Texas acquired a new position in shares of First Citizens BancShares during the 1st quarter worth approximately $2,642,000. Bank of New York Mellon Corp grew its holdings in First Citizens BancShares by 1.9% during the 1st quarter. Bank of New York Mellon Corp now owns 40,553 shares of the bank's stock worth $75,190,000 after acquiring an additional 772 shares during the last quarter. Cambridge Investment Research Advisors Inc. grew its stake in shares of First Citizens BancShares by 16.6% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 190 shares of the bank's stock worth $352,000 after purchasing an additional 27 shares during the last quarter. Kingswood Wealth Advisors LLC acquired a new stake in First Citizens BancShares during the 1st quarter valued at approximately $439,000. Finally, DAVENPORT & Co LLC bought a new position in shares of First Citizens BancShares in the 1st quarter worth about $221,000. 78.01% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on FCNCA. Jefferies Financial Group initiated coverage on First Citizens BancShares in a research note on Wednesday, May 21st. They set a "hold" rating and a $2,050.00 price target for the company. Citigroup increased their price target 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. Cowen reaffirmed a "buy" rating on shares of First Citizens BancShares in a report on Monday, July 28th. Wall Street Zen downgraded shares of First Citizens BancShares from a "hold" rating to a "sell" rating in a report on Monday, April 28th. Finally, UBS Group restated a "buy" rating and set a $2,410.00 price target on shares of First Citizens BancShares in a report on Wednesday, July 9th. One analyst has rated the stock with a sell rating, six have given a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat, First Citizens BancShares has an average rating of "Hold" and an average target price of $2,291.17.

First Citizens BancShares Trading Down 2.6%

FCNCA traded down $49.17 during trading on Friday, hitting $1,876.07. 83,996 shares of the stock traded hands, compared to its average volume of 89,658. The firm has a 50-day moving average of $1,972.61 and a 200 day moving average of $1,915.91. The firm has a market capitalization of $24.93 billion, a P/E ratio of 11.07 and a beta of 0.64. The company has a debt-to-equity ratio of 1.76, a current ratio of 1.04 and a quick ratio of 1.04. First Citizens BancShares, Inc. has a 12-month low of $1,473.62 and a 12-month high of $2,412.93.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last released its quarterly earnings results on Friday, July 25th. The bank reported $44.78 earnings per share for the quarter, beating the consensus estimate of $39.08 by $5.70. First Citizens BancShares had a return on equity of 11.32% and a net margin of 16.37%. The company had revenue of $2.38 billion for the quarter, compared to analyst estimates of $2.21 billion. Equities research analysts anticipate that First Citizens BancShares, Inc. will post 167.59 EPS for the current year.

First Citizens BancShares Dividend Announcement

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

Insider Activity

In related news, CEO Frank B. Holding, Jr. bought 600 shares of the firm's stock in a transaction that occurred on Thursday, August 7th. The shares were bought at an average cost of $1,698.75 per share, with a total value of $1,019,250.00. Following the acquisition, the chief executive officer owned 32,300 shares in the company, valued at $54,869,625. This trade represents a 1.89% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Hope Holding Bryant acquired 409 shares of the business's stock in a transaction that occurred on Thursday, August 7th. The shares were bought at an average price of $1,630.00 per share, with a total value of $666,670.00. Following the completion of the purchase, the insider owned 1,764 shares in the company, valued at $2,875,320. This trade represents a 30.18% increase in their position. The disclosure for this purchase can be found here. Insiders acquired 1,494 shares of company stock valued at $2,485,986 in the last quarter. 13.40% of the stock is currently owned by insiders.

First Citizens BancShares 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.