Old Peak Finance LLC Buys New Holdings in First Citizens BancShares, Inc. $FCNCA

Key Points

• Old Peak Finance LLC opened a new position in First Citizens BancShares in the fourth quarter, buying 721 shares worth about $1.55 million. The stake represents about 1.0% of Old Peak’s holdings and is its 14th-largest position.
• Other institutional investors have also been active in the stock, and institutional ownership now stands at 78.01%. Notable moves included large additions by Northwestern Mutual Wealth Management, Norges Bank, and UBS Group.
• First Citizens BancShares reported better-than-expected Q1 earnings of $44.86 per share, and the company also announced a quarterly dividend of $2.10 per share. Meanwhile, analysts currently rate the stock a consensus “Hold” with an average price target of $2,215.91.

Old Peak Finance LLC purchased a new position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 721 shares of the bank's stock, valued at approximately $1,548,000. First Citizens BancShares accounts for 1.0% of Old Peak Finance LLC's holdings, making the stock its 14th biggest position.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of First Citizens BancShares by 117,518.9% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 205,833 shares of the bank's stock worth $441,755,000 after purchasing an additional 205,658 shares in the last quarter. Norges Bank acquired a new position in First Citizens BancShares during the fourth quarter worth $116,565,000. Orion Porfolio Solutions LLC lifted its stake in shares of First Citizens BancShares by 2,057.4% in the second quarter. Orion Porfolio Solutions LLC now owns 47,506 shares of the bank's stock valued at $92,944,000 after buying an additional 45,304 shares in the last quarter. M&T Bank Corp grew its holdings in shares of First Citizens BancShares by 13,512.7% during the fourth quarter. M&T Bank Corp now owns 38,524 shares of the bank's stock valued at $82,679,000 after buying an additional 38,241 shares during the last quarter. Finally, UBS Group AG grew its holdings in shares of 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 buying an additional 34,184 shares during the last quarter. Institutional investors own 78.01% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Zacks Research upgraded shares of First Citizens BancShares from a "strong sell" rating to a "hold" rating in a report on Monday, March 30th. Deutsche Bank Aktiengesellschaft lowered First Citizens BancShares from a "buy" rating to a "hold" rating and set a $2,154.00 price objective for the company. in a report on Wednesday, April 8th. TD Cowen lowered their price objective on First Citizens BancShares from $2,500.00 to $2,300.00 and set a "buy" rating for the company in a research note on Monday, April 27th. Piper Sandler set a $2,050.00 target price on First Citizens BancShares in a report on Friday, April 24th. Finally, Citigroup reaffirmed a "neutral" rating on shares of First Citizens BancShares in a research report on Friday, April 24th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat, First Citizens BancShares has an average rating of "Hold" and a consensus price target of $2,215.91.

First Citizens BancShares Stock Performance

Shares of FCNCA stock opened at $1,939.71 on Tuesday. The company has a debt-to-equity ratio of 1.67, a quick ratio of 1.00 and a current ratio of 1.00. The firm has a market cap of $22.48 billion, a price-to-earnings ratio of 11.16, a P/E/G ratio of 1.52 and a beta of 0.63. First Citizens BancShares, Inc. has a 52 week low of $1,623.76 and a 52 week high of $2,232.21. The firm's 50-day simple moving average is $1,952.13 and its two-hundred day simple moving average is $1,994.35.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last released its earnings results on Thursday, April 23rd. The bank reported $44.86 earnings per share for the quarter, beating analysts' consensus estimates 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 firm had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $2.20 billion. During the same period in the prior year, the firm earned $37.79 EPS. As a group, equities analysts forecast that First Citizens BancShares, Inc. will post 177.84 earnings per share for the current year.

First Citizens BancShares Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Friday, May 29th will be given 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 is Friday, May 29th. First Citizens BancShares's dividend payout ratio (DPR) is 4.83%.

Insider Activity at First Citizens BancShares

In other 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 shares were acquired at an average price of $1,726.82 per share, with a total value of $10,257,310.80. Following the completion of the purchase, the chief executive officer directly owned 38,111 shares in the company, valued at $65,810,837.02. The trade was a 18.46% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. In the last ninety days, insiders have acquired 6,198 shares of company stock worth $10,661,547. 14.63% of the stock is owned by insiders.

First Citizens BancShares 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.