OP Asset Management Ltd Purchases New Stake in First Citizens BancShares, Inc. $FCNCA

Key Points

• OP Asset Management Ltd disclosed a new first-quarter stake in First Citizens BancShares, buying 961 shares valued at about $1.81 million.
• First Citizens BancShares reported better-than-expected quarterly earnings of $44.86 per share, topping estimates, though revenue came in slightly below forecasts.
• The bank recently paid a $2.10 quarterly dividend and continues to see mixed but generally cautious analyst sentiment, with an average “Hold” rating and target price around $2,215.91.

OP Asset Management Ltd purchased a new stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 961 shares of the bank's stock, valued at approximately $1,811,000.

A number of other large investors have also added to or reduced their stakes in FCNCA. Hilton Head Capital Partners LLC bought a new position in shares of First Citizens BancShares during the fourth quarter valued at about $26,000. Harbor Investment Advisory LLC grew its stake in shares of First Citizens BancShares by 150.0% in the fourth quarter. Harbor Investment Advisory LLC now owns 15 shares of the bank's stock worth $32,000 after purchasing an additional 9 shares during the last quarter. Reflection Asset Management purchased a new position in First Citizens BancShares during the 4th quarter valued at about $45,000. Allworth Financial LP increased its holdings in First Citizens BancShares by 21.7% during the 3rd quarter. Allworth Financial LP now owns 28 shares of the bank's stock valued at $51,000 after purchasing an additional 5 shares during the period. Finally, UMB Bank n.a. raised its position in First Citizens BancShares by 50.0% during the 4th quarter. UMB Bank n.a. now owns 24 shares of the bank's stock valued at $52,000 after purchasing an additional 8 shares during the last quarter. Institutional investors own 78.01% of the company's stock.

First Citizens BancShares Stock Performance

First Citizens BancShares stock opened at $2,080.89 on Monday. First Citizens BancShares, Inc. has a fifty-two week low of $1,623.76 and a fifty-two week high of $2,232.21. The stock's 50 day simple moving average is $2,014.37 and its two-hundred day simple moving average is $2,021.24. 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 stock has a market cap of $24.12 billion, a price-to-earnings ratio of 11.97, a PEG ratio of 1.60 and a beta of 0.62.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last announced its earnings results on Thursday, April 23rd. The bank reported $44.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $43.31 by $1.55. The firm had revenue of $2.14 billion during the quarter, compared to analyst estimates of $2.20 billion. First Citizens BancShares had a return on equity of 11.48% and a net margin of 15.62%.During the same quarter in the prior year, the company earned $37.79 EPS. As a group, analysts expect that First Citizens BancShares, Inc. will post 175.61 earnings per share for the current fiscal year.

First Citizens BancShares Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Friday, May 29th were issued a $2.10 dividend. The ex-dividend date was Friday, May 29th. This represents a $8.40 dividend on an annualized basis and a yield of 0.4%. First Citizens BancShares's dividend payout ratio is 4.83%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on FCNCA shares. JPMorgan Chase & Co. dropped their price objective on First Citizens BancShares from $2,200.00 to $2,150.00 and set a "neutral" rating for the company in a report on Friday, April 24th. Wall Street Zen upgraded First Citizens BancShares from a "sell" rating to a "hold" rating in a report on Saturday. Zacks Research raised First Citizens BancShares from a "strong sell" rating to a "hold" rating in a research note on Monday, March 30th. Keefe, Bruyette & Woods cut their price target on shares of First Citizens BancShares from $2,375.00 to $2,300.00 and set an "outperform" rating on the stock in a report on Thursday, April 9th. Finally, TD Cowen reduced 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 report on Monday, April 27th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and nine have assigned a Hold rating to the company's stock. According to MarketBeat, First Citizens BancShares presently has an average rating of "Hold" and an average target price of $2,215.91.

Insider Transactions at First Citizens BancShares

In other news, CEO Frank B. Holding, Jr. acquired 5,940 shares of the stock in a transaction on Tuesday, May 12th. The stock was 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 transaction, the chief executive officer owned 38,111 shares of the company's stock, valued at $65,810,837.02. This represents a 18.46% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders acquired a total of 7,190 shares of company stock valued at $12,573,868 in the last ninety days. 14.63% of the stock is currently owned by corporate 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.

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