Prudential PLC Sells 783 Shares of First Citizens BancShares, Inc. $FCNCA

Key Points

• Prudential PLC cut its stake in First Citizens BancShares by 70.7% in the fourth quarter, selling 783 shares and leaving it with 325 shares worth about $698,000.
• Insiders bought shares over the last 90 days, including CEO Frank B. Holding Jr.’s purchase of 528 shares for about $957,459. Company insiders now own 14.63% of the stock.
• Analysts are mostly neutral on FCNCA, with an average rating of “Hold” and a consensus price target of $2,215.91. The stock also recently beat earnings estimates, reporting $44.86 EPS versus $43.31 expected.

Prudential PLC reduced its holdings in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 70.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 325 shares of the bank's stock after selling 783 shares during the period. Prudential PLC's holdings in First Citizens BancShares were worth $698,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of FCNCA. Goldman Sachs Group Inc. grew its position in First Citizens BancShares by 1.9% during the first quarter. Goldman Sachs Group Inc. now owns 37,389 shares of the bank's stock valued at $69,324,000 after acquiring an additional 681 shares during the last quarter. Empowered Funds LLC grew its position in First Citizens BancShares by 71.9% during the first quarter. Empowered Funds LLC now owns 392 shares of the bank's stock valued at $727,000 after acquiring an additional 164 shares during the last quarter. Focus Partners Wealth grew its position in First Citizens BancShares by 5.2% during the first quarter. Focus Partners Wealth now owns 241 shares of the bank's stock valued at $447,000 after acquiring an additional 12 shares during the last quarter. EverSource Wealth Advisors LLC grew its position in First Citizens BancShares by 31.3% during the second quarter. EverSource Wealth Advisors LLC now owns 88 shares of the bank's stock valued at $172,000 after acquiring an additional 21 shares during the last quarter. Finally, Flow Traders U.S. LLC bought a new position in First Citizens BancShares during the second quarter valued at approximately $260,000. 78.01% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. purchased 528 shares of the company's stock in a transaction that occurred on Friday, June 5th. The stock was bought at an average price of $1,813.37 per share, with a total value of $957,459.36. Following the completion of the purchase, the chief executive officer directly owned 64,100 shares of the company's stock, valued at $116,237,017. The trade was a 0.83% increase in their position. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders acquired a total of 7,437 shares of company stock valued at $12,956,718 over the last ninety days. Company insiders own 14.63% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on FCNCA shares. Deutsche Bank Aktiengesellschaft cut shares of First Citizens BancShares from a "buy" rating to a "hold" rating and set a $2,154.00 price target on the stock. in a research report on Wednesday, April 8th. Zacks Research raised First Citizens BancShares from a "strong sell" rating to a "hold" rating in a research note on Monday, March 30th. TD Cowen dropped 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. Keefe, Bruyette & Woods dropped their price objective on First Citizens BancShares from $2,375.00 to $2,300.00 and set an "outperform" rating for the company in a research note on Thursday, April 9th. Finally, Wall Street Zen raised First Citizens BancShares from a "sell" rating to a "hold" rating in a research note on Sunday, May 24th. One research 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. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $2,215.91.

First Citizens BancShares Stock Performance

NASDAQ:FCNCA opened at $2,074.25 on Tuesday. The firm has a market cap of $24.04 billion, a PE ratio of 11.93, a price-to-earnings-growth ratio of 1.58 and a beta of 0.62. 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 company has a debt-to-equity ratio of 1.67, a quick ratio of 1.00 and a current ratio of 1.00. The business has a 50 day moving average price of $1,968.93 and a 200-day moving average price of $2,001.80.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last announced its quarterly earnings results on Thursday, April 23rd. The bank reported $44.86 EPS for the quarter, topping analysts' consensus estimates of $43.31 by $1.55. First Citizens BancShares had a return on equity of 11.48% and a net margin of 15.62%.The company had revenue of $2.14 billion during the quarter, compared to analyst estimates of $2.20 billion. During the same quarter last year, the firm posted $37.79 earnings per share. Equities research analysts predict that First Citizens BancShares, Inc. will post 177.84 earnings per share for the current year.

First Citizens BancShares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Friday, May 29th will be paid a $2.10 dividend. The ex-dividend date of this dividend is 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 (DPR) is presently 4.83%.

About First Citizens BancShares

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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