River Road Asset Management LLC Has $118.90 Million Stake in First Citizens BancShares, Inc. $FCNCA

Key Points

• River Road Asset Management boosted its stake in First Citizens BancShares by 574% in the fourth quarter, ending with 55,402 shares valued at about $118.9 million.
• CEO Frank B. Holding, Jr. bought 5,940 shares for roughly $10.26 million in May, and insiders have purchased a total of 7,190 shares over the last 90 days.
• The bank reported Q1 earnings of $44.86 per share, beating analyst estimates, while analysts currently rate the stock Hold on average with a consensus price target of $2,215.91.

River Road Asset Management LLC grew its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 574.0% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 55,402 shares of the bank's stock after purchasing an additional 47,182 shares during the quarter. First Citizens BancShares makes up about 1.3% of River Road Asset Management LLC's portfolio, making the stock its 20th largest position. River Road Asset Management LLC owned 0.45% of First Citizens BancShares worth $118,903,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Hilton Head Capital Partners LLC acquired a new position in First Citizens BancShares in the fourth quarter valued at $26,000. Harbor Investment Advisory LLC grew its holdings in First Citizens BancShares by 150.0% during the 4th quarter. Harbor Investment Advisory LLC now owns 15 shares of the bank's stock worth $32,000 after acquiring an additional 9 shares during the period. Fifth Third Bancorp grew its holdings in First Citizens BancShares by 40.0% during the 3rd quarter. Fifth Third Bancorp now owns 21 shares of the bank's stock worth $38,000 after acquiring an additional 6 shares during the period. Allworth Financial LP raised its position in shares of First Citizens BancShares by 21.7% in the 3rd quarter. Allworth Financial LP now owns 28 shares of the bank's stock worth $51,000 after acquiring an additional 5 shares in the last quarter. Finally, UMB Bank n.a. raised its position in shares of First Citizens BancShares by 50.0% in the 4th quarter. UMB Bank n.a. now owns 24 shares of the bank's stock worth $52,000 after acquiring an additional 8 shares in the last quarter. 78.01% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at First Citizens BancShares

In other news, CEO Frank B. Holding, Jr. acquired 5,940 shares of First Citizens BancShares stock in a transaction on Tuesday, May 12th. The stock was purchased 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 owned 38,111 shares of the company's stock, valued at approximately $65,810,837.02. The trade was a 18.46% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders purchased a total of 7,190 shares of company stock valued at $12,573,868 in the last 90 days. 14.63% of the stock is currently owned by corporate insiders.

First Citizens BancShares Price Performance

Shares of NASDAQ FCNCA opened at $2,071.62 on Friday. The firm's 50-day moving average price is $2,001.74 and its 200-day moving average price is $2,014.84. First Citizens BancShares, Inc. has a 1-year low of $1,623.76 and a 1-year high of $2,232.21. The firm has a market capitalization of $24.01 billion, a P/E ratio of 11.91, a P/E/G ratio of 1.61 and a beta of 0.62. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.67.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last released its quarterly earnings data on Thursday, April 23rd. The bank reported $44.86 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $43.31 by $1.55. The company had revenue of $2.14 billion for the quarter, compared to analysts' expectations of $2.20 billion. First Citizens BancShares had a net margin of 15.62% and a return on equity of 11.48%. During the same quarter in the prior year, the firm earned $37.79 EPS. Equities research analysts anticipate 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 declared 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 annualized dividend and a yield of 0.4%. First Citizens BancShares's dividend payout ratio is presently 4.83%.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on FCNCA shares. Zacks Research raised First Citizens BancShares from a "strong sell" rating to a "hold" rating in a research note on Monday, March 30th. Wall Street Zen cut First Citizens BancShares from a "hold" rating to a "sell" rating in a research note on Saturday, June 13th. JPMorgan Chase & Co. lowered their target price 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. Deutsche Bank Aktiengesellschaft lowered 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 note on Wednesday, April 8th. Finally, Citigroup restated a "neutral" rating on shares of First Citizens BancShares in a report on Friday, April 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 stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $2,215.91.

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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