Royal Bank of Canada Grows Holdings in First Citizens BancShares, Inc. $FCNCA

Key Points

• Royal Bank of Canada increased its stake in First Citizens BancShares, Inc. by 14.2%, acquiring 680 additional shares to hold a total of 5,465 shares valued at over $10 million.
• First Citizens BancShares recently reported earnings of $44.78 per share, significantly exceeding the consensus estimate of $39.08 and achieving a revenue of $2.38 billion.
• The company declared a quarterly dividend of $1.95 per share, reflecting an annualized yield of 0.4%, to be paid on September 15th.

Royal Bank of Canada lifted its position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 14.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,465 shares of the bank's stock after purchasing an additional 680 shares during the period. Royal Bank of Canada's holdings in First Citizens BancShares were worth $10,134,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. JT Stratford LLC boosted its position in shares of First Citizens BancShares by 0.4% during the 4th quarter. JT Stratford LLC now owns 1,247 shares of the bank's stock worth $2,635,000 after acquiring an additional 5 shares in the last quarter. MassMutual Private Wealth & Trust FSB boosted its holdings in First Citizens BancShares by 54.5% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 17 shares of the bank's stock valued at $32,000 after purchasing an additional 6 shares in the last quarter. Cresset Asset Management LLC increased its stake in First Citizens BancShares by 3.8% in the first quarter. Cresset Asset Management LLC now owns 163 shares of the bank's stock valued at $302,000 after purchasing an additional 6 shares during the last quarter. M&T Bank Corp raised its holdings in First Citizens BancShares by 1.3% during the first quarter. M&T Bank Corp now owns 632 shares of the bank's stock worth $1,172,000 after purchasing an additional 8 shares in the last quarter. Finally, Venturi Wealth Management LLC lifted its position in shares of First Citizens BancShares by 3.8% during the 1st quarter. Venturi Wealth Management LLC now owns 221 shares of the bank's stock worth $410,000 after buying an additional 8 shares during the last quarter. Hedge funds and other institutional investors own 78.01% of the company's stock.

Insider Activity

In related news, major shareholder Olivia Britton Holding bought 409 shares of the stock in a transaction on Thursday, August 7th. The shares were bought at an average cost of $1,630.00 per share, for a total transaction of $666,670.00. Following the completion of the transaction, the insider owned 1,764 shares of the company's stock, valued at $2,875,320. This represents a 30.18% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Hope Holding Bryant purchased 409 shares of First Citizens BancShares stock in a transaction dated 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 transaction, the insider owned 1,764 shares in the company, valued at approximately $2,875,320. This trade represents a 30.18% increase in their position. The disclosure for this purchase can be found here. Insiders purchased 1,494 shares of company stock worth $2,485,986 in the last 90 days. 13.40% of the stock is currently owned by corporate insiders.

First Citizens BancShares Stock Performance

NASDAQ FCNCA traded up $17.03 during trading hours on Wednesday, hitting $1,882.83. 205,412 shares of the stock were exchanged, compared to its average volume of 137,784. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.76. The company has a market cap of $24.33 billion, a price-to-earnings ratio of 11.11 and a beta of 0.71. First Citizens BancShares, Inc. has a 12-month low of $1,473.62 and a 12-month high of $2,412.93. The stock has a 50-day moving average of $1,982.24 and a 200 day moving average of $1,886.53.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last issued its earnings results on Friday, July 25th. The bank reported $44.78 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 business had revenue of $2.38 billion during the quarter, compared to the consensus estimate of $2.21 billion. As a group, equities research analysts forecast that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current year.

First Citizens BancShares Announces Dividend

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

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Piper Sandler set a $2,150.00 price target on shares of First Citizens BancShares and gave the company a "neutral" rating in a research report on Monday, July 28th. UBS Group reaffirmed a "buy" rating and set a $2,410.00 price target on shares of First Citizens BancShares in a research report on Wednesday, July 9th. Citigroup boosted their price objective on First Citizens BancShares from $1,900.00 to $2,050.00 and gave the company a "neutral" rating in a research note on Wednesday, July 2nd. Cowen restated a "buy" rating on shares of First Citizens BancShares in a research report on Monday, July 28th. Finally, Jefferies Financial Group initiated coverage on shares of First Citizens BancShares in a research report on Wednesday, May 21st. They issued a "hold" rating and a $2,050.00 price target for the company. Seven analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $2,291.17.

First Citizens BancShares Company 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.