Russell Investments Group Ltd. Acquires 1,944 Shares of First Citizens BancShares, Inc. $FCNCA

Key Points

• Russell Investments Group Ltd. increased its holdings in First Citizens BancShares, Inc. by 46.1%, now owning 6,162 shares valued at approximately $11.4 million as of the latest quarter.
• Several other institutional investors also raised their stakes or acquired new positions in First Citizens BancShares, leading to institutional ownership of 78.01% of the stock.
• The company recently announced a quarterly dividend of $1.95 per share, representing an annualized payout of $7.80 and a dividend yield of 0.4%.

Russell Investments Group Ltd. lifted its holdings in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 46.1% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 6,162 shares of the bank's stock after purchasing an additional 1,944 shares during the period. Russell Investments Group Ltd.'s holdings in First Citizens BancShares were worth $11,422,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in FCNCA. JPMorgan Chase & Co. boosted its position in First Citizens BancShares by 2.3% during the 1st quarter. JPMorgan Chase & Co. now owns 401,167 shares of the bank's stock valued at $743,815,000 after buying an additional 9,070 shares during the period. Egerton Capital UK LLP raised its holdings in First Citizens BancShares by 21.7% in the first quarter. Egerton Capital UK LLP now owns 124,773 shares of the bank's stock worth $231,344,000 after buying an additional 22,257 shares during the last quarter. GAMMA Investing LLC raised its holdings in First Citizens BancShares by 169,861.1% in the first quarter. GAMMA Investing LLC now owns 122,372 shares of the bank's stock worth $226,892,000 after buying an additional 122,300 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in First Citizens BancShares by 83.7% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 107,523 shares of the bank's stock worth $227,198,000 after buying an additional 48,994 shares during the last quarter. Finally, Nuveen LLC purchased a new position in First Citizens BancShares in the first quarter worth about $149,963,000. Institutional investors own 78.01% of the company's stock.

Analyst Ratings Changes

Several research analysts have issued reports on FCNCA shares. TD Cowen started coverage on shares of First Citizens BancShares in a report on Thursday, May 15th. They issued a "buy" rating and a $2,400.00 target price for the company. Piper Sandler set a $2,150.00 price objective on shares of First Citizens BancShares and gave the company a "neutral" rating in a report on Monday, July 28th. UBS Group reissued a "buy" rating and set a $2,410.00 price objective on shares of First Citizens BancShares in a report on Wednesday, July 9th. Jefferies Financial Group began coverage on shares of First Citizens BancShares in a report on Wednesday, May 21st. They set a "hold" rating and a $2,050.00 price objective for the company. Finally, Wall Street Zen cut shares of First Citizens BancShares from a "hold" rating to a "sell" rating in a report on Monday, April 28th. Seven equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $2,291.17.

First Citizens BancShares Stock Performance

FCNCA traded up $36.2560 during trading on Friday, hitting $1,973.8860. The company's stock had a trading volume of 67,012 shares, compared to its average volume of 91,436. The business's 50 day simple moving average is $1,978.83 and its 200-day simple moving average is $1,906.45. The firm has a market cap of $25.50 billion, a PE ratio of 11.70 and a beta of 0.64. First Citizens BancShares, Inc. has a one year low of $1,473.62 and a one year high of $2,412.93. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.76.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last posted its quarterly earnings data on Friday, July 25th. The bank reported $44.78 EPS for the quarter, topping the consensus estimate of $39.08 by $5.70. The firm had revenue of $2.38 billion during the quarter, compared to analyst estimates of $2.21 billion. First Citizens BancShares had a return on equity of 11.32% and a net margin of 16.37%. As a group, sell-side analysts predict that First Citizens BancShares, Inc. will post 167.59 EPS for the current fiscal year.

First Citizens BancShares Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 29th will be paid a $1.95 dividend. The ex-dividend date of this dividend is Friday, August 29th. This represents a $7.80 annualized dividend and a dividend yield of 0.4%. First Citizens BancShares's dividend payout ratio (DPR) is 4.60%.

Insider Activity

In related news, CEO Frank B. Holding, Jr. acquired 600 shares of the business's stock in a transaction that occurred on Thursday, August 7th. The stock was bought at an average cost of $1,698.75 per share, for a total transaction of $1,019,250.00. Following the purchase, the chief executive officer owned 32,300 shares in the company, valued at $54,869,625. The trade was a 1.89% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Hope Holding Bryant bought 409 shares of First Citizens BancShares stock in a transaction that occurred on Thursday, August 7th. The stock was purchased at an average cost of $1,630.00 per share, with a total value of $666,670.00. Following the completion of the acquisition, the insider directly owned 1,764 shares in the company, valued at $2,875,320. This represents a 30.18% increase in their position. The disclosure for this purchase can be found here. Insiders have purchased a total of 1,494 shares of company stock valued at $2,485,986 in the last ninety days. Corporate insiders own 13.40% of the company's stock.

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.