Saber Capital Managment LLC Takes $19.84 Million Position in First Citizens BancShares, Inc. $FCNCA

Key Points

• Saber Capital Management LLC initiated a new position in First Citizens BancShares, buying 9,245 shares worth about $19.84 million in the fourth quarter. The stake makes FCNCA the fund’s second-largest holding and represents about 0.07% of the bank.
• Insider buying has been notable, led by CEO Frank B. Holding, Jr., who purchased 528 shares for nearly $957,000 in June. Over the last 90 days, insiders have bought 7,288 shares worth about $12.7 million.
• First Citizens BancShares recently reported strong quarterly earnings of $44.86 per share, beating estimates, and it also declared a quarterly dividend of $2.10 per share. Analysts currently rate the stock a consensus Hold with an average target price of $2,215.91.

Saber Capital Managment LLC purchased a new stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) in the 4th quarter, according to its most recent disclosure with the SEC. The fund purchased 9,245 shares of the bank's stock, valued at approximately $19,841,000. First Citizens BancShares accounts for 16.6% of Saber Capital Managment LLC's holdings, making the stock its 2nd largest position. Saber Capital Managment LLC owned about 0.07% of First Citizens BancShares as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Hilton Head Capital Partners LLC acquired a new position in First Citizens BancShares during the 4th quarter valued at about $26,000. Harbor Investment Advisory LLC boosted its stake in First Citizens BancShares by 150.0% during the 4th quarter. Harbor Investment Advisory LLC now owns 15 shares of the bank's stock valued at $32,000 after purchasing an additional 9 shares during the period. Fifth Third Bancorp boosted its stake in First Citizens BancShares by 40.0% during the 3rd quarter. Fifth Third Bancorp now owns 21 shares of the bank's stock valued at $38,000 after purchasing an additional 6 shares during the period. UMB Bank n.a. boosted its stake 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 period. Finally, Jessup Wealth Management Inc acquired a new position in First Citizens BancShares during the 4th quarter valued at about $56,000. 78.01% of the stock is owned by institutional investors and hedge funds.

Insider Activity at First Citizens BancShares

In related news, CEO Frank B. Holding, Jr. purchased 528 shares of the company's stock in a transaction on Friday, June 5th. The shares were bought at an average cost of $1,813.37 per share, for a total transaction of $957,459.36. Following the transaction, the chief executive officer owned 64,100 shares of the company's stock, valued at $116,237,017. This represents a 0.83% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. In the last 90 days, insiders have bought 7,288 shares of company stock worth $12,725,768. 14.63% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. JPMorgan Chase & Co. reduced their target price on shares of First Citizens BancShares from $2,200.00 to $2,150.00 and set a "neutral" rating for the company in a research note on Friday, April 24th. Zacks Research raised shares of First Citizens BancShares from a "strong sell" rating to a "hold" rating in a research note on Monday, March 30th. Deutsche Bank Aktiengesellschaft lowered shares of First Citizens BancShares from a "buy" rating to a "hold" rating and set a $2,154.00 target price for the company. in a research note on Wednesday, April 8th. Weiss Ratings lowered shares of First Citizens BancShares from a "hold (c+)" rating to a "hold (c)" rating in a research note on Friday, May 22nd. Finally, Piper Sandler set a $2,050.00 target price on shares of First Citizens BancShares in a research note on Friday, April 24th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat, First Citizens BancShares presently has an average rating of "Hold" and an average target price of $2,215.91.

First Citizens BancShares Price Performance

FCNCA stock opened at $2,108.61 on Monday. First Citizens BancShares, Inc. has a 52 week low of $1,623.76 and a 52 week high of $2,232.21. The company has a market capitalization of $24.44 billion, a price-to-earnings ratio of 12.13, a price-to-earnings-growth ratio of 1.61 and a beta of 0.62. The firm's 50-day moving average is $1,988.48 and its two-hundred day moving average is $2,009.29. 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 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 net margin of 15.62% and a return on equity of 11.48%. The company had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $2.20 billion. During the same period in the previous year, the firm earned $37.79 EPS. On average, analysts forecast that First Citizens BancShares, Inc. will post 177.84 earnings per share for the current fiscal year.

First Citizens BancShares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Friday, May 29th will be given a dividend of $2.10 per share. This represents a $8.40 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date is Friday, May 29th. First Citizens BancShares's payout ratio is 4.83%.

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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