Sculptor Capital LP Acquires 5,730 Shares of First Citizens BancShares, Inc. $FCNCA

Key Points

• Sculptor Capital LP has increased its stake in First Citizens BancShares by 16.0%, now owning 41,463 shares valued at approximately $76.88 million.
• First Citizens BancShares reported a quarterly earnings per share of $44.78, surpassing the consensus estimate of $39.08, with revenue reaching $2.38 billion.
• The company declared a quarterly dividend of $1.95 per share, indicating a 0.4% dividend yield and a payout ratio of 4.60%.

Sculptor Capital LP grew its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 16.0% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 41,463 shares of the bank's stock after buying an additional 5,730 shares during the quarter. First Citizens BancShares makes up 1.5% of Sculptor Capital LP's holdings, making the stock its 18th biggest holding. Sculptor Capital LP owned approximately 0.31% of First Citizens BancShares worth $76,877,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. GAMMA Investing LLC grew its stake in shares of 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 purchasing an additional 122,300 shares during the last quarter. Nuveen LLC bought a new stake in shares of First Citizens BancShares in the first quarter worth $149,963,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of 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 purchasing an additional 48,994 shares during the last quarter. Castlekeep Investment Advisors LLC bought a new stake in shares of First Citizens BancShares in the fourth quarter worth $66,972,000. Finally, Siemens Fonds Invest GmbH bought a new stake in shares of First Citizens BancShares in the fourth quarter worth $49,265,000. Institutional investors own 78.01% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have commented 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. Citigroup upped their price target on shares of First Citizens BancShares from $1,900.00 to $2,050.00 and gave the company a "neutral" rating in a research report on Wednesday, July 2nd. Jefferies Financial Group assumed coverage on shares of First Citizens BancShares in a research report on Wednesday, May 21st. They set a "hold" rating and a $2,050.00 price target on the stock. JPMorgan Chase & Co. upped their price target on shares of First Citizens BancShares from $2,100.00 to $2,250.00 and gave the company an "overweight" rating in a research report on Tuesday, July 1st. Finally, UBS Group reiterated a "buy" rating and set a $2,410.00 price objective on shares of First Citizens BancShares in a report on Wednesday, July 9th. Seven research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, First Citizens BancShares presently has a consensus rating of "Moderate Buy" and a consensus target price of $2,291.17.

Insider Activity

In related news, CEO Frank B. Holding, Jr. bought 600 shares of First Citizens BancShares stock in a transaction dated Thursday, August 7th. The stock was purchased at an average cost of $1,698.75 per share, with a total value of $1,019,250.00. Following the transaction, the chief executive officer directly owned 32,300 shares of the company's stock, valued at approximately $54,869,625. The trade was a 1.89% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Olivia Britton Holding acquired 409 shares of the business's stock in a transaction that occurred on Thursday, August 7th. The stock was acquired 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 owned 1,764 shares in the company, valued at $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 valued at $2,485,986 in the last three months. Company insiders own 13.19% of the company's stock.

First Citizens BancShares Stock Performance

Shares of First Citizens BancShares stock traded down $1.33 on Wednesday, reaching $1,986.12. 99,288 shares of the company traded hands, compared to its average volume of 94,031. First Citizens BancShares, Inc. has a 52 week low of $1,473.62 and a 52 week high of $2,412.93. The company has a 50 day moving average of $2,001.69 and a 200 day moving average of $1,895.45. The firm has a market capitalization of $25.66 billion, a PE ratio of 11.72 and a beta of 0.71. The company has a debt-to-equity ratio of 1.76, a current ratio of 1.04 and a quick ratio of 1.04.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last released its earnings results on Friday, July 25th. The bank reported $44.78 earnings per share for the quarter, beating analysts' consensus estimates of $39.08 by $5.70. First Citizens BancShares had a net margin of 16.37% and a return on equity of 11.32%. The firm had revenue of $2.38 billion during the quarter, compared to the consensus estimate of $2.21 billion. Equities 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 announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 29th will be given a dividend of $1.95 per share. This represents a $7.80 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date of this dividend is Friday, August 29th. First Citizens BancShares's dividend payout ratio is currently 4.60%.

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.