SG Americas Securities LLC Purchases 7,670 Shares of First Citizens BancShares, Inc. $FCNCA

Key Points

• SG Americas Securities LLC boosted its First Citizens BancShares stake by 231.3% in the first quarter, buying 7,670 additional shares to bring its total to 10,986 shares worth about $20.7 million.
• Insider and institutional buying remains strong, with several hedge funds increasing holdings and institutions owning 78.01% of the company; CEO Frank B. Holding, Jr. also bought 528 shares in June.
• First Citizens BancShares reported better-than-expected quarterly earnings of $44.86 per share, and it recently paid a $2.10 quarterly dividend equivalent to an annualized yield of about 0.4%.

SG Americas Securities LLC grew its holdings in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 231.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 10,986 shares of the bank's stock after buying an additional 7,670 shares during the period. SG Americas Securities LLC owned 0.09% of First Citizens BancShares worth $20,705,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of FCNCA. Northwestern Mutual Wealth Management Co. lifted its position in First Citizens BancShares by 117,518.9% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 205,833 shares of the bank's stock valued at $441,755,000 after acquiring an additional 205,658 shares during the period. Norges Bank purchased a new stake in First Citizens BancShares in the fourth quarter worth about $116,565,000. River Road Asset Management LLC increased its stake in shares of First Citizens BancShares by 574.0% during the fourth quarter. River Road Asset Management LLC now owns 55,402 shares of the bank's stock valued at $118,903,000 after purchasing an additional 47,182 shares in the last quarter. Orion Porfolio Solutions LLC increased its stake in shares of First Citizens BancShares by 2,057.4% during the second quarter. Orion Porfolio Solutions LLC now owns 47,506 shares of the bank's stock valued at $92,944,000 after purchasing an additional 45,304 shares in the last quarter. Finally, M&T Bank Corp increased its stake in shares of First Citizens BancShares by 13,512.7% during the fourth quarter. M&T Bank Corp now owns 38,524 shares of the bank's stock valued at $82,679,000 after purchasing an additional 38,241 shares in the last quarter. Institutional investors own 78.01% of the company's stock.

Insider Transactions at First Citizens BancShares

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. purchased 528 shares of the company's stock in a transaction dated Friday, June 5th. The shares were acquired at an average price of $1,813.37 per share, for a total transaction of $957,459.36. Following the purchase, the chief executive officer directly owned 64,100 shares of the company's stock, valued at $116,237,017. The trade was a 0.83% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have purchased 7,190 shares of company stock worth $12,573,868 in the last three months. Insiders own 14.63% of the company's stock.

First Citizens BancShares Trading Up 0.3%

NASDAQ:FCNCA opened at $2,117.29 on Thursday. The company's 50 day moving average price is $2,010.53 and its 200-day moving average price is $2,019.63. 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 quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.67. The stock has a market cap of $24.54 billion, a price-to-earnings ratio of 12.18, a PEG ratio of 1.63 and a beta of 0.62.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last announced its quarterly earnings data on Thursday, April 23rd. The bank reported $44.86 earnings per share for the quarter, topping analysts' consensus estimates of $43.31 by $1.55. The company had revenue of $2.14 billion during the quarter, compared to analyst estimates 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 period in the previous year, the business earned $37.79 EPS. On average, equities research analysts forecast that First Citizens BancShares, Inc. will post 175.61 earnings per share for the current fiscal year.

First Citizens BancShares Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Friday, May 29th were issued a $2.10 dividend. The ex-dividend date of this dividend was Friday, May 29th. This represents a $8.40 dividend on an annualized basis and a dividend yield of 0.4%. First Citizens BancShares's dividend payout ratio (DPR) is presently 4.83%.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on FCNCA shares. Wall Street Zen cut First Citizens BancShares from a "hold" rating to a "sell" rating in a research report on Saturday, June 13th. TD Cowen reduced their price objective on First Citizens BancShares from $2,500.00 to $2,300.00 and set a "buy" rating for the company in a research report on Monday, April 27th. Piper Sandler set a $2,050.00 price objective on First Citizens BancShares in a research note on Friday, April 24th. Citigroup reissued a "neutral" rating on shares of First Citizens BancShares in a report on Friday, April 24th. Finally, JPMorgan Chase & Co. cut their target price on First Citizens BancShares from $2,200.00 to $2,150.00 and set a "neutral" rating on the stock in a research note on Friday, April 24th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus 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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