Siena Capital Partners GP LLC Sells 1,115 Shares of First Citizens BancShares, Inc. $FCNCA

Key Points

• Siena Capital Partners GP LLC cut its First Citizens BancShares stake by 20.4% in the fourth quarter, selling 1,115 shares and leaving it with 4,344 shares valued at about $9.3 million.
• First Citizens reported better-than-expected quarterly earnings of $44.86 per share, though revenue came in slightly below estimates at $2.14 billion.
• The company also announced a quarterly dividend of $2.10 per share, payable June 15, while analysts currently rate the stock a consensus Hold with an average target price of $2,215.91.

Siena Capital Partners GP LLC lessened its holdings in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 20.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,344 shares of the bank's stock after selling 1,115 shares during the quarter. First Citizens BancShares makes up about 2.5% of Siena Capital Partners GP LLC's portfolio, making the stock its 5th biggest holding. Siena Capital Partners GP LLC's holdings in First Citizens BancShares were worth $9,323,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in FCNCA. Hilton Head Capital Partners LLC acquired a new stake in First Citizens BancShares during the 4th quarter worth $26,000. SBI Securities Co. Ltd. acquired a new stake in First Citizens BancShares during the 3rd quarter worth $27,000. 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 worth $32,000 after purchasing an additional 9 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in First Citizens BancShares by 280.0% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 19 shares of the bank's stock worth $34,000 after purchasing an additional 14 shares during the last quarter. Finally, Fifth Third Bancorp raised its holdings in shares of First Citizens BancShares by 40.0% during the 3rd quarter. Fifth Third Bancorp now owns 21 shares of the bank's stock worth $38,000 after acquiring an additional 6 shares during the period. Institutional investors and hedge funds 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. sold 5,346 shares of the business's stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $1,918.69, for a total transaction of $10,257,316.74. Following the sale, the chief executive officer directly owned 100,654 shares in the company, valued at $193,123,823.26. This represents a 5.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have bought 6,187 shares of company stock worth $10,640,161 in the last 90 days. 14.63% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on FCNCA shares. Keefe, Bruyette & Woods reduced their price objective on shares of First Citizens BancShares from $2,375.00 to $2,300.00 and set an "outperform" rating on the stock in a report on Thursday, April 9th. Wall Street Zen upgraded shares of First Citizens BancShares from a "sell" rating to a "hold" rating in a report on Sunday, May 24th. Citigroup restated a "neutral" rating on shares of First Citizens BancShares in a report on Friday, April 24th. Deutsche Bank Aktiengesellschaft lowered shares of First Citizens BancShares from a "buy" rating to a "hold" rating and set a $2,154.00 price objective on the stock. in a report on Wednesday, April 8th. Finally, TD Cowen reduced their price objective on shares of First Citizens BancShares from $2,500.00 to $2,300.00 and set a "buy" rating on the stock in a report on Monday, April 27th. 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 stock. According to data from MarketBeat, First Citizens BancShares has an average rating of "Hold" and an average target price of $2,215.91.

First Citizens BancShares Price Performance

Shares of FCNCA opened at $2,075.10 on Monday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.67. The firm has a market cap of $24.04 billion, a P/E ratio of 11.93, a price-to-earnings-growth ratio of 1.58 and a beta of 0.62. The company's 50-day moving average price is $1,965.38 and its 200 day moving average price is $1,999.85. First Citizens BancShares, Inc. has a 12-month low of $1,623.76 and a 12-month high of $2,232.21.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last issued its quarterly earnings results on Thursday, April 23rd. The bank reported $44.86 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $43.31 by $1.55. The company had revenue of $2.14 billion for 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 prior year, the firm earned $37.79 earnings per share. On average, sell-side analysts forecast that First Citizens BancShares, Inc. will post 177.84 earnings per share for the current year.

First Citizens BancShares Announces Dividend

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

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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