Systematic Financial Management LP Sells 2,911 Shares of First Citizens BancShares, Inc. $FCNCA

Key Points

• Systematic Financial Management LP cut its First Citizens BancShares stake by 14.2% in the fourth quarter, selling 2,911 shares and leaving it with 17,581 shares valued at about $37.7 million.
• First Citizens BancShares reported better-than-expected quarterly earnings of $44.86 per share, topping analyst estimates, though revenue came in slightly below expectations at $2.14 billion.
• The bank also announced a quarterly dividend of $2.10 per share, while analysts currently rate the stock a consensus Hold with an average price target of $2,215.91.

Systematic Financial Management LP decreased its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 14.2% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 17,581 shares of the bank's stock after selling 2,911 shares during the period. Systematic Financial Management LP owned about 0.14% of First Citizens BancShares worth $37,735,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in FCNCA. SBI Securities Co. Ltd. bought a new position in shares of First Citizens BancShares in the third quarter worth approximately $27,000. UMB Bank n.a. grew its holdings in shares of First Citizens BancShares by 100.0% in the third quarter. UMB Bank n.a. now owns 16 shares of the bank's stock worth $29,000 after purchasing an additional 8 shares during the last quarter. Root Financial Partners LLC bought a new position in shares of First Citizens BancShares in the third quarter worth approximately $32,000. Harbor Investment Advisory LLC grew its holdings in shares of First Citizens BancShares by 150.0% in the fourth 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. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of First Citizens BancShares by 280.0% in the third 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. Institutional investors own 78.01% of the company's stock.

First Citizens BancShares Stock Performance

Shares of FCNCA stock opened at $1,991.55 on Friday. The stock has a fifty day moving average of $1,928.22 and a 200 day moving average of $1,985.72. First Citizens BancShares, Inc. has a 52 week low of $1,623.76 and a 52 week high of $2,232.21. The firm has a market capitalization of $23.08 billion, a price-to-earnings ratio of 11.45, a PEG ratio of 1.52 and a beta of 0.63. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.67.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last announced 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 return on equity of 11.48% and a net margin of 15.62%.The company had revenue of $2.14 billion during the quarter, compared to analyst estimates of $2.20 billion. During the same quarter last year, the firm posted $37.79 earnings per share. As a group, research analysts expect that First Citizens BancShares, Inc. will post 177.84 earnings per share for the current year.

First Citizens BancShares Dividend Announcement

The company also recently disclosed 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. The ex-dividend date of this dividend is Friday, May 29th. This represents a $8.40 annualized dividend and a yield of 0.4%. First Citizens BancShares's dividend payout ratio (DPR) is currently 4.83%.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on FCNCA shares. Barclays cut their target price on shares of First Citizens BancShares from $2,456.00 to $2,346.00 and set an "equal weight" rating on the stock in a report on Monday, January 26th. Keefe, Bruyette & Woods dropped their price target on First Citizens BancShares from $2,375.00 to $2,300.00 and set an "outperform" rating for the company in a research note on Thursday, April 9th. Deutsche Bank Aktiengesellschaft lowered First Citizens BancShares from a "buy" rating to a "hold" rating and set a $2,154.00 price target for the company. in a research note on Wednesday, April 8th. Weiss Ratings lowered First Citizens BancShares from a "buy (b)" rating to a "hold (c+)" rating in a research note on Monday, May 11th. Finally, Piper Sandler set a $2,050.00 price target on 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 assigned a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $2,215.91.

Insider Buying and Selling

In other news, CEO Frank B. Holding, Jr. acquired 5,940 shares of the stock in a transaction on Tuesday, May 12th. The stock was acquired at an average price of $1,726.82 per share, with a total value of $10,257,310.80. Following the completion of the transaction, the chief executive officer owned 38,111 shares of the company's stock, valued at $65,810,837.02. This represents a 18.46% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders acquired a total of 6,198 shares of company stock worth $10,661,547 over the last ninety days. Company insiders own 14.63% of the company's stock.

First Citizens BancShares Company 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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