First Citizens BancShares, Inc. (NASDAQ:FCNCA) Shares Sold by TD Asset Management Inc

Key Points

• TD Asset Management Inc reduced its stake in First Citizens BancShares by 7% in the first quarter, now holding 1,859 shares valued at approximately $3,447,000.
• Several institutional investors increased their holdings in First Citizens BancShares, with notable growth such as HB Wealth Management LLC increasing by 353.8% during the same period.
• The company announced a quarterly dividend of $1.95 per share, with the ex-dividend date set for August 29, contributing to an annualized yield of 0.4%.

TD Asset Management Inc trimmed its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 7.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,859 shares of the bank's stock after selling 140 shares during the period. TD Asset Management Inc's holdings in First Citizens BancShares were worth $3,447,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of FCNCA. Gamco Investors INC. ET AL grew its stake in First Citizens BancShares by 3.3% during the 4th quarter. Gamco Investors INC. ET AL now owns 155 shares of the bank's stock valued at $328,000 after purchasing an additional 5 shares during the last quarter. JT Stratford LLC boosted its holdings in shares of First Citizens BancShares by 0.4% in the 4th quarter. JT Stratford LLC now owns 1,247 shares of the bank's stock valued at $2,635,000 after acquiring an additional 5 shares during the last quarter. MassMutual Private Wealth & Trust FSB increased its stake in shares of First Citizens BancShares by 54.5% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 17 shares of the bank's stock worth $32,000 after acquiring an additional 6 shares during the period. M&T Bank Corp lifted its position in First Citizens BancShares by 1.3% during the first quarter. M&T Bank Corp now owns 632 shares of the bank's stock valued at $1,172,000 after purchasing an additional 8 shares during the period. Finally, Venturi Wealth Management LLC grew its position in First Citizens BancShares by 3.8% during the 1st quarter. Venturi Wealth Management LLC now owns 221 shares of the bank's stock worth $410,000 after purchasing an additional 8 shares during the period. 78.01% of the stock is currently owned by institutional investors and hedge funds.

First Citizens BancShares Stock Down 0.8%

Shares of FCNCA traded down $14.37 during midday trading on Wednesday, reaching $1,848.25. The stock had a trading volume of 92,369 shares, compared to its average volume of 86,050. The company has a market cap of $24.56 billion, a price-to-earnings ratio of 10.92 and a beta of 0.64. The company's fifty day simple moving average is $1,967.45 and its two-hundred day simple moving average is $1,930.62. First Citizens BancShares, Inc. has a 1-year low of $1,473.62 and a 1-year high of $2,412.93. The company has a debt-to-equity ratio of 1.77, a current ratio of 1.04 and a quick ratio of 1.04.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last announced its quarterly earnings results on Friday, July 25th. The bank reported $44.78 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $39.08 by $5.70. First Citizens BancShares had a return on equity of 11.30% and a net margin of 16.37%. The company had revenue of $2.38 billion during the quarter, compared to the consensus estimate of $2.21 billion. Equities research analysts expect that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current year.

First Citizens BancShares Dividend Announcement

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 issued a $1.95 dividend. The ex-dividend date is Friday, August 29th. This represents a $7.80 annualized dividend and a dividend yield of 0.4%. First Citizens BancShares's dividend payout ratio is presently 4.60%.

Analysts Set New Price Targets

Several brokerages recently weighed in on FCNCA. Barclays reduced their price target on First Citizens BancShares from $2,568.00 to $2,400.00 and set an "equal weight" rating for the company in a research report on Friday, April 25th. UBS Group restated a "buy" rating and set a $2,410.00 price target on shares of First Citizens BancShares in a research report on Wednesday, July 9th. Citigroup lifted their price objective on shares of First Citizens BancShares from $1,900.00 to $2,050.00 and gave the company a "neutral" rating in a report on Wednesday, July 2nd. Piper Sandler set a $2,150.00 target price on First Citizens BancShares and gave the company a "neutral" rating in a research report on Monday, July 28th. Finally, Cowen reiterated a "buy" rating on shares of First Citizens BancShares in a research report on Monday, July 28th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, First Citizens BancShares has an average rating of "Hold" and an average target price of $2,291.17.

Insider Activity

In other news, major shareholder Olivia Britton Holding purchased 66 shares of the company's stock in a transaction that occurred on Tuesday, July 29th. The shares were purchased at an average price of $1,735.00 per share, for a total transaction of $114,510.00. Following the purchase, the insider directly owned 121,926 shares of the company's stock, valued at $211,541,610. This represents a 0.05% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 13.19% of the company's stock.

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.