First Citizens BancShares, Inc. $FCNCA Stock Position Trimmed by Titan Global Capital Management USA LLC

Key Points

• Titan Global Capital Management USA LLC reduced its stake in First Citizens BancShares by 29.5%, holding shares now valued at $3.39 million after selling 767 shares in the first quarter.
• First Citizens BancShares reported earnings per share (EPS) of $44.78, surpassing analysts' expectations of $39.08, with a quarterly revenue of $2.38 billion.
• The company announced a quarterly dividend of $1.95 per share, with a dividend yield of 0.4%, set to be paid on September 15th.

Titan Global Capital Management USA LLC decreased its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 29.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,830 shares of the bank's stock after selling 767 shares during the period. Titan Global Capital Management USA LLC's holdings in First Citizens BancShares were worth $3,393,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Guggenheim Capital LLC lifted its position in First Citizens BancShares by 37.5% in the fourth quarter. Guggenheim Capital LLC now owns 176 shares of the bank's stock worth $372,000 after purchasing an additional 48 shares during the period. Jump Financial LLC bought a new position in shares of First Citizens BancShares during the 4th quarter worth approximately $376,000. Marshall Wace LLP boosted its stake in First Citizens BancShares by 69.5% in the 4th quarter. Marshall Wace LLP now owns 800 shares of the bank's stock valued at $1,690,000 after purchasing an additional 328 shares during the period. First Trust Advisors LP lifted its position in shares of First Citizens BancShares by 25.4% during the 4th quarter. First Trust Advisors LP now owns 22,785 shares of the bank's stock valued at $48,145,000 after acquiring an additional 4,622 shares during the period. Finally, Natixis acquired a new position in shares of First Citizens BancShares during the 4th quarter worth $309,000. Institutional investors and hedge funds own 78.01% of the company's stock.

First Citizens BancShares Price Performance

First Citizens BancShares stock traded down $19.51 during midday trading on Monday, reaching $1,968.48. The company had a trading volume of 131,363 shares, compared to its average volume of 92,275. The company has a debt-to-equity ratio of 1.76, a current ratio of 1.04 and a quick ratio of 1.04. The firm's fifty day simple moving average is $1,982.21 and its 200-day simple moving average is $1,901.33. First Citizens BancShares, Inc. has a 12-month low of $1,473.62 and a 12-month high of $2,412.93. The company has a market capitalization of $25.43 billion, a P/E ratio of 11.62 and a beta of 0.64.

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, topping 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 business had revenue of $2.38 billion for the quarter, compared to analyst estimates of $2.21 billion. As a group, equities analysts anticipate that First Citizens BancShares, Inc. will post 167.59 EPS for the current year.

First Citizens BancShares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 29th will be paid 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 payout ratio is 4.60%.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Wall Street Zen lowered First Citizens BancShares from a "hold" rating to a "sell" rating in a report on Monday, April 28th. Jefferies Financial Group initiated coverage on First Citizens BancShares in a report on Wednesday, May 21st. They set a "hold" rating and a $2,050.00 target price for the company. UBS Group reissued a "buy" rating and issued a $2,410.00 target price on shares of First Citizens BancShares in a research report on Wednesday, July 9th. TD Cowen began coverage on First Citizens BancShares in a research report on Thursday, May 15th. They set a "buy" rating and a $2,400.00 price objective for the company. Finally, Citigroup lifted their price objective on First Citizens BancShares from $1,900.00 to $2,050.00 and gave the stock a "neutral" rating in a report on Wednesday, July 2nd. Seven research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $2,291.17.

Insider Transactions at First Citizens BancShares

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. acquired 600 shares of the company's stock in a transaction on Thursday, August 7th. The shares were bought at an average cost of $1,698.75 per share, for a total transaction of $1,019,250.00. Following the completion of the purchase, the chief executive officer owned 32,300 shares in the company, valued at $54,869,625. This trade represents a 1.89% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Olivia Britton Holding purchased 409 shares of the company's stock in a transaction dated Thursday, August 7th. The shares were purchased at an average price of $1,630.00 per share, for a total transaction of $666,670.00. Following the completion of the purchase, the insider owned 1,764 shares of the company's stock, valued at approximately $2,875,320. This trade represents a 30.18% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders bought 1,494 shares of company stock valued at $2,485,986. Insiders own 13.40% of the company's stock.

About First Citizens BancShares

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.