Titan Global Capital Management USA LLC Sells 767 Shares of First Citizens BancShares, Inc. $FCNCA

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

Other hedge funds also recently made changes to their positions in the company. MassMutual Private Wealth & Trust FSB lifted its position in shares of First Citizens BancShares by 54.5% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 17 shares of the bank's stock valued at $32,000 after acquiring an additional 6 shares in the last quarter. Community Bank N.A. acquired a new position in First Citizens BancShares in the 1st quarter valued at $44,000. Wayfinding Financial LLC acquired a new position in shares of First Citizens BancShares during the 1st quarter worth about $64,000. Brooklyn Investment Group increased its position in First Citizens BancShares by 32.1% during the first quarter. Brooklyn Investment Group now owns 37 shares of the bank's stock worth $67,000 after acquiring an additional 9 shares during the period. Finally, Toth Financial Advisory Corp lifted its stake in shares of First Citizens BancShares by 263.6% in the first quarter. Toth Financial Advisory Corp now owns 40 shares of the bank's stock valued at $74,000 after buying an additional 29 shares during the period. Institutional investors and hedge funds own 78.01% of the company's stock.

Insider Activity

In related news, major shareholder Olivia Britton Holding acquired 409 shares of the company's stock in a transaction that occurred on Thursday, August 7th. The shares were acquired at an average price of $1,630.00 per share, with a total value of $666,670.00. Following the acquisition, 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 position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Frank B. Holding, Jr. bought 600 shares of the firm's stock in a transaction on Thursday, August 7th. The stock was acquired at an average price 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 directly owned 32,300 shares in the company, valued at approximately $54,869,625. The trade was a 1.89% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired a total of 1,494 shares of company stock valued at $2,485,986 over the last quarter. Company insiders own 13.19% of the company's stock.

First Citizens BancShares Trading Up 1.9%

Shares of FCNCA stock traded up $37.06 during mid-day trading on Wednesday, reaching $2,035.38. 128,825 shares of the stock traded hands, compared to its average volume of 92,545. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.76. First Citizens BancShares, Inc. has a 1-year low of $1,473.62 and a 1-year high of $2,412.93. The stock's fifty day simple moving average is $1,989.04 and its two-hundred day simple moving average is $1,900.27. The company has a market cap of $26.30 billion, a price-to-earnings ratio of 11.98 and a beta of 0.64.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last issued 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 net margin of 16.37% and a return on equity of 11.32%. The firm had revenue of $2.38 billion for the quarter, compared to the consensus estimate of $2.21 billion. On average, research analysts anticipate that First Citizens BancShares, Inc. will post 167.59 EPS for the current fiscal year.

First Citizens BancShares Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 29th will be given a $1.95 dividend. This represents a $7.80 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend is Friday, August 29th. First Citizens BancShares's dividend payout ratio (DPR) is currently 4.60%.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Citigroup upped their price objective on First Citizens BancShares from $1,900.00 to $2,050.00 and gave the company a "neutral" rating in a research note on Wednesday, July 2nd. Jefferies Financial Group started coverage on shares of First Citizens BancShares in a research report on Wednesday, May 21st. They set a "hold" rating and a $2,050.00 price target for the company. JPMorgan Chase & Co. increased their price target on shares of First Citizens BancShares from $2,100.00 to $2,250.00 and gave the company an "overweight" rating in a research report on Tuesday, July 1st. Cowen reiterated a "buy" rating on shares of First Citizens BancShares in a report on Monday, July 28th. Finally, TD Cowen started coverage on shares of First Citizens BancShares in a report on Thursday, May 15th. They issued a "buy" rating and a $2,400.00 price objective on the stock. Seven analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $2,291.17.

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.