First Citizens BancShares, Inc. $FCNCA Shares Bought by Triangle Securities Wealth Management

Key Points

• Triangle Securities Wealth Management increased its holdings in First Citizens BancShares by 118.8% in the 2nd quarter, owning 617 shares worth approximately $1.21 million.
• First Citizens BancShares reported $44.78 earnings per share for the last quarter, surpassing estimates of $39.08, with a revenue of $2.38 billion, exceeding expectations of $2.21 billion.
• The company also announced a quarterly dividend of $1.95 per share, with a yearly dividend yield of 0.4% and a low dividend payout ratio of 4.60%.

Triangle Securities Wealth Management lifted its position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 118.8% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 617 shares of the bank's stock after acquiring an additional 335 shares during the period. Triangle Securities Wealth Management's holdings in First Citizens BancShares were worth $1,207,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. MassMutual Private Wealth & Trust FSB boosted its stake in First Citizens BancShares by 54.5% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 17 shares of the bank's stock valued at $32,000 after buying an additional 6 shares in the last quarter. SVB Wealth LLC bought a new position in First Citizens BancShares in the 1st quarter worth approximately $35,000. Community Bank N.A. bought a new stake in shares of First Citizens BancShares during the first quarter valued at approximately $44,000. Wayfinding Financial LLC bought a new stake in First Citizens BancShares in the first quarter valued at $64,000. Finally, Brooklyn Investment Group grew its position in First Citizens BancShares by 32.1% in the first quarter. Brooklyn Investment Group now owns 37 shares of the bank's stock valued at $67,000 after acquiring an additional 9 shares during the period. 78.01% of the stock is currently owned by institutional investors.

Insider Transactions at First Citizens BancShares

In other news, CEO Frank B. Holding, Jr. bought 600 shares of the stock in a transaction on Thursday, August 7th. The stock was 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 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 acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Olivia Britton Holding acquired 409 shares of the stock in a transaction dated Thursday, August 7th. The shares were bought at an average price of $1,630.00 per share, with a total value of $666,670.00. Following the completion of the purchase, the insider directly 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 disclosure for this purchase can be found here. Over the last three months, insiders have purchased 1,494 shares of company stock valued at $2,485,986. 13.19% of the stock is currently owned by company insiders.

First Citizens BancShares Stock Performance

FCNCA traded down $16.46 during mid-day trading on Monday, reaching $1,850.42. 148,419 shares of the company traded hands, compared to its average volume of 99,238. The stock has a market capitalization of $23.91 billion, a P/E ratio of 10.92 and a beta of 0.71. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.76. The company's fifty day moving average price is $1,972.51 and its 200-day moving average price is $1,885.86. First Citizens BancShares, Inc. has a 52-week low of $1,473.62 and a 52-week high of $2,412.93.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last issued its earnings results on Friday, July 25th. The bank reported $44.78 earnings per share for the quarter, topping the consensus estimate 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 company had revenue of $2.38 billion during the quarter, compared to the consensus estimate of $2.21 billion. On average, sell-side analysts expect that First Citizens BancShares, Inc. will post 167.59 EPS for the current year.

First Citizens BancShares Announces Dividend

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

Analyst Ratings Changes

FCNCA has been the subject of a number of recent analyst reports. UBS Group reiterated a "buy" rating and issued a $2,410.00 price objective on shares of First Citizens BancShares in a report on Wednesday, July 9th. JPMorgan Chase & Co. lifted their price target on First Citizens BancShares from $2,100.00 to $2,250.00 and gave the stock an "overweight" rating in a report on Tuesday, July 1st. Citigroup raised their price objective on First Citizens BancShares from $1,900.00 to $2,050.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 2nd. Piper Sandler set a $2,150.00 price target on First Citizens BancShares and gave the stock a "neutral" rating in a report on Monday, July 28th. Finally, Cowen reaffirmed a "buy" rating on shares of First Citizens BancShares in a report on Monday, July 28th. Seven research 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, the stock has a consensus rating of "Moderate Buy" and an average target price of $2,291.17.

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.