Vanguard Group Inc. Decreases Stake in First Citizens BancShares, Inc. $FCNCA

Key Points

• Vanguard Group trimmed its stake in First Citizens BancShares by 5.1% in Q4, selling 45,069 shares and now holds 839,410 shares (6.75%) valued at about $1.80 billion.
• CEO Frank B. Holding Jr. bought 134 shares at $1,550 apiece ($207,700), contributing to insiders owning 14.63% of the company after insiders acquired 258 shares in the past 90 days.
• First Citizens announced a quarterly dividend of $2.10 (annualized $8.40, ~0.4% yield) with an ex-dividend date of May 29 and payment on June 15.

Vanguard Group Inc. cut its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 5.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 839,410 shares of the bank's stock after selling 45,069 shares during the quarter. Vanguard Group Inc. owned 6.75% of First Citizens BancShares worth $1,801,525,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. SBI Securities Co. Ltd. acquired a new position in First Citizens BancShares during the third quarter worth $27,000. Harbor Investment Advisory LLC raised its holdings in First Citizens BancShares by 150.0% during 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. UMB Bank n.a. raised its holdings in First Citizens BancShares by 100.0% during 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 acquired a new position in First Citizens BancShares during the third quarter worth $32,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in First Citizens BancShares by 280.0% during 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. 78.01% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. bought 134 shares of the company's stock in a transaction that occurred on Friday, March 13th. The stock was purchased at an average cost of $1,550.00 per share, for a total transaction of $207,700.00. Following the completion of the purchase, the chief executive officer owned 2,749 shares of the company's stock, valued at $4,260,950. This trade represents a 5.12% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders acquired 258 shares of company stock valued at $404,236 in the last ninety days. Corporate insiders own 14.63% of the company's stock.

First Citizens BancShares Stock Performance

First Citizens BancShares stock opened at $1,972.41 on Thursday. The firm has a market capitalization of $23.54 billion, a P/E ratio of 11.34, a PEG ratio of 1.45 and a beta of 0.65. The stock has a fifty day moving average price of $1,928.09 and a 200 day moving average price of $1,964.65. First Citizens BancShares, Inc. has a 52 week low of $1,623.76 and a 52 week high of $2,232.21. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.72.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last released its earnings results on Thursday, April 23rd. The bank reported $44.86 EPS for the quarter, beating the consensus estimate of $43.31 by $1.55. The firm had revenue of $2.14 billion during the quarter, compared to analyst estimates of $2.20 billion. First Citizens BancShares had a return on equity of 11.37% and a net margin of 15.62%.During the same period in the prior year, the firm posted $37.79 earnings per share. Equities research analysts anticipate that First Citizens BancShares, Inc. will post 180.73 earnings per share for the current year.

First Citizens BancShares Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Friday, May 29th will be paid a $2.10 dividend. This represents a $8.40 annualized dividend and a yield of 0.4%. The ex-dividend date is Friday, May 29th. First Citizens BancShares's dividend payout ratio is presently 4.83%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on FCNCA. Barclays reduced their price objective on First Citizens BancShares from $2,456.00 to $2,346.00 and set an "equal weight" rating for the company in a report on Monday, January 26th. JPMorgan Chase & Co. cut their price target on First Citizens BancShares from $2,200.00 to $2,150.00 and set a "neutral" rating for the company in a report on Friday, April 24th. Truist Financial boosted their price target on First Citizens BancShares from $2,050.00 to $2,150.00 and gave the stock a "hold" rating in a report on Monday, January 26th. Piper Sandler set a $2,050.00 price target on First Citizens BancShares in a report on Friday, April 24th. Finally, Weiss Ratings reissued a "buy (b-)" rating on shares of First Citizens BancShares in a report on Friday, March 27th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $2,202.08.

About First Citizens BancShares

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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