Vest Financial LLC Takes $1.76 Million Position in First Citizens BancShares, Inc. $FCNCA

Key Points

• Vest Financial LLC established a new position in First Citizens BancShares (FCNCA) in Q4, buying 822 shares worth about $1.76 million.
• First Citizens reported Q EPS of $44.86 (beating estimates) with revenue of $2.14B (slightly below), and announced a quarterly dividend of $2.10 ($8.40 annualized, ~0.4% yield).
• The stock is heavily institutionally owned (about 78.01%), UBS holds a large stake, and analysts' consensus is a "Hold" with an average price target near $2,202.08 amid several recent downgrades.

Vest Financial LLC bought a new position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund bought 822 shares of the bank's stock, valued at approximately $1,764,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of FCNCA. Torren Management LLC acquired a new position in shares of First Citizens BancShares during the 4th quarter worth about $142,000. M&T Bank Corp boosted its position in shares of First Citizens BancShares by 137.5% during the 4th quarter. M&T Bank Corp now owns 672 shares of the bank's stock worth $1,442,000 after acquiring an additional 389 shares in the last quarter. UBS Group AG boosted its position in shares of First Citizens BancShares by 96.7% during the 4th quarter. UBS Group AG now owns 69,551 shares of the bank's stock worth $149,269,000 after acquiring an additional 34,184 shares in the last quarter. Viewpoint Investment Partners Corp acquired a new position in shares of First Citizens BancShares during the 4th quarter worth about $215,000. Finally, Sanctuary Advisors LLC boosted its position in shares of First Citizens BancShares by 5.1% during the 4th quarter. Sanctuary Advisors LLC now owns 864 shares of the bank's stock worth $1,855,000 after acquiring an additional 42 shares in the last quarter. 78.01% of the stock is owned by institutional investors and hedge funds.

First Citizens BancShares Trading Up 0.6%

FCNCA opened at $1,983.82 on Friday. The firm has a market cap of $23.69 billion, a price-to-earnings ratio of 11.41, a price-to-earnings-growth ratio of 1.48 and a beta of 0.65. First Citizens BancShares, Inc. has a 52 week low of $1,623.76 and a 52 week high of $2,232.21. The business's 50 day moving average is $1,926.86 and its two-hundred day moving average is $1,964.79. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.72.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last posted its quarterly earnings data 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 the consensus estimate 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 business earned $37.79 EPS. On average, research analysts predict that First Citizens BancShares, Inc. will post 177.81 EPS for the current year.

First Citizens BancShares Announces Dividend

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

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. Deutsche Bank Aktiengesellschaft cut First Citizens BancShares from a "buy" rating to a "hold" rating and set a $2,154.00 price objective for the company. in a research report on Wednesday, April 8th. UBS Group set a $2,325.00 price objective on First Citizens BancShares in a research report on Wednesday, February 4th. TD Cowen reduced their target price on First Citizens BancShares from $2,500.00 to $2,300.00 and set a "buy" rating for the company in a report on Monday. Citigroup reissued a "neutral" rating on shares of First Citizens BancShares in a report on Friday, April 24th. Finally, JPMorgan Chase & Co. dropped their price target on First Citizens BancShares from $2,200.00 to $2,150.00 and set a "neutral" rating on the stock in a research note on Friday, April 24th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $2,202.08.

Insider Buying and Selling

In related news, CEO Frank B. Holding, Jr. acquired 92 shares of First Citizens BancShares stock in a transaction on Thursday, March 19th. The stock was purchased at an average cost of $1,550.00 per share, with a total value of $142,600.00. Following the purchase, the chief executive officer directly owned 2,841 shares in the company, valued at approximately $4,403,550. The trade was a 3.35% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last ninety days, insiders purchased 258 shares of company stock worth $404,236. 14.63% of the stock is owned by corporate insiders.

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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