Waverly Advisors LLC Acquires 1,508 Shares of First Citizens BancShares, Inc. $FCNCA

Key Points

• Waverly Advisors more than doubled its First Citizens BancShares stake during the first quarter, adding 1,508 shares for a total of 2,949 shares valued at approximately $5.6 million. Institutional investors collectively own 78.01% of the company.
• First Citizens reported quarterly EPS of $57.09, far exceeding the $0.41 consensus estimate, while revenue reached $2.24 billion versus expectations of $2.16 billion.
• Shares opened at $2,198, near their 52-week high, while analysts maintain a consensus “Hold” rating with an average price target of $2,278.31. The company also declared a quarterly dividend of $2.10 per share, representing a 0.4% yield.

Waverly Advisors LLC raised its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 104.6% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,949 shares of the bank's stock after purchasing an additional 1,508 shares during the quarter. Waverly Advisors LLC's holdings in First Citizens BancShares were worth $5,558,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. increased its position in First Citizens BancShares by 117,518.9% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 205,833 shares of the bank's stock worth $441,755,000 after purchasing an additional 205,658 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in First Citizens BancShares by 1.5% in the first quarter. Dimensional Fund Advisors LP now owns 125,947 shares of the bank's stock valued at $237,333,000 after buying an additional 1,886 shares in the last quarter. Morgan Stanley boosted its position in First Citizens BancShares by 31.8% in the fourth quarter. Morgan Stanley now owns 123,048 shares of the bank's stock valued at $264,087,000 after buying an additional 29,681 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of First Citizens BancShares by 11.2% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 122,317 shares of the bank's stock worth $262,514,000 after buying an additional 12,303 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC increased its holdings in shares of First Citizens BancShares by 20.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 91,876 shares of the bank's stock worth $174,048,000 after buying an additional 15,788 shares in the last quarter. Institutional investors own 78.01% of the company's stock.

First Citizens BancShares Stock Performance

Shares of FCNCA stock opened at $2,198.00 on Wednesday. The stock has a market capitalization of $25.47 billion, a PE ratio of 11.75, a PEG ratio of 1.61 and a beta of 0.62. The business's 50 day simple moving average is $2,073.43 and its 200 day simple moving average is $2,017.06. The company has a debt-to-equity ratio of 1.67, a current ratio of 1.00 and a quick ratio of 1.00. First Citizens BancShares, Inc. has a one year low of $1,623.76 and a one year high of $2,237.81.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The bank reported $57.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $56.68. The firm had revenue of $2.24 billion during the quarter, compared to analyst estimates of $2.16 billion. First Citizens BancShares had a net margin of 16.28% and a return on equity of 11.98%. As a group, research analysts forecast that First Citizens BancShares, Inc. will post 177.18 earnings per share for the current year.

First Citizens BancShares Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Monday, August 31st will be given a dividend of $2.10 per share. The ex-dividend date is Monday, August 31st. This represents a $8.40 annualized dividend and a dividend yield of 0.4%. First Citizens BancShares's dividend payout ratio is 4.49%.

Insider Buying and Selling at First Citizens BancShares

In other news, CEO Frank B. Holding, Jr. bought 528 shares of the stock in a transaction that occurred on Friday, June 5th. The stock was acquired at an average price of $1,813.37 per share, with a total value of $957,459.36. Following the completion of the purchase, the chief executive officer directly owned 64,100 shares of the company's stock, valued at approximately $116,237,017. This represents a 0.83% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Insiders have acquired 7,190 shares of company stock worth $12,573,868 in the last ninety days. Corporate insiders own 14.63% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on FCNCA. Fundamental Research set a $2,350.00 price target on First Citizens BancShares in a research note on Wednesday, July 1st. Keefe, Bruyette & Woods reiterated a "market perform" rating and issued a $2,300.00 price objective on shares of First Citizens BancShares in a report on Thursday, July 9th. TD Cowen cut their target price on shares of First Citizens BancShares from $2,500.00 to $2,300.00 and set a "buy" rating on the stock in a research report on Monday, April 27th. Deutsche Bank Aktiengesellschaft lowered shares of First Citizens BancShares from a "buy" rating to a "hold" rating and set a $2,154.00 target price on the stock. in a report on Wednesday, April 8th. Finally, Jefferies Financial Group reiterated a "hold" rating and set a $2,300.00 price target on shares of First Citizens BancShares in a report on Thursday, July 23rd. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and eleven have given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $2,278.31.

First Citizens BancShares Company Profile

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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