Wellington Management Group LLP Sells 2,854 Shares of First Citizens BancShares, Inc. $FCNCA

Key Points

• Wellington Management Group LLP reduced its stake in First Citizens BancShares by 3.6%, holding $141.12 million worth of the bank's stock after selling 2,854 shares in Q1.
• Company insiders demonstrated confidence in First Citizens BancShares by acquiring shares, with CEO Frank B. Holding, Jr. purchasing 600 shares at an average price of $1,698.75 each.
• First Citizens BancShares announced a quarterly dividend of $1.95 per share, reflecting a 0.4% dividend yield and an annualized amount of $7.80.

Wellington Management Group LLP reduced its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 3.6% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 76,114 shares of the bank's stock after selling 2,854 shares during the quarter. Wellington Management Group LLP owned about 0.56% of First Citizens BancShares worth $141,124,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. GAMMA Investing LLC boosted its holdings in First Citizens BancShares by 169,861.1% in the first quarter. GAMMA Investing LLC now owns 122,372 shares of the bank's stock valued at $226,892,000 after acquiring an additional 122,300 shares in the last quarter. Nuveen LLC purchased a new stake in shares of First Citizens BancShares in the 1st quarter worth about $149,963,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of First Citizens BancShares by 83.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 107,523 shares of the bank's stock valued at $227,198,000 after purchasing an additional 48,994 shares in the last quarter. Castlekeep Investment Advisors LLC purchased a new position in shares of First Citizens BancShares during the fourth quarter valued at about $66,972,000. Finally, Siemens Fonds Invest GmbH purchased a new position in shares of First Citizens BancShares during the fourth quarter valued at about $49,265,000. 78.01% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at First Citizens BancShares

In other news, major shareholder Olivia Britton Holding acquired 409 shares of the firm's stock in a transaction that occurred on Thursday, August 7th. The stock was bought at an average cost of $1,630.00 per share, for a total transaction of $666,670.00. Following the acquisition, the insider directly owned 1,764 shares in the company, valued at approximately $2,875,320. The trade was a 30.18% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Frank B. Holding, Jr. bought 600 shares of the business's stock in a transaction on Thursday, August 7th. The shares were 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 owned 32,300 shares in the company, valued at approximately $54,869,625. The trade was a 1.89% increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders have bought 1,494 shares of company stock valued at $2,485,986. 13.19% of the stock is owned by insiders.

First Citizens BancShares Stock Up 1.5%

FCNCA stock traded up $29.84 on Tuesday, reaching $1,998.32. 103,732 shares of the company traded hands, compared to its average volume of 145,678. The firm has a fifty day simple moving average of $1,989.04 and a 200-day simple moving average of $1,900.27. The company has a market cap of $25.82 billion, a P/E ratio of 11.79 and a beta of 0.64. First Citizens BancShares, Inc. has a one year low of $1,473.62 and a one year high of $2,412.93. The company has a debt-to-equity ratio of 1.76, a current ratio of 1.04 and a quick ratio of 1.04.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last released its earnings results on Friday, July 25th. The bank reported $44.78 EPS for the quarter, topping analysts' consensus estimates of $39.08 by $5.70. First Citizens BancShares had a return on equity of 11.32% and a net margin of 16.37%.The firm had revenue of $2.38 billion for the quarter, compared to analysts' expectations of $2.21 billion. Research analysts anticipate that First Citizens BancShares, Inc. will post 167.59 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 Monday, September 15th. Investors of record on Friday, August 29th will be given a dividend of $1.95 per share. This represents a $7.80 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend is Friday, August 29th. First Citizens BancShares's dividend payout ratio is 4.60%.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. UBS Group restated a "buy" rating and issued a $2,410.00 price objective on shares of First Citizens BancShares in a report on Wednesday, July 9th. Cowen restated a "buy" rating on shares of First Citizens BancShares in a research note on Monday, July 28th. JPMorgan Chase & Co. lifted their price target on 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. TD Cowen initiated coverage on First Citizens BancShares in a report on Thursday, May 15th. They issued a "buy" rating and a $2,400.00 price objective for the company. Finally, Piper Sandler set a $2,150.00 price objective on First Citizens BancShares and gave the company a "neutral" rating in a research report on Monday, July 28th. Seven equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target 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.