Wellington Management Group LLP Sells 9,495 Shares of First Citizens BancShares, Inc. $FCNCA

Key Points

• Wellington Management cut its First Citizens BancShares stake by 28.5% in the second quarter, selling 9,495 shares and retaining 23,855 shares valued at approximately $49.6 million. Institutional investors collectively own 78.01% of FCNCA.
• Analysts remain broadly cautious: FCNCA has an average “Hold” rating and a consensus price target of $2,278.31, despite several brokerages recently raising their targets.
• The stock opened at $2,203.43, while the company reported quarterly revenue of $2.43 billion and declared a quarterly dividend of $2.10 per share, representing a 0.4% annualized yield.

Wellington Management Group LLP lowered its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 28.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 23,855 shares of the bank's stock after selling 9,495 shares during the period. Wellington Management Group LLP owned approximately 0.21% of First Citizens BancShares worth $49,637,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in FCNCA. Goldman Sachs Group Inc. increased its stake in First Citizens BancShares by 1.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 37,389 shares of the bank's stock valued at $69,324,000 after purchasing an additional 681 shares in the last quarter. Empowered Funds LLC grew its holdings in shares of First Citizens BancShares by 71.9% during the first quarter. Empowered Funds LLC now owns 392 shares of the bank's stock valued at $727,000 after buying an additional 164 shares during the last quarter. Focus Partners Wealth increased its position in shares of First Citizens BancShares by 5.2% during the first quarter. Focus Partners Wealth now owns 241 shares of the bank's stock worth $447,000 after acquiring an additional 12 shares in the last quarter. EverSource Wealth Advisors LLC increased its position in shares of First Citizens BancShares by 31.3% during the second quarter. EverSource Wealth Advisors LLC now owns 88 shares of the bank's stock worth $172,000 after acquiring an additional 21 shares in the last quarter. Finally, Flow Traders U.S. LLC acquired a new stake in shares of First Citizens BancShares in the 2nd quarter worth about $260,000. Institutional investors own 78.01% of the company's stock.

Insiders Place Their Bets

In other news, Director Diane Morais bought 50 shares of the firm's stock in a transaction on Wednesday, August 19th. The stock was acquired at an average cost of $2,168.11 per share, with a total value of $108,405.50. Following the completion of the transaction, the director directly owned 100 shares of the company's stock, valued at $216,811. This represents a 100.00% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 14.63% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently commented on FCNCA. The Goldman Sachs Group increased their price objective on First Citizens BancShares from $2,100.00 to $2,340.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 7th. JPMorgan Chase & Co. increased their price target on First Citizens BancShares from $2,350.00 to $2,450.00 and gave the company a "neutral" rating in a research report on Friday, July 24th. Fundamental Research set a $2,350.00 price objective on shares of First Citizens BancShares in a report on Wednesday, July 1st. Barclays upped their target price on shares of First Citizens BancShares from $2,346.00 to $2,376.00 and gave the stock an "equal weight" rating in a research note on Monday, July 27th. Finally, Truist Financial raised their price target on shares of First Citizens BancShares from $2,150.00 to $2,323.00 and gave the company a "hold" rating in a research report on Tuesday, July 28th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $2,278.31.

First Citizens BancShares Stock Up 1.2%

Shares of NASDAQ:FCNCA opened at $2,203.43 on Friday. The company has a market capitalization of $24.88 billion, a PE ratio of 11.78, a price-to-earnings-growth ratio of 1.64 and a beta of 0.60. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.00 and a quick ratio of 1.00. The business has a fifty day moving average price of $2,158.33 and a two-hundred day moving average price of $2,035.24. First Citizens BancShares, Inc. has a 1 year low of $1,623.76 and a 1 year high of $2,296.30.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The bank reported $57.09 earnings per share for the quarter, beating the consensus estimate of $0.41 by $56.68. The company had revenue of $2.43 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 12.07%. Analysts forecast that First Citizens BancShares, Inc. will post 192.11 earnings per share for the current year.

First Citizens BancShares Announces Dividend

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

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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