Insider Buying: First Citizens BancShares, Inc. (NASDAQ:FCNCA) CEO Purchases 600 Shares of Stock

Key Points

• CEO Frank B. Holding, Jr. acquired 600 shares of First Citizens BancShares at an average price of $1,698.75 per share, marking a 1.89% increase in his total holdings.
• The bank reported strong quarterly earnings of $44.78 per share, exceeding estimates by $5.70, with a revenue of $2.38 billion.
• First Citizens BancShares announced a quarterly dividend of $1.95 per share, yielding 0.4%, to be paid on September 15th.

First Citizens BancShares, Inc. (NASDAQ:FCNCA - Get Free Report) CEO Frank B. Holding, Jr. purchased 600 shares of the stock in a transaction on Thursday, August 7th. The shares were purchased at an average price of $1,698.75 per share, for a total transaction of $1,019,250.00. Following the transaction, the chief executive officer directly owned 32,300 shares of the company's stock, valued at approximately $54,869,625. This represents a 1.89% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this link.

First Citizens BancShares Trading Down 2.8%

FCNCA stock traded down $53.89 during mid-day trading on Friday, reaching $1,871.35. The company had a trading volume of 118,526 shares, compared to its average volume of 122,256. The company has a debt-to-equity ratio of 1.76, a current ratio of 1.04 and a quick ratio of 1.04. The company has a market capitalization of $24.18 billion, a PE ratio of 11.04 and a beta of 0.64. The firm has a 50 day moving average of $1,972.91 and a 200 day moving average of $1,913.78. First Citizens BancShares, Inc. has a 12 month low of $1,473.62 and a 12 month high of $2,412.93.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last posted its earnings results on Friday, July 25th. The bank reported $44.78 EPS for the quarter, beating analysts' consensus estimates of $39.08 by $5.70. First Citizens BancShares had a net margin of 16.37% and a return on equity of 11.32%. The company had revenue of $2.38 billion during the quarter, compared to analysts' expectations of $2.21 billion. On average, equities analysts predict that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current fiscal year.

First Citizens BancShares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 29th will be issued a $1.95 dividend. The ex-dividend date of this dividend is Friday, August 29th. This represents a $7.80 dividend on an annualized basis and a dividend yield of 0.4%. First Citizens BancShares's dividend payout ratio (DPR) is currently 4.60%.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. Tower Research Capital LLC TRC increased its holdings in First Citizens BancShares by 970.2% in the second quarter. Tower Research Capital LLC TRC now owns 610 shares of the bank's stock valued at $1,193,000 after buying an additional 553 shares in the last quarter. SkyView Investment Advisors LLC increased its holdings in First Citizens BancShares by 1.5% in the second quarter. SkyView Investment Advisors LLC now owns 757 shares of the bank's stock valued at $1,481,000 after buying an additional 11 shares in the last quarter. Corient Private Wealth LLC increased its holdings in First Citizens BancShares by 0.6% in the second quarter. Corient Private Wealth LLC now owns 1,049 shares of the bank's stock valued at $2,051,000 after buying an additional 6 shares in the last quarter. Chapman Financial Group LLC purchased a new position in First Citizens BancShares in the second quarter valued at $293,000. Finally, Captrust Financial Advisors increased its holdings in First Citizens BancShares by 2.1% in the second quarter. Captrust Financial Advisors now owns 7,448 shares of the bank's stock valued at $14,571,000 after buying an additional 152 shares in the last quarter. Hedge funds and other institutional investors own 78.01% of the company's stock.

Analyst Ratings Changes

Several brokerages have commented on FCNCA. 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. JPMorgan Chase & Co. boosted their price objective on shares of First Citizens BancShares from $2,100.00 to $2,250.00 and gave the stock an "overweight" rating in a report on Tuesday, July 1st. Cowen restated a "buy" rating on shares of First Citizens BancShares in a report on Monday, July 28th. Piper Sandler set a $2,150.00 target price on shares of First Citizens BancShares and gave the stock a "neutral" rating in a research report on Monday, July 28th. Finally, Barclays cut their price objective on shares of First Citizens BancShares from $2,568.00 to $2,400.00 and set an "equal weight" rating for the company in a research report on Friday, April 25th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, First Citizens BancShares has an average rating of "Hold" and a consensus price target of $2,291.17.

First Citizens BancShares Company Profile

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.