First Citizens BancShares, Inc. (NASDAQ:FCNCA) Director Buys $18,886.00 in Stock

Key Points

• Director Ralph Mattox Snow III of First Citizens BancShares purchased 10 shares of the bank's stock for a total of $18,886.00, representing a 10% increase in his position.
• The bank announced a quarterly dividend of $1.95 per share, to be paid on September 15th, with a yield of 0.4%.
• Earnings results for the last quarter showed $44.78 EPS, exceeding analysts' expectations, along with a revenue of $2.38 billion.

First Citizens BancShares, Inc. (NASDAQ:FCNCA - Get Free Report) Director Ralph Mattox Snow III bought 10 shares of First Citizens BancShares stock in a transaction on Tuesday, August 5th. The stock was acquired at an average cost of $1,888.60 per share, with a total value of $18,886.00. Following the acquisition, the director owned 110 shares of the company's stock, valued at $207,746. This trade represents a 10.00% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

First Citizens BancShares Trading Down 1.1%

FCNCA traded down $21.21 during midday trading on Tuesday, hitting $1,862.62. The company's stock had a trading volume of 174,947 shares, compared to its average volume of 84,457. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.77. The firm has a market cap of $24.75 billion, a P/E ratio of 10.99 and a beta of 0.64. The firm has a 50-day moving average price of $1,967.27 and a two-hundred day moving average price of $1,931.09. First Citizens BancShares, Inc. has a 52-week low of $1,473.62 and a 52-week high of $2,412.93.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last issued its earnings results on Friday, July 25th. The bank reported $44.78 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $39.08 by $5.70. First Citizens BancShares had a return on equity of 11.30% and a net margin of 16.37%. The business had revenue of $2.38 billion during the quarter, compared to analysts' expectations of $2.21 billion. On average, research analysts anticipate that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current year.

First Citizens BancShares Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 29th will be issued a dividend of $1.95 per share. The ex-dividend date 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 payout ratio is presently 4.60%.

Wall Street Analysts Forecast Growth

A number of research firms have commented on FCNCA. Wall Street Zen downgraded First Citizens BancShares from a "hold" rating to a "sell" rating in a report on Monday, April 28th. Barclays reduced their target price on First Citizens BancShares from $2,568.00 to $2,400.00 and set an "equal weight" rating for the company in a report on Friday, April 25th. UBS Group reissued a "buy" rating and issued a $2,410.00 target price on shares of First Citizens BancShares in a report on Wednesday, July 9th. 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 target price for the company. Finally, JPMorgan Chase & Co. lifted their price target on First Citizens BancShares from $2,100.00 to $2,250.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 1st. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, First Citizens BancShares has a consensus rating of "Hold" and a consensus target price of $2,291.17.

Institutional Trading of First Citizens BancShares

Institutional investors have recently modified their holdings of the company. JPMorgan Chase & Co. raised its position in shares of First Citizens BancShares by 2.3% during the 1st quarter. JPMorgan Chase & Co. now owns 401,167 shares of the bank's stock valued at $743,815,000 after acquiring an additional 9,070 shares in the last quarter. FMR LLC boosted its stake in First Citizens BancShares by 10.5% during the fourth quarter. FMR LLC now owns 357,629 shares of the bank's stock valued at $755,677,000 after buying an additional 34,097 shares in the last quarter. Capital International Investors boosted its position in shares of First Citizens BancShares by 78.2% in the 4th quarter. Capital International Investors now owns 172,723 shares of the bank's stock valued at $364,967,000 after purchasing an additional 75,785 shares during the period. Egerton Capital UK LLP boosted its position in First Citizens BancShares by 21.7% during the 1st quarter. Egerton Capital UK LLP now owns 124,773 shares of the bank's stock worth $231,344,000 after acquiring an additional 22,257 shares during the period. Finally, GAMMA Investing LLC boosted its position in First Citizens BancShares by 169,861.1% during the 1st quarter. GAMMA Investing LLC now owns 122,372 shares of the bank's stock worth $226,892,000 after acquiring an additional 122,300 shares during the period. Hedge funds and other institutional investors own 78.01% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.