First Citizens BancShares, Inc. (NASDAQ:FCNCA) Insider Hope Holding Bryant Acquires 409 Shares

Key Points

• Insider Hope Holding Bryant acquired 409 shares of First Citizens BancShares at an average price of $1,630.00 per share, indicating a 30.18% increase in their position.
• First Citizens BancShares reported strong quarterly earnings, with an EPS of $44.78 beating estimates by $5.70, and revenues of $2.38 billion surpassing predictions.
• The company announced a quarterly dividend of $1.95 per share, which implies an annualized dividend of $7.80 and a yield of 0.4%.

First Citizens BancShares, Inc. (NASDAQ:FCNCA - Get Free Report) insider Hope Holding Bryant bought 409 shares of the company's stock in a transaction dated Thursday, August 7th. The stock was bought at an average price of $1,630.00 per share, for a total transaction of $666,670.00. Following the transaction, the insider owned 1,764 shares of the company's stock, valued at approximately $2,875,320. This trade represents a 30.18% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

First Citizens BancShares Stock Down 2.8%

FCNCA traded down $53.89 during trading hours on Friday, hitting $1,871.35. 118,526 shares of the company's stock were exchanged, compared to its average volume of 122,256. First Citizens BancShares, Inc. has a 12-month low of $1,473.62 and a 12-month high of $2,412.93. The firm has a 50 day moving average of $1,972.91 and a 200 day moving average of $1,913.78. The firm has a market cap of $24.18 billion, a P/E ratio of 11.04 and a beta of 0.64. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.76.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last announced its earnings results on Friday, July 25th. The bank reported $44.78 earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $2.38 billion for the quarter, compared to the consensus estimate of $2.21 billion. Analysts predict that First Citizens BancShares, Inc. will post 167.59 EPS for the current fiscal year.

First Citizens BancShares Dividend Announcement

The company 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 dividend of $1.95 per share. This represents a $7.80 annualized dividend and a yield of 0.4%. The ex-dividend date is Friday, August 29th. First Citizens BancShares's payout ratio is 4.60%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC grew its holdings in First Citizens BancShares by 970.2% during the 2nd quarter. Tower Research Capital LLC TRC now owns 610 shares of the bank's stock worth $1,193,000 after acquiring an additional 553 shares in the last quarter. SkyView Investment Advisors LLC grew its holdings in First Citizens BancShares by 1.5% during the 2nd quarter. SkyView Investment Advisors LLC now owns 757 shares of the bank's stock worth $1,481,000 after acquiring an additional 11 shares in the last quarter. Corient Private Wealth LLC grew its holdings in First Citizens BancShares by 0.6% during the 2nd quarter. Corient Private Wealth LLC now owns 1,049 shares of the bank's stock worth $2,051,000 after acquiring an additional 6 shares in the last quarter. Chapman Financial Group LLC acquired a new position in First Citizens BancShares during the 2nd quarter worth approximately $293,000. Finally, Captrust Financial Advisors grew its holdings in First Citizens BancShares by 2.1% during the 2nd quarter. Captrust Financial Advisors now owns 7,448 shares of the bank's stock worth $14,571,000 after acquiring an additional 152 shares in the last quarter. Institutional investors and hedge funds own 78.01% of the company's stock.

Analysts Set New Price Targets

FCNCA has been the topic of a number of recent research reports. Wall Street Zen lowered shares of First Citizens BancShares from a "hold" rating to a "sell" rating in a research report on Monday, April 28th. Citigroup boosted their price target on shares of First Citizens BancShares from $1,900.00 to $2,050.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 2nd. TD Cowen initiated coverage on shares of First Citizens BancShares in a research report on Thursday, May 15th. They set a "buy" rating and a $2,400.00 price target on the stock. UBS Group restated a "buy" rating and set a $2,410.00 price target on shares of First Citizens BancShares in a research report on Wednesday, July 9th. Finally, Jefferies Financial Group initiated coverage on shares of First Citizens BancShares in a research report on Wednesday, May 21st. They set a "hold" rating and a $2,050.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and seven have issued a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price 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.