First Citizens BancShares (NASDAQ:FCNCA) CEO Frank Holding Jr Purchases 92 Shares

Key Points

• CEO Frank Holding Jr. bought 92 shares on March 19 at an average price of $1,550, a $142,600 purchase that raised his direct stake to 2,841 shares (valued at ~$4.40M), a 3.35% increase in ownership.
• First Citizens beat expectations last quarter with $51.27 EPS vs. $44.24 expected and $2.44B revenue, and it recently paid a $2.10 quarterly dividend ($8.40 annualized; payout ratio 5.07%).
• The stock traded up to $1,803.23 (+$26.44) on the day of the filing; the company has a market cap of $21.53B, a consensus analyst rating of Moderate Buy with an average price target of $2,238.27, and ~78% institutional ownership.

First Citizens BancShares, Inc. (NASDAQ:FCNCA - Get Free Report) CEO Frank Holding, Jr. acquired 92 shares of First Citizens BancShares stock in a transaction that occurred on Thursday, March 19th. The shares were purchased at an average cost of $1,550.00 per share, for a total transaction of $142,600.00. Following the purchase, the chief executive officer directly owned 2,841 shares in the company, valued at $4,403,550. The trade was a 3.35% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

First Citizens BancShares Trading Up 1.5%

NASDAQ:FCNCA traded up $26.44 during trading hours on Thursday, hitting $1,803.23. The stock had a trading volume of 111,303 shares, compared to its average volume of 108,732. The business's 50 day moving average is $2,024.31 and its 200-day moving average is $1,949.19. The company has a debt-to-equity ratio of 1.72, a quick ratio of 1.03 and a current ratio of 1.03. The company has a market cap of $21.53 billion, a price-to-earnings ratio of 10.88 and a beta of 0.68. First Citizens BancShares, Inc. has a one year low of $1,473.62 and a one year high of $2,232.21.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last announced its quarterly earnings results on Friday, January 23rd. The bank reported $51.27 earnings per share for the quarter, topping analysts' consensus estimates of $44.24 by $7.03. First Citizens BancShares had a net margin of 15.21% and a return on equity of 11.18%. The company had revenue of $2.44 billion for the quarter, compared to analysts' expectations of $2.24 billion. Sell-side analysts anticipate that First Citizens BancShares, Inc. will post 167.59 EPS for the current fiscal year.

First Citizens BancShares Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 16th. Shareholders of record on Friday, February 27th were issued a dividend of $2.10 per share. The ex-dividend date was Friday, February 27th. This represents a $8.40 annualized dividend and a yield of 0.5%. First Citizens BancShares's payout ratio is currently 5.07%.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Citigroup restated a "buy" rating on shares of First Citizens BancShares in a report on Monday, January 26th. Weiss Ratings reiterated a "buy (b-)" rating on shares of First Citizens BancShares in a research report on Monday, December 29th. TD Cowen lowered their target price on First Citizens BancShares from $2,600.00 to $2,500.00 and set a "buy" rating for the company in a research note on Monday, January 26th. Zacks Research downgraded shares of First Citizens BancShares from a "hold" rating to a "strong sell" rating in a report on Monday, February 16th. Finally, The Goldman Sachs Group lowered shares of First Citizens BancShares from a "buy" rating to a "hold" rating and set a $2,300.00 price target on the stock. in a research note on Tuesday, January 6th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $2,238.27.

Institutional Trading of First Citizens BancShares

A number of institutional investors have recently modified their holdings of FCNCA. Northwestern Mutual Wealth Management Co. lifted its stake in First Citizens BancShares by 117,518.9% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 205,833 shares of the bank's stock valued at $441,755,000 after acquiring an additional 205,658 shares in the last quarter. Norges Bank bought a new position in shares of First Citizens BancShares during the 2nd quarter worth approximately $177,604,000. River Road Asset Management LLC raised its holdings in shares of First Citizens BancShares by 574.0% in the fourth quarter. River Road Asset Management LLC now owns 55,402 shares of the bank's stock valued at $118,903,000 after purchasing an additional 47,182 shares during the last quarter. Orion Porfolio Solutions LLC raised its holdings in shares of First Citizens BancShares by 2,057.4% in the second quarter. Orion Porfolio Solutions LLC now owns 47,506 shares of the bank's stock valued at $92,944,000 after purchasing an additional 45,304 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its position in shares of First Citizens BancShares by 390.2% in the third quarter. Allspring Global Investments Holdings LLC now owns 48,299 shares of the bank's stock worth $84,995,000 after purchasing an additional 38,446 shares in the last quarter. 78.01% of the stock is currently owned by institutional investors.

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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