First Citizens BancShares (NASDAQ:FCNCA) CEO Frank Holding Jr Sells 5,346 Shares

Key Points

• CEO Frank Holding Jr. sold 5,346 shares of First Citizens BancShares on May 12 for about $10.26 million, reducing his stake by 5.04%. After the sale, he still held 100,654 shares valued at roughly $193.1 million.
• The stock was trading around $1,918.69, slightly below its 50-day and 200-day moving averages, and the company’s market cap was about $22.9 billion. First Citizens also reported a relatively low beta of 0.63 and a P/E ratio of 11.03.
• In its latest earnings report, the bank beat EPS expectations with $44.86 per share, though revenue came in below forecasts at $2.14 billion. The company also declared a quarterly dividend of $2.10 per share, payable June 15.

First Citizens BancShares, Inc. (NASDAQ:FCNCA - Get Free Report) CEO Frank Holding, Jr. sold 5,346 shares of the firm's stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $1,918.69, for a total transaction of $10,257,316.74. Following the sale, the chief executive officer owned 100,654 shares of the company's stock, valued at approximately $193,123,823.26. This represents a 5.04% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

First Citizens BancShares Stock Performance

Shares of NASDAQ FCNCA traded down $1.25 during mid-day trading on Tuesday, reaching $1,918.69. 56,560 shares of the company were exchanged, compared to its average volume of 65,003. The company's 50-day simple moving average is $1,924.44 and its 200-day simple moving average is $1,977.59. The company has a quick ratio of 1.03, a current ratio of 1.00 and a debt-to-equity ratio of 1.67. The stock has a market capitalization of $22.91 billion, a P/E ratio of 11.03, a P/E/G ratio of 1.48 and a beta of 0.63. First Citizens BancShares, Inc. has a twelve month low of $1,623.76 and a twelve month high of $2,232.21.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last posted its earnings results on Thursday, April 23rd. The bank reported $44.86 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $43.31 by $1.55. First Citizens BancShares had a net margin of 15.62% and a return on equity of 11.48%. The company had revenue of $2.14 billion during the quarter, compared to analysts' expectations of $2.20 billion. During the same quarter last year, the company posted $37.79 EPS. As a group, research analysts predict that First Citizens BancShares, Inc. will post 176.04 earnings per share for the current year.

First Citizens BancShares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Friday, May 29th will be given a dividend of $2.10 per share. This represents a $8.40 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend is Friday, May 29th. First Citizens BancShares's dividend payout ratio (DPR) is currently 4.83%.

Institutional Investors Weigh In On First Citizens BancShares

A number of hedge funds have recently made changes to their positions in FCNCA. Goldman Sachs Group Inc. boosted its stake in shares of First Citizens BancShares by 1.9% in 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 boosted its stake in shares of First Citizens BancShares by 71.9% in the 1st quarter. Empowered Funds LLC now owns 392 shares of the bank's stock valued at $727,000 after purchasing an additional 164 shares in the last quarter. Focus Partners Wealth boosted its stake in shares of First Citizens BancShares by 5.2% in the 1st quarter. Focus Partners Wealth now owns 241 shares of the bank's stock valued at $447,000 after purchasing an additional 12 shares in the last quarter. EverSource Wealth Advisors LLC boosted its stake in shares of First Citizens BancShares by 31.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 88 shares of the bank's stock valued at $172,000 after purchasing 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 valued at approximately $260,000. 78.01% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have commented on FCNCA. UBS Group set a $2,325.00 target price on shares of First Citizens BancShares in a report on Wednesday, February 4th. Truist Financial raised their target price on shares of First Citizens BancShares from $2,050.00 to $2,150.00 and gave the company a "hold" rating in a report on Monday, January 26th. Barclays decreased their target price on shares of First Citizens BancShares from $2,456.00 to $2,346.00 and set an "equal weight" rating on the stock in a report on Monday, January 26th. Deutsche Bank Aktiengesellschaft lowered shares of First Citizens BancShares from a "buy" rating to a "hold" rating and set a $2,154.00 target price on the stock. in a report on Wednesday, April 8th. Finally, JPMorgan Chase & Co. decreased their target price on shares of First Citizens BancShares from $2,200.00 to $2,150.00 and set a "neutral" rating on the stock in a report on Friday, April 24th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and ten have given a Hold rating to the company's stock. According to MarketBeat, First Citizens BancShares presently has a consensus rating of "Hold" and a consensus target price of $2,202.08.

First Citizens BancShares Company Profile

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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