First Citizens BancShares (NASDAQ:FCNCA) Director Diane Morais Buys 50 Shares of Stock

Key Points

• Director Diane Morais purchased 50 First Citizens BancShares shares at an average price of $2,168.11, investing $108,405.50 and doubling her ownership to 100 shares.
• FCNCA recently reported quarterly revenue of $2.43 billion and EPS of $57.09, exceeding analyst expectations; shares traded near $2,171.56, with a consensus analyst rating of “Hold” and a $2,278.31 target price.
• The bank declared a quarterly dividend of $2.10 per share, equivalent to $8.40 annually and a 0.4% yield, payable September 15 to shareholders of record August 31.

First Citizens BancShares, Inc. (NASDAQ:FCNCA - Get Free Report) Director Diane Morais acquired 50 shares of the stock in a transaction on Wednesday, August 19th. The shares were bought at an average price of $2,168.11 per share, for a total transaction of $108,405.50. Following the purchase, the director owned 100 shares in the company, valued at approximately $216,811. This trade represents a 100.00% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website.

First Citizens BancShares Price Performance

Shares of NASDAQ:FCNCA traded up $0.84 during trading on Thursday, reaching $2,171.56. 16,236 shares of the company traded hands, compared to its average volume of 86,549. The company's 50 day moving average is $2,140.94 and its two-hundred day moving average is $2,029.16. The firm has a market capitalization of $24.52 billion, a PE ratio of 11.61, a PEG ratio of 1.69 and a beta of 0.62. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.59. First Citizens BancShares, Inc. has a 52 week low of $1,623.76 and a 52 week high of $2,296.30.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The bank reported $57.09 EPS for the quarter, beating analysts' consensus estimates of $0.41 by $56.68. The business had revenue of $2.43 billion during the quarter, compared to the consensus estimate of $2.16 billion. First Citizens BancShares had a return on equity of 12.07% and a net margin of 16.28%. As a group, sell-side analysts predict that First Citizens BancShares, Inc. will post 190.06 earnings per share for the current year.

First Citizens BancShares Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Monday, August 31st will be paid a $2.10 dividend. This represents a $8.40 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend is Monday, August 31st. First Citizens BancShares's dividend payout ratio (DPR) is 4.49%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on FCNCA shares. Truist Financial raised their target price on First Citizens BancShares from $2,150.00 to $2,323.00 and gave the company a "hold" rating in a report on Tuesday, July 28th. Weiss Ratings upgraded First Citizens BancShares from a "hold (c+)" rating to a "buy (b)" rating in a research report on Tuesday, August 11th. Wall Street Zen upgraded First Citizens BancShares from a "sell" rating to a "hold" rating in a research report on Saturday, June 27th. TD Cowen dropped their target price on shares of First Citizens BancShares from $2,500.00 to $2,300.00 and set a "buy" rating for the company in a report on Monday, April 27th. Finally, Keefe, Bruyette & Woods reissued a "market perform" rating and issued a $2,300.00 price target on shares of First Citizens BancShares in a research note on Thursday, July 9th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and ten have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $2,278.31.

Institutional Investors Weigh In On First Citizens BancShares

Large investors have recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. boosted its position in First Citizens BancShares by 117,518.9% during the fourth 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 during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of First Citizens BancShares by 1.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 125,947 shares of the bank's stock valued at $237,333,000 after purchasing an additional 1,886 shares in the last quarter. Morgan Stanley boosted its position in shares of First Citizens BancShares by 31.8% during the 4th quarter. Morgan Stanley now owns 123,048 shares of the bank's stock valued at $264,087,000 after purchasing an additional 29,681 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in First Citizens BancShares by 11.2% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 122,317 shares of the bank's stock worth $262,514,000 after purchasing an additional 12,303 shares during the period. Finally, Allspring Global Investments Holdings LLC grew its stake in First Citizens BancShares by 20.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 91,876 shares of the bank's stock worth $174,048,000 after purchasing an additional 15,788 shares during the period. 78.01% of the stock is currently owned by institutional investors and hedge funds.

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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