Frank Holding Jr Acquires 335 Shares of First Citizens BancShares (NASDAQ:FCNCA) Stock

Key Points

• CEO Frank Holding Jr. bought 335 shares of First Citizens BancShares on June 5 at an average price of $1,920.80, bringing his direct stake to 64,435 shares valued at about $123.8 million.
• The bank’s shares were trading near $2,074.25, with the stock sitting between a 52-week low of $1,623.76 and high of $2,232.21. First Citizens also has a market cap of about $24.04 billion and a relatively low beta of 0.62.
• First Citizens recently reported quarterly EPS of $44.86, topping analyst expectations, and announced a $2.10 quarterly dividend payable June 15. Analysts currently rate the stock a consensus Hold with an average target price of $2,215.91.

First Citizens BancShares, Inc. (NASDAQ:FCNCA - Get Free Report) CEO Frank Holding, Jr. bought 335 shares of the company's stock in a transaction dated Friday, June 5th. The stock was purchased at an average price of $1,920.80 per share, with a total value of $643,468.00. Following the completion of the transaction, the chief executive officer directly owned 64,435 shares in the company, valued at approximately $123,766,748. This represents a 0.52% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

First Citizens BancShares Price Performance

Shares of NASDAQ:FCNCA traded down $0.85 during midday trading on Monday, hitting $2,074.25. The stock had a trading volume of 95,359 shares, compared to its average volume of 61,734. The company's 50-day moving average price is $1,968.93 and its 200-day moving average price is $2,001.80. The company has a market capitalization of $24.04 billion, a P/E ratio of 11.93, a price-to-earnings-growth ratio of 1.58 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 1.67. First Citizens BancShares, Inc. has a fifty-two week low of $1,623.76 and a fifty-two week high of $2,232.21.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last issued its earnings results on Thursday, April 23rd. The bank reported $44.86 EPS for the quarter, beating the consensus estimate of $43.31 by $1.55. The company had revenue of $2.14 billion during the quarter, compared to analysts' expectations of $2.20 billion. First Citizens BancShares had a net margin of 15.62% and a return on equity of 11.48%. During the same period in the previous year, the company earned $37.79 EPS. As a group, equities research analysts predict that First Citizens BancShares, Inc. will post 177.84 EPS for the current fiscal year.

First Citizens BancShares Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Friday, May 29th will be given a $2.10 dividend. The ex-dividend date is Friday, May 29th. This represents a $8.40 annualized dividend and a dividend yield of 0.4%. First Citizens BancShares's payout ratio is presently 4.83%.

Hedge Funds Weigh In On First Citizens BancShares

Several institutional investors and hedge funds have recently added to or reduced their stakes in FCNCA. Goldman Sachs Group Inc. increased its position in 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 acquiring an additional 681 shares during the period. Empowered Funds LLC increased its position in 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 acquiring an additional 164 shares during the period. Focus Partners Wealth increased its position in 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 acquiring an additional 12 shares during the period. EverSource Wealth Advisors LLC increased its position in 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 acquiring an additional 21 shares during the period. Finally, Flow Traders U.S. LLC acquired a new position in 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.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on FCNCA shares. TD Cowen lowered their price objective on shares of First Citizens BancShares from $2,500.00 to $2,300.00 and set a "buy" rating for the company in a research report on Monday, April 27th. JPMorgan Chase & Co. lowered their price objective on shares of First Citizens BancShares from $2,200.00 to $2,150.00 and set a "neutral" rating for the company in a research report on Friday, April 24th. Piper Sandler set a $2,050.00 price objective on shares of First Citizens BancShares in a research report on Friday, April 24th. Zacks Research upgraded shares of First Citizens BancShares from a "strong sell" rating to a "hold" rating in a research report on Monday, March 30th. Finally, Wall Street Zen upgraded shares of First Citizens BancShares from a "sell" rating to a "hold" rating in a research report on Sunday, May 24th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and nine have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $2,215.91.

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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