Frank Holding Jr Purchases 225 Shares of First Citizens BancShares (NASDAQ:FCNCA) Stock

Key Points

• CEO Frank Holding Jr. bought 225 shares of First Citizens BancShares at an average price of $1,751.95, a transaction worth about $394,189. After the purchase, he owned 63,547 shares valued at roughly $111.3 million.
• The stock traded slightly lower at $2,074.25 and remains near the upper end of its 52-week range, with a market cap of $24.03 billion and a P/E ratio of 11.93.
• First Citizens recently beat earnings estimates with $44.86 EPS, and it declared a quarterly dividend of $2.10 per share to be paid on June 15, though analysts currently rate the stock a consensus Hold.

First Citizens BancShares, Inc. (NASDAQ:FCNCA - Get Free Report) CEO Frank Holding, Jr. bought 225 shares of First Citizens BancShares stock in a transaction dated Thursday, June 4th. The stock was purchased at an average cost of $1,751.95 per share, for a total transaction of $394,188.75. Following the purchase, the chief executive officer owned 63,547 shares of the company's stock, valued at approximately $111,331,166.65. This trade represents a 0.36% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

First Citizens BancShares Trading Down 0.0%

Shares of 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 90,590. First Citizens BancShares, Inc. has a 1 year low of $1,623.76 and a 1 year high of $2,232.21. The firm has a market cap of $24.03 billion, a PE ratio of 11.93, a price-to-earnings-growth ratio of 1.58 and a beta of 0.62. The company has a debt-to-equity ratio of 1.67, a current ratio of 1.00 and a quick ratio of 1.00. The stock's 50 day moving average is $1,965.38 and its 200 day moving average is $1,999.85.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last announced its earnings results on Thursday, April 23rd. The bank reported $44.86 earnings per share for the quarter, beating the consensus estimate 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 business had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $2.20 billion. During the same quarter in the prior year, the firm posted $37.79 earnings per share. As a group, analysts forecast that First Citizens BancShares, Inc. will post 177.84 EPS for the current fiscal year.

First Citizens BancShares Announces Dividend

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of 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 buying an additional 205,658 shares in the last quarter. Norges Bank bought a new stake in shares of First Citizens BancShares in the 4th quarter valued at about $116,565,000. River Road Asset Management LLC boosted its holdings in shares of First Citizens BancShares by 574.0% in the 4th quarter. River Road Asset Management LLC now owns 55,402 shares of the bank's stock valued at $118,903,000 after buying an additional 47,182 shares in the last quarter. Orion Porfolio Solutions LLC boosted its holdings in shares of First Citizens BancShares by 2,057.4% in the 2nd quarter. Orion Porfolio Solutions LLC now owns 47,506 shares of the bank's stock valued at $92,944,000 after buying an additional 45,304 shares in the last quarter. Finally, M&T Bank Corp boosted its holdings in shares of First Citizens BancShares by 13,512.7% in the 4th quarter. M&T Bank Corp now owns 38,524 shares of the bank's stock valued at $82,679,000 after buying an additional 38,241 shares in the last quarter. 78.01% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on FCNCA. Deutsche Bank Aktiengesellschaft cut shares of First Citizens BancShares from a "buy" rating to a "hold" rating and set a $2,154.00 price target on the stock. in a report on Wednesday, April 8th. TD Cowen cut their price target on shares of First Citizens BancShares from $2,500.00 to $2,300.00 and set a "buy" rating on the stock in a report on Monday, April 27th. Zacks Research upgraded shares of First Citizens BancShares from a "strong sell" rating to a "hold" rating in a report on Monday, March 30th. Keefe, Bruyette & Woods cut their price target on shares of First Citizens BancShares from $2,375.00 to $2,300.00 and set an "outperform" rating on the stock in a report on Thursday, April 9th. Finally, JPMorgan Chase & Co. cut their price target 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 issued a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $2,215.91.

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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