Insider Selling: First Citizens BancShares (NASDAQ:FCNCA) Major Shareholder Sells $136,710.00 in Stock

Key Points

• Major shareholder Olivia Britton Holding sold 7,000 FCNCA shares for approximately $136,710, reducing her direct stake by 31.82% to 15,000 shares.
• First Citizens BancShares reported quarterly revenue of $2.43 billion, exceeding estimates of $2.16 billion, while EPS of $57.09 surpassed consensus by $56.68.
• The stock traded at $2,120.58, and analysts maintained a consensus “Hold” rating with an average price target of $2,272.54; the company also pays a quarterly dividend of $2.10 per share.

First Citizens BancShares, Inc. (NASDAQ:FCNCA - Get Free Report) major shareholder Olivia Britton Holding sold 7,000 shares of the business's stock in a transaction dated Tuesday, September 15th. The stock was sold at an average price of $19.53, for a total value of $136,710.00. Following the transaction, the insider directly owned 15,000 shares of the company's stock, valued at $292,950. This represents a 31.82% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Large shareholders that own more than 10% of a company's stock are required to disclose their sales and purchases with the SEC.

First Citizens BancShares Stock Performance

FCNCA traded up $21.01 during midday trading on Thursday, reaching $2,120.58. The company's stock had a trading volume of 50,533 shares, compared to its average volume of 83,915. The stock has a market cap of $23.95 billion, a P/E ratio of 11.34, a PEG ratio of 1.63 and a beta of 0.60. The company has a fifty day simple moving average of $2,172.02 and a 200 day simple moving average of $2,045.14. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.59. First Citizens BancShares, Inc. has a twelve month low of $1,623.76 and a twelve month high of $2,296.30.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The bank reported $57.09 EPS for the quarter, topping analysts' consensus estimates of $0.41 by $56.68. First Citizens BancShares had a return on equity of 12.07% and a net margin of 16.28%.The company had revenue of $2.43 billion during the quarter, compared to analyst estimates of $2.16 billion. Research analysts expect that First Citizens BancShares, Inc. will post 192.11 earnings per share for the current year.

First Citizens BancShares Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Monday, August 31st were paid a dividend of $2.10 per share. This represents a $8.40 annualized dividend and a yield of 0.4%. The ex-dividend date was Monday, August 31st. First Citizens BancShares's dividend payout ratio is presently 4.49%.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on FCNCA. Wall Street Zen upgraded shares of First Citizens BancShares from a "sell" rating to a "hold" rating in a report on Saturday, June 27th. Truist Financial boosted their price target on First Citizens BancShares from $2,150.00 to $2,323.00 and gave the company a "hold" rating in a research note on Tuesday, July 28th. Barclays upped their price target on First Citizens BancShares from $2,346.00 to $2,376.00 and gave the company an "equal weight" rating in a report on Monday, July 27th. Keefe, Bruyette & Woods reiterated a "market perform" rating and issued a $2,300.00 price objective on shares of First Citizens BancShares in a research report on Thursday, July 9th. Finally, The Goldman Sachs Group boosted their price objective on First Citizens BancShares from $2,100.00 to $2,340.00 and gave the company a "neutral" rating in a research report on Tuesday, July 7th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and eleven have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $2,272.54.

Hedge Funds Weigh In On First Citizens BancShares

Hedge funds and other institutional investors have recently modified their holdings of the stock. Dimensional Fund Advisors LP boosted its stake in shares of First Citizens BancShares by 1.5% in 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. Allspring Global Investments Holdings LLC increased its position in shares of First Citizens BancShares by 20.7% during the 1st 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 in the last quarter. Reinhart Partners LLC. increased its position in shares of First Citizens BancShares by 7.5% during the 2nd quarter. Reinhart Partners LLC. now owns 84,206 shares of the bank's stock worth $175,253,000 after purchasing an additional 5,909 shares in the last quarter. River Road Asset Management LLC lifted its holdings in First Citizens BancShares by 574.0% during the 4th 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. Finally, Norges Bank bought a new position in First Citizens BancShares during the 4th quarter valued at about $116,565,000. Institutional investors own 78.01% of the company's stock.

First Citizens BancShares Company Profile

First Citizens BancShares, Inc is the financial holding company for First-Citizens Bank & Trust Company, which operates under the First Citizens Bank name. Headquartered in Raleigh, North Carolina, the company provides banking and financial services to individuals, businesses, nonprofit organizations and government entities.

Its offerings include checking and savings accounts, consumer and commercial loans, mortgages, credit cards, cash-management and treasury services, investment services, and wealth management.

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