Olivia Britton Holding Acquires 66 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) Stock

Key Points

• Olivia Britton Holding acquired 66 shares of First Citizens BancShares at an average price of $1,735.00 per share, increasing their ownership to 121,926 shares.
• First Citizens BancShares reported earnings of $44.78 per share for the last quarter, surpassing analysts' expectations of $39.08, with revenue hitting $2.38 billion.
• The company declared a quarterly dividend of $1.95 per share, with a payout ratio of 4.60%, to be paid on September 15th.

First Citizens BancShares, Inc. (NASDAQ:FCNCA - Get Free Report) major shareholder Olivia Britton Holding acquired 66 shares of the company's stock in a transaction on Tuesday, July 29th. The stock was acquired at an average price of $1,735.00 per share, with a total value of $114,510.00. Following the purchase, the insider directly owned 121,926 shares in the company, valued at approximately $211,541,610. This represents a 0.05% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Major shareholders that own more than 10% of a company's shares are required to disclose their transactions with the SEC.

First Citizens BancShares Stock Down 1.1%

Shares of First Citizens BancShares stock traded down $22.26 during trading on Thursday, reaching $1,994.76. 87,186 shares of the company traded hands, compared to its average volume of 84,969. The company has a debt-to-equity ratio of 1.77, a current ratio of 1.04 and a quick ratio of 1.04. First Citizens BancShares, Inc. has a 1-year low of $1,473.62 and a 1-year high of $2,412.93. The company has a 50 day moving average price of $1,957.65 and a 200-day moving average price of $1,937.92. The firm has a market capitalization of $26.51 billion, a PE ratio of 11.77 and a beta of 0.64.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last released its earnings results on Friday, July 25th. The bank reported $44.78 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $39.08 by $5.70. First Citizens BancShares had a net margin of 16.37% and a return on equity of 11.30%. The company had revenue of $2.38 billion for the quarter, compared to the consensus estimate of $2.21 billion. As a group, equities research analysts expect that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current fiscal year.

First Citizens BancShares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 29th will be paid a dividend of $1.95 per share. This represents a $7.80 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date is Friday, August 29th. First Citizens BancShares's payout ratio is 4.60%.

Institutional Trading of First Citizens BancShares

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Gamco Investors INC. ET AL boosted its position in First Citizens BancShares by 3.3% during the fourth quarter. Gamco Investors INC. ET AL now owns 155 shares of the bank's stock worth $328,000 after purchasing an additional 5 shares during the period. JT Stratford LLC raised its stake in First Citizens BancShares by 0.4% in the fourth quarter. JT Stratford LLC now owns 1,247 shares of the bank's stock valued at $2,635,000 after purchasing an additional 5 shares in the last quarter. MassMutual Private Wealth & Trust FSB raised its stake in First Citizens BancShares by 54.5% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 17 shares of the bank's stock valued at $32,000 after purchasing an additional 6 shares in the last quarter. Cresset Asset Management LLC raised its stake in First Citizens BancShares by 3.8% in the first quarter. Cresset Asset Management LLC now owns 163 shares of the bank's stock valued at $302,000 after purchasing an additional 6 shares in the last quarter. Finally, US Bancorp DE grew its position in First Citizens BancShares by 0.8% during the second quarter. US Bancorp DE now owns 873 shares of the bank's stock valued at $1,708,000 after acquiring an additional 7 shares during the last quarter. Institutional investors own 78.01% of the company's stock.

Wall Street Analysts Forecast Growth

FCNCA has been the subject of several analyst reports. Piper Sandler set a $2,150.00 price objective on shares of First Citizens BancShares and gave the stock a "neutral" rating in a research note on Monday. Cowen reiterated a "buy" rating on shares of First Citizens BancShares in a research note on Monday. Jefferies Financial Group initiated coverage on shares of First Citizens BancShares in a research note on Wednesday, May 21st. They issued a "hold" rating and a $2,050.00 price objective for the company. Wall Street Zen cut shares of First Citizens BancShares from a "hold" rating to a "sell" rating in a research note on Monday, April 28th. Finally, UBS Group reiterated a "buy" rating and set a $2,410.00 target price on shares of First Citizens BancShares in a research report on Wednesday, July 9th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $2,291.17.

About First Citizens BancShares

First Citizens BancShares, Inc operates as the holding company for First-Citizens Bank & Trust Company that provides retail and commercial banking services to individuals, businesses, and professionals. The company's deposit products include checking, savings, money market, and time deposit accounts.

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