Nuveen LLC Invests $149.96 Million in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Nuveen LLC acquired a new position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) during the 1st quarter, Holdings Channel reports. The firm acquired 80,881 shares of the bank’s stock, valued at approximately $149,963,000.

Several other institutional investors also recently modified their holdings of the company. GAMMA Investing LLC boosted its holdings in shares of First Citizens BancShares by 169,861.1% during the 1st quarter. GAMMA Investing LLC now owns 122,372 shares of the bank’s stock worth $226,892,000 after buying an additional 122,300 shares during the period. Capital International Investors boosted its holdings in First Citizens BancShares by 78.2% in the 4th quarter. Capital International Investors now owns 172,723 shares of the bank’s stock valued at $364,967,000 after purchasing an additional 75,785 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in First Citizens BancShares by 83.7% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 107,523 shares of the bank’s stock valued at $227,198,000 after purchasing an additional 48,994 shares during the period. Castlekeep Investment Advisors LLC bought a new stake in First Citizens BancShares in the 4th quarter valued at about $66,972,000. Finally, Siemens Fonds Invest GmbH bought a new stake in First Citizens BancShares in the 4th quarter valued at about $49,265,000. 78.01% of the stock is currently owned by institutional investors and hedge funds.

First Citizens BancShares Price Performance

FCNCA stock opened at $1,848.93 on Tuesday. The company has a 50 day simple moving average of $1,968.06 and a 200 day simple moving average of $1,918.01. The stock has a market cap of $24.57 billion, a price-to-earnings ratio of 10.91 and a beta of 0.64. 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 debt-to-equity ratio of 1.77, a current ratio of 1.04 and a quick ratio of 1.04.

First Citizens BancShares (NASDAQ:FCNCA) last released its quarterly earnings data on Friday, July 25th. The bank reported $44.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $39.08 by $5.70. The business had revenue of $2.38 billion during the quarter, compared to analysts’ expectations of $2.21 billion. First Citizens BancShares had a net margin of 16.37% and a return on equity of 11.30%. Research analysts anticipate that First Citizens BancShares, Inc. will post 167.59 EPS for the current fiscal year.

First Citizens BancShares Announces Dividend

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 given a $1.95 dividend. This represents a $7.80 annualized dividend and a yield of 0.4%. The ex-dividend date is Friday, August 29th. First Citizens BancShares’s dividend payout ratio is 4.60%.

Insider Buying and Selling at First Citizens BancShares

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. purchased 600 shares of the firm’s stock in a transaction on Thursday, August 7th. The stock was purchased at an average cost of $1,698.75 per share, for a total transaction of $1,019,250.00. Following the transaction, the chief executive officer owned 32,300 shares in the company, valued at $54,869,625. The trade was a 1.89% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Hope Holding Bryant purchased 409 shares of the firm’s stock in a transaction on Thursday, August 7th. The stock was acquired at an average price of $1,630.00 per share, with a total value of $666,670.00. Following the completion of the transaction, the insider owned 1,764 shares in the company, valued at approximately $2,875,320. This trade represents a 30.18% increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 1,494 shares of company stock worth $2,485,986. 13.19% of the stock is currently owned by company insiders.

Analyst Ratings Changes

FCNCA has been the subject of a number of recent research reports. TD Cowen initiated coverage on shares of First Citizens BancShares in a report on Thursday, May 15th. They issued a “buy” rating and a $2,400.00 price objective for the company. Piper Sandler set a $2,150.00 price objective on shares of First Citizens BancShares and gave the company a “neutral” rating in a report on Monday, July 28th. Jefferies Financial Group initiated coverage on shares of First Citizens BancShares in a report on Wednesday, May 21st. They issued a “hold” rating and a $2,050.00 price objective for the company. Barclays cut their price objective on shares of First Citizens BancShares from $2,568.00 to $2,400.00 and set an “equal weight” rating for the company in a report on Friday, April 25th. Finally, Cowen reaffirmed a “buy” rating on shares of First Citizens BancShares in a report on Monday, July 28th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $2,291.17.

First Citizens BancShares Profile

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.