IFM Investors Pty Ltd Buys Shares of 1,669 First Citizens BancShares, Inc. $FCNCA

IFM Investors Pty Ltd bought a new position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 1,669 shares of the bank’s stock, valued at approximately $3,145,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FCNCA. Hilton Head Capital Partners LLC acquired a new stake in shares of First Citizens BancShares in the fourth quarter valued at approximately $26,000. Harbor Investment Advisory LLC raised its position in shares of First Citizens BancShares by 150.0% during the 4th quarter. Harbor Investment Advisory LLC now owns 15 shares of the bank’s stock worth $32,000 after purchasing an additional 9 shares during the last quarter. Reflection Asset Management acquired a new position in shares of First Citizens BancShares during the 4th quarter worth approximately $45,000. Allworth Financial LP lifted its stake in First Citizens BancShares by 21.7% in the 3rd quarter. Allworth Financial LP now owns 28 shares of the bank’s stock valued at $51,000 after buying an additional 5 shares in the last quarter. Finally, UMB Bank n.a. lifted its stake in First Citizens BancShares by 50.0% in the 4th quarter. UMB Bank n.a. now owns 24 shares of the bank’s stock valued at $52,000 after buying an additional 8 shares in the last quarter. Institutional investors and hedge funds own 78.01% of the company’s stock.

First Citizens BancShares Stock Performance

Shares of FCNCA opened at $2,082.99 on Friday. First Citizens BancShares, Inc. has a fifty-two week low of $1,623.76 and a fifty-two week high of $2,232.21. The company has a market capitalization of $24.14 billion, a PE ratio of 11.98, a price-to-earnings-growth ratio of 1.59 and a beta of 0.62. The stock has a fifty day moving average of $2,019.87 and a two-hundred day moving average of $2,023.06. The company has a debt-to-equity ratio of 1.67, a quick ratio of 1.00 and a current ratio of 1.00.

First Citizens BancShares (NASDAQ:FCNCA) last posted its quarterly earnings data on Thursday, April 23rd. The bank reported $44.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $43.31 by $1.55. First Citizens BancShares had a return on equity of 11.48% and a net margin of 15.62%.The business had revenue of $2.14 billion for the quarter, compared to analysts’ expectations of $2.20 billion. During the same quarter last year, the firm earned $37.79 earnings per share. As a group, analysts forecast that First Citizens BancShares, Inc. will post 175.42 EPS for the current year.

First Citizens BancShares Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Friday, May 29th were issued a dividend of $2.10 per share. This represents a $8.40 annualized dividend and a dividend yield of 0.4%. The ex-dividend date was Friday, May 29th. First Citizens BancShares’s dividend payout ratio is presently 4.83%.

Wall Street Analyst Weigh In

A number of brokerages have commented on FCNCA. Fundamental Research set a $2,350.00 target price on First Citizens BancShares in a report on Wednesday. TD Cowen reduced their price objective on First Citizens BancShares from $2,500.00 to $2,300.00 and set a “buy” rating on the stock in a research report on Monday, April 27th. Keefe, Bruyette & Woods reduced their price objective on First Citizens BancShares from $2,375.00 to $2,300.00 and set an “outperform” rating on the stock in a research report on Thursday, April 9th. Citigroup reiterated a “neutral” rating on shares of First Citizens BancShares in a research report on Wednesday. Finally, Wall Street Zen raised shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a research note on Saturday, June 27th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $2,243.75.

Insider Buying and Selling at First Citizens BancShares

In related news, CEO Frank B. Holding, Jr. bought 5,940 shares of the firm’s stock in a transaction that occurred on Tuesday, May 12th. The shares were acquired at an average cost of $1,726.82 per share, with a total value of $10,257,310.80. Following the completion of the transaction, the chief executive officer owned 38,111 shares of the company’s stock, valued at approximately $65,810,837.02. The trade was a 18.46% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In the last 90 days, insiders have bought 7,190 shares of company stock worth $12,573,868. Corporate insiders own 14.63% of the company’s stock.

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.