Whittier Trust Co. Sells 6,455 Shares of First Citizens BancShares, Inc. $FCNCA

Whittier Trust Co. reduced its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 84.2% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,209 shares of the bank’s stock after selling 6,455 shares during the period. Whittier Trust Co.’s holdings in First Citizens BancShares were worth $2,331,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of FCNCA. Praxis Investment Management Inc. grew its position in shares of First Citizens BancShares by 49.0% in the 1st quarter. Praxis Investment Management Inc. now owns 231 shares of the bank’s stock worth $435,000 after buying an additional 76 shares during the last quarter. PFG Investments LLC purchased a new stake in First Citizens BancShares during the first quarter valued at approximately $211,000. Optas LLC boosted its stake in First Citizens BancShares by 49.1% in the first quarter. Optas LLC now owns 158 shares of the bank’s stock valued at $298,000 after acquiring an additional 52 shares in the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund grew its holdings in First Citizens BancShares by 43.3% in the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 3,805 shares of the bank’s stock worth $7,171,000 after purchasing an additional 1,150 shares during the last quarter. Finally, SOL Capital Management CO purchased a new position in First Citizens BancShares in the first quarter worth $1,243,000. Hedge funds and other institutional investors own 78.01% of the company’s stock.

First Citizens BancShares Price Performance

NASDAQ:FCNCA opened at $2,092.43 on Wednesday. First Citizens BancShares, Inc. has a one year low of $1,623.76 and a one year high of $2,232.21. The company has a debt-to-equity ratio of 1.67, a quick ratio of 1.00 and a current ratio of 1.00. The firm has a market cap of $24.25 billion, a price-to-earnings ratio of 12.03, a PEG ratio of 1.60 and a beta of 0.62. The firm’s fifty day moving average is $2,025.90 and its two-hundred day moving average is $2,022.74.

First Citizens BancShares (NASDAQ:FCNCA) last released its quarterly earnings data on Thursday, April 23rd. The bank reported $44.86 earnings per share for the quarter, beating analysts’ consensus estimates of $43.31 by $1.55. The business had revenue of $2.14 billion during the quarter, compared to analyst estimates of $2.20 billion. First Citizens BancShares had a return on equity of 11.48% and a net margin of 15.62%.During the same quarter last year, the business posted $37.79 EPS. Research analysts expect that First Citizens BancShares, Inc. will post 177 EPS for the current year.

First Citizens BancShares Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Friday, May 29th were given 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 Friday, May 29th. First Citizens BancShares’s dividend payout ratio (DPR) is currently 4.83%.

Insiders Place Their Bets

In related news, CEO Frank B. Holding, Jr. purchased 5,940 shares of the firm’s stock in a transaction on Tuesday, May 12th. The stock was bought at an average cost of $1,726.82 per share, with a total value of $10,257,310.80. Following the completion of the acquisition, the chief executive officer owned 38,111 shares of the company’s stock, valued at $65,810,837.02. The trade was a 18.46% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders purchased 7,190 shares of company stock worth $12,573,868 in the last three months. 14.63% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on FCNCA. Deutsche Bank Aktiengesellschaft lowered First Citizens BancShares from a “buy” rating to a “hold” rating and set a $2,154.00 price objective for the company. in a report on Wednesday, April 8th. Citigroup reaffirmed a “neutral” rating on shares of First Citizens BancShares in a research report on Wednesday, July 1st. TD Cowen decreased their price target on First Citizens BancShares from $2,500.00 to $2,300.00 and set a “buy” rating for the company in a research note on Monday, April 27th. Weiss Ratings downgraded First Citizens BancShares from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, May 22nd. Finally, JPMorgan Chase & Co. boosted their price target on First Citizens BancShares from $2,150.00 to $2,350.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 1st. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and nine have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $2,247.08.

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.