Quantitative Investment Management LLC Makes New Investment in First Citizens BancShares, Inc. $FCNCA

Quantitative Investment Management LLC purchased a new position in First Citizens BancShares, Inc. (NASDAQ:FCNCA) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 666 shares of the bank’s stock, valued at approximately $1,385,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Hilton Head Capital Partners LLC bought a new stake in First Citizens BancShares in the 4th quarter valued at $26,000. Jones Financial Companies Lllp bought a new position in shares of First Citizens BancShares during the 2nd quarter valued at about $42,000. Reflection Asset Management bought a new position in shares of First Citizens BancShares during the 4th quarter valued at about $45,000. Global Assets Advisory LLC purchased a new position in shares of First Citizens BancShares during the first quarter valued at about $45,000. Finally, UMB Bank n.a. grew its position in shares of First Citizens BancShares by 50.0% during the fourth quarter. UMB Bank n.a. now owns 24 shares of the bank’s stock valued at $52,000 after purchasing an additional 8 shares in the last quarter. 78.01% of the stock is owned by institutional investors.

First Citizens BancShares Price Performance

First Citizens BancShares stock opened at $2,164.40 on Tuesday. First Citizens BancShares, Inc. has a 12-month low of $1,623.76 and a 12-month high of $2,296.30. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.59. The firm has a 50-day moving average price of $2,154.24 and a 200-day moving average price of $2,032.35. The firm has a market capitalization of $24.44 billion, a PE ratio of 11.57, a price-to-earnings-growth ratio of 1.66 and a beta of 0.62.

First Citizens BancShares (NASDAQ:FCNCA) last issued its quarterly earnings results on Thursday, July 23rd. The bank reported $57.09 EPS for the quarter, beating the consensus estimate of $0.41 by $56.68. The company had revenue of $2.43 billion for the quarter, compared to the consensus estimate of $2.16 billion. First Citizens BancShares had a net margin of 16.28% and a return on equity of 12.07%. As a group, equities research analysts forecast that First Citizens BancShares, Inc. will post 192.11 EPS for the current year.

First Citizens BancShares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Monday, August 31st will be issued a $2.10 dividend. This represents a $8.40 annualized dividend and a dividend yield of 0.4%. The ex-dividend date is Monday, August 31st. First Citizens BancShares’s dividend payout ratio is presently 4.49%.

Analyst Ratings Changes

FCNCA has been the topic of a number of research analyst reports. The Goldman Sachs Group boosted their target price on First Citizens BancShares from $2,100.00 to $2,340.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 7th. Wall Street Zen upgraded First Citizens BancShares from a “sell” rating to a “hold” rating in a report on Saturday, June 27th. JPMorgan Chase & Co. lifted their price objective on First Citizens BancShares from $2,350.00 to $2,450.00 and gave the stock a “neutral” rating in a research note on Friday, July 24th. Fundamental Research set a $2,350.00 price objective on First Citizens BancShares in a report on Wednesday, July 1st. Finally, Jefferies Financial Group reiterated a “hold” rating and set a $2,300.00 target price on shares of First Citizens BancShares in a research report on Thursday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $2,278.31.

Insider Buying and Selling

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. bought 335 shares of First Citizens BancShares stock in a transaction on Friday, June 5th. The shares were acquired at an average price of $1,920.80 per share, for a total transaction of $643,468.00. Following the completion of the purchase, the chief executive officer directly owned 64,435 shares in the company, valued at approximately $123,766,748. This trade represents a 0.52% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Diane E. Morais bought 50 shares of the stock in a transaction dated Wednesday, August 19th. The shares were bought at an average cost of $2,168.11 per share, with a total value of $108,405.50. Following the completion of the purchase, the director directly owned 100 shares of the company’s stock, valued at approximately $216,811. This trade represents a 100.00% increase in their position. The SEC filing for this purchase provides additional information. Insiders have purchased a total of 1,300 shares of company stock valued at $2,424,962 over the last three months. 14.63% of the stock is owned by corporate insiders.

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.