Y Intercept Hong Kong Ltd Acquires Shares of 2,897 First Citizens BancShares, Inc. $FCNCA

Y Intercept Hong Kong Ltd acquired a new stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 2,897 shares of the bank’s stock, valued at approximately $5,668,000.

Other institutional investors have also recently bought and sold shares of the company. SVB Wealth LLC bought a new stake in First Citizens BancShares in the 1st quarter valued at about $35,000. Wayfinding Financial LLC bought a new stake in shares of First Citizens BancShares during the 1st quarter worth approximately $64,000. Brooklyn Investment Group lifted its holdings in shares of First Citizens BancShares by 32.1% during the 1st quarter. Brooklyn Investment Group now owns 37 shares of the bank’s stock worth $67,000 after acquiring an additional 9 shares during the period. Toth Financial Advisory Corp lifted its holdings in shares of First Citizens BancShares by 32.5% during the 2nd quarter. Toth Financial Advisory Corp now owns 53 shares of the bank’s stock worth $104,000 after acquiring an additional 13 shares during the period. Finally, State of Wyoming lifted its holdings in shares of First Citizens BancShares by 15.8% during the 1st quarter. State of Wyoming now owns 66 shares of the bank’s stock worth $122,000 after acquiring an additional 9 shares during the period. Institutional investors own 78.01% of the company’s stock.

First Citizens BancShares Price Performance

FCNCA stock opened at $1,786.10 on Tuesday. The company has a 50 day simple moving average of $1,857.30 and a 200 day simple moving average of $1,884.71. The stock has a market cap of $23.08 billion, a price-to-earnings ratio of 10.56 and a beta of 0.60. 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 1.76, 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 Thursday, October 23rd. The bank reported $44.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $41.51 by $3.11. The business had revenue of $2.25 billion during the quarter, compared to analysts’ expectations of $2.21 billion. First Citizens BancShares had a net margin of 15.99% and a return on equity of 11.06%. Research analysts anticipate that First Citizens BancShares, Inc. will post 167.59 EPS for the current fiscal year.

First Citizens BancShares Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Friday, November 28th will be given a $2.10 dividend. This is an increase from First Citizens BancShares’s previous quarterly dividend of $1.95. The ex-dividend date is Friday, November 28th. This represents a $8.40 annualized dividend and a yield of 0.5%. First Citizens BancShares’s dividend payout ratio is currently 4.97%.

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 1,428 shares of company stock worth $2,371,476. 13.40% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on FCNCA. Truist Financial cut their price target on shares of First Citizens BancShares from $2,240.00 to $2,000.00 and set a “hold” rating for the company in a report on Friday, October 3rd. Piper Sandler cut their price target on shares of First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating for the company in a report on Friday. The Goldman Sachs Group cut their price target on shares of First Citizens BancShares from $2,250.00 to $1,950.00 and set a “buy” rating for the company in a report on Monday, October 6th. Cowen reaffirmed a “buy” rating on shares of First Citizens BancShares in a report on Monday, July 28th. Finally, Raymond James Financial set a $2,100.00 price target on shares of First Citizens BancShares in a report on Tuesday, October 7th. Seven equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $2,166.67.

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.