PNC Financial Services Group Inc. Purchases 927 Shares of First Citizens BancShares, Inc. $FCNCA

PNC Financial Services Group Inc. raised its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 181.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,438 shares of the bank’s stock after buying an additional 927 shares during the quarter. PNC Financial Services Group Inc.’s holdings in First Citizens BancShares were worth $3,087,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the stock. Mullooly Asset Management Inc. bought a new position in First Citizens BancShares in the fourth quarter valued at approximately $215,000. HighTower Advisors LLC increased its holdings in First Citizens BancShares by 32.5% during the fourth quarter. HighTower Advisors LLC now owns 608 shares of the bank’s stock worth $1,304,000 after buying an additional 149 shares during the last quarter. Evergreen Wealth Management LLC increased its holdings in First Citizens BancShares by 2.2% during the fourth quarter. Evergreen Wealth Management LLC now owns 1,726 shares of the bank’s stock worth $3,705,000 after buying an additional 37 shares during the last quarter. TD Private Client Wealth LLC increased its holdings in First Citizens BancShares by 5.4% during the fourth quarter. TD Private Client Wealth LLC now owns 1,092 shares of the bank’s stock worth $2,344,000 after buying an additional 56 shares during the last quarter. Finally, Gabelli Funds LLC increased its holdings in First Citizens BancShares by 3.8% during the fourth quarter. Gabelli Funds LLC now owns 5,592 shares of the bank’s stock worth $12,001,000 after buying an additional 207 shares during the last quarter. Institutional investors own 78.01% of the company’s stock.

First Citizens BancShares Price Performance

NASDAQ:FCNCA opened at $1,996.92 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 market cap of $23.14 billion, a P/E ratio of 11.48, a P/E/G ratio of 1.52 and a beta of 0.63. The firm’s fifty day moving average price is $1,936.17 and its two-hundred day moving average price is $1,989.55. The company has a debt-to-equity ratio of 1.67, a current ratio of 1.00 and a quick ratio of 1.00.

First Citizens BancShares (NASDAQ:FCNCA) last released its quarterly earnings data on Thursday, April 23rd. The bank reported $44.86 EPS for the quarter, beating the consensus estimate of $43.31 by $1.55. First Citizens BancShares had a net margin of 15.62% and a return on equity of 11.48%. The firm had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $2.20 billion. During the same period in the previous year, the company earned $37.79 earnings per share. Equities analysts expect that First Citizens BancShares, Inc. will post 177.84 earnings per share for the current year.

First Citizens BancShares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Friday, May 29th 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 Friday, May 29th. First Citizens BancShares’s payout ratio is currently 4.83%.

Insider Activity at First Citizens BancShares

In related news, CEO Frank B. Holding, Jr. acquired 5,940 shares of the firm’s stock in a transaction on Tuesday, May 12th. The shares were purchased at an average cost of $1,726.82 per share, for a total transaction of $10,257,310.80. Following the completion of the acquisition, the chief executive officer directly owned 38,111 shares in the company, valued at approximately $65,810,837.02. This trade represents a 18.46% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders have acquired 6,198 shares of company stock valued at $10,661,547 in the last 90 days. 14.63% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on FCNCA. Wall Street Zen upgraded shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a report on Sunday. Deutsche Bank Aktiengesellschaft downgraded shares of First Citizens BancShares from a “buy” rating to a “hold” rating and set a $2,154.00 target price on the stock. in a report on Wednesday, April 8th. JPMorgan Chase & Co. lowered their target price on shares of First Citizens BancShares from $2,200.00 to $2,150.00 and set a “neutral” rating on the stock in a report on Friday, April 24th. Keefe, Bruyette & Woods lowered their target price on shares of First Citizens BancShares from $2,375.00 to $2,300.00 and set an “outperform” rating on the stock in a report on Thursday, April 9th. Finally, Citigroup restated a “neutral” rating on shares of First Citizens BancShares in a report on Friday, April 24th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and nine have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $2,215.91.

First Citizens BancShares 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.