SOL Capital Management CO Makes New $1.24 Million Investment in First Citizens BancShares, Inc. $FCNCA

SOL Capital Management CO acquired a new stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 698 shares of the bank’s stock, valued at approximately $1,243,000. First Citizens BancShares comprises about 0.5% of SOL Capital Management CO’s investment portfolio, making the stock its 24th largest position.

A number of other institutional investors have also recently made changes to their positions in the company. Hilton Head Capital Partners LLC purchased a new stake in shares of First Citizens BancShares in the fourth quarter worth about $26,000. Harbor Investment Advisory LLC boosted its stake in First Citizens BancShares by 150.0% during the fourth quarter. Harbor Investment Advisory LLC now owns 15 shares of the bank’s stock valued at $32,000 after buying an additional 9 shares during the last quarter. Reflection Asset Management purchased a new position in First Citizens BancShares during the 4th quarter valued at approximately $45,000. UMB Bank n.a. grew its holdings in First Citizens BancShares by 50.0% during 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. Finally, Jessup Wealth Management Inc purchased a new position in First Citizens BancShares during the 4th quarter valued at approximately $56,000. Hedge funds and other institutional investors own 78.01% of the company’s stock.

Insider Transactions at First Citizens BancShares

In other news, CEO Frank B. Holding, Jr. acquired 528 shares of the company’s stock in a transaction on Friday, June 5th. The stock was bought at an average cost of $1,813.37 per share, with a total value of $957,459.36. Following the completion of the purchase, the chief executive officer directly owned 64,100 shares of the company’s stock, valued at $116,237,017. This represents a 0.83% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders acquired 7,190 shares of company stock valued at $12,573,868 in the last ninety days. 14.63% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. Fundamental Research set a $2,350.00 price objective on First Citizens BancShares in a report on Wednesday. Keefe, Bruyette & Woods cut their target price on shares of First Citizens BancShares from $2,375.00 to $2,300.00 and set an “outperform” rating for the company in a report on Thursday, April 9th. Autonomous Res cut shares of First Citizens BancShares from a “hold” rating to a “strong sell” rating in a research report on Tuesday. JPMorgan Chase & Co. upped their price target on shares of First Citizens BancShares from $2,150.00 to $2,350.00 and gave the company a “neutral” rating in a research note on Wednesday. Finally, Zacks Research upgraded shares of First Citizens BancShares from a “strong sell” rating to a “hold” rating in a research report on Monday, March 30th. One 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. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $2,243.75.

First Citizens BancShares Trading Down 1.8%

Shares of NASDAQ FCNCA opened at $2,082.99 on Friday. First Citizens BancShares, Inc. has a 1-year low of $1,623.76 and a 1-year high of $2,232.21. The company has a debt-to-equity ratio of 1.67, a current ratio of 1.00 and a quick ratio of 1.00. The business’s 50 day moving average is $2,019.13 and its two-hundred day moving average is $2,022.64. The stock has a market capitalization of $24.14 billion, a P/E ratio of 11.98, a PEG ratio of 1.62 and a beta of 0.62.

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, beating the consensus estimate 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 period last year, the company earned $37.79 EPS. As a group, research analysts expect that First Citizens BancShares, Inc. will post 175.42 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 $2.10 dividend. The ex-dividend date was Friday, May 29th. This represents a $8.40 dividend on an annualized basis and a yield of 0.4%. First Citizens BancShares’s dividend payout ratio (DPR) is currently 4.83%.

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.