666 Shares in First Citizens BancShares, Inc. $FCNCA Acquired by Quantitative Investment Management LLC

Quantitative Investment Management LLC acquired a new position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm acquired 666 shares of the bank’s stock, valued at approximately $1,385,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Venturi Wealth Management LLC lifted its stake in First Citizens BancShares by 2.6% in the first quarter. Venturi Wealth Management LLC now owns 233 shares of the bank’s stock worth $439,000 after acquiring an additional 6 shares during the period. Corient Private Wealth LLC boosted its stake in First Citizens BancShares by 0.6% in the second quarter. Corient Private Wealth LLC now owns 1,049 shares of the bank’s stock valued at $2,051,000 after acquiring an additional 6 shares in the last quarter. Parallel Advisors LLC boosted its position in shares of First Citizens BancShares by 8.0% in the 4th quarter. Parallel Advisors LLC now owns 95 shares of the bank’s stock worth $204,000 after purchasing an additional 7 shares in the last quarter. Principal Securities Inc. grew its stake in shares of First Citizens BancShares by 2.9% during the fourth quarter. Principal Securities Inc. now owns 251 shares of the bank’s stock worth $539,000 after acquiring an additional 7 shares during the last quarter. Finally, Cooper Financial Group grew its position in First Citizens BancShares by 6.5% during the 2nd quarter. Cooper Financial Group now owns 131 shares of the bank’s stock worth $273,000 after purchasing an additional 8 shares during the last quarter. 78.01% of the stock is owned by institutional investors.

First Citizens BancShares Stock Down 1.4%

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

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

First Citizens BancShares Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Monday, August 31st will be paid a dividend of $2.10 per share. The ex-dividend date is Monday, August 31st. This represents a $8.40 dividend on an annualized basis and a dividend yield of 0.4%. First Citizens BancShares’s dividend payout ratio (DPR) is presently 4.49%.

Insider Activity

In related news, CEO Frank B. Holding, Jr. bought 528 shares of the company’s stock in a transaction that occurred on Friday, June 5th. The shares were purchased at an average cost of $1,813.37 per share, with a total value of $957,459.36. Following the completion of the acquisition, the chief executive officer directly owned 64,100 shares in the company, valued at approximately $116,237,017. The trade was a 0.83% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Diane E. Morais purchased 50 shares of First Citizens BancShares stock in a transaction that occurred on Wednesday, August 19th. The shares were bought at an average price of $2,168.11 per share, with a total value of $108,405.50. Following the completion of the transaction, the director owned 100 shares of the company’s stock, valued at $216,811. This represents a 100.00% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last three months, insiders bought 1,300 shares of company stock valued at $2,424,962. Insiders own 14.63% of the company’s stock.

Analyst Ratings Changes

FCNCA has been the topic of several research reports. Wall Street Zen raised First Citizens BancShares from a “sell” rating to a “hold” rating in a research report on Saturday, June 27th. The Goldman Sachs Group lifted their price target 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. Barclays boosted their price target on First Citizens BancShares from $2,346.00 to $2,376.00 and gave the company an “equal weight” rating in a research note on Monday, July 27th. JPMorgan Chase & Co. increased their price objective on First Citizens BancShares from $2,350.00 to $2,450.00 and gave the company a “neutral” rating in a report on Friday, July 24th. Finally, Keefe, Bruyette & Woods restated a “market perform” rating and issued a $2,300.00 price objective on shares of First Citizens BancShares in a research note on Thursday, July 9th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and ten have assigned a Hold rating to the company’s stock. According to data from MarketBeat, First Citizens BancShares has a consensus rating of “Hold” and a consensus price target of $2,278.31.

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.