First Citizens BancShares, Inc. $FCNCA is Reinhart Partners LLC.’s Largest Position

Reinhart Partners LLC. grew its position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 10.8% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 77,814 shares of the bank’s stock after buying an additional 7,566 shares during the quarter. First Citizens BancShares accounts for 5.0% of Reinhart Partners LLC.’s investment portfolio, making the stock its largest holding. Reinhart Partners LLC.’s holdings in First Citizens BancShares were worth $167,041,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. SBI Securities Co. Ltd. purchased a new position in First Citizens BancShares during the 3rd quarter worth $27,000. UMB Bank n.a. raised its position in First Citizens BancShares by 100.0% during the 3rd quarter. UMB Bank n.a. now owns 16 shares of the bank’s stock worth $29,000 after buying an additional 8 shares during the last quarter. Harbor Investment Advisory LLC raised its position in First Citizens BancShares by 150.0% during the 4th quarter. Harbor Investment Advisory LLC now owns 15 shares of the bank’s stock worth $32,000 after buying an additional 9 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in First Citizens BancShares by 280.0% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 19 shares of the bank’s stock worth $34,000 after buying an additional 14 shares during the last quarter. Finally, Fifth Third Bancorp raised its position in First Citizens BancShares by 40.0% during the 3rd quarter. Fifth Third Bancorp now owns 21 shares of the bank’s stock worth $38,000 after buying an additional 6 shares during the last quarter. Hedge funds and other institutional investors own 78.01% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. 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. TD Cowen cut their price target on shares of First Citizens BancShares from $2,500.00 to $2,300.00 and set a “buy” rating for the company in a report on Monday, April 27th. Weiss Ratings downgraded shares of First Citizens BancShares from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, May 22nd. Keefe, Bruyette & Woods cut their price target 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. Finally, Piper Sandler set a $2,050.00 price target on shares of First Citizens BancShares in a report on Friday, April 24th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $2,215.91.

Insider Buying and Selling

In related news, CEO Frank B. Holding, Jr. sold 5,346 shares of the stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $1,918.69, for a total value of $10,257,316.74. Following the sale, the chief executive officer directly owned 100,654 shares of the company’s stock, valued at approximately $193,123,823.26. This represents a 5.04% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last 90 days, insiders have bought 6,198 shares of company stock valued at $10,661,547. 14.63% of the stock is currently owned by corporate insiders.

First Citizens BancShares Price Performance

Shares of NASDAQ FCNCA opened at $1,996.43 on Wednesday. The stock has a market cap of $23.14 billion, a price-to-earnings ratio of 11.48, a PEG ratio of 1.48 and a beta of 0.62. First Citizens BancShares, Inc. has a 52 week low of $1,623.76 and a 52 week high of $2,232.21. The company’s 50-day moving average price is $1,952.13 and its 200 day moving average price is $1,994.35. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.67.

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

First Citizens BancShares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Friday, May 29th will be paid a $2.10 dividend. This represents a $8.40 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend is Friday, May 29th. First Citizens BancShares’s dividend payout ratio is presently 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.