Huber Capital Management LLC Raises Position in First Citizens BancShares, Inc. $FCNCA

Huber Capital Management LLC increased its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 7.1% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 5,024 shares of the bank’s stock after acquiring an additional 331 shares during the quarter. First Citizens BancShares comprises 1.6% of Huber Capital Management LLC’s investment portfolio, making the stock its 20th biggest position. Huber Capital Management LLC’s holdings in First Citizens BancShares were worth $10,782,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Hiddenite Capital Partners LP purchased a new stake in shares of First Citizens BancShares in the fourth quarter worth $6,868,000. Citigroup Inc. raised its position in shares of First Citizens BancShares by 23.4% in the third quarter. Citigroup Inc. now owns 16,938 shares of the bank’s stock worth $30,305,000 after buying an additional 3,215 shares in the last quarter. Check Capital Management Inc. CA raised its position in shares of First Citizens BancShares by 21.0% in the fourth quarter. Check Capital Management Inc. CA now owns 42,788 shares of the bank’s stock worth $91,831,000 after buying an additional 7,424 shares in the last quarter. Founders Financial Alliance LLC raised its position in shares of First Citizens BancShares by 484.7% in the third quarter. Founders Financial Alliance LLC now owns 1,532 shares of the bank’s stock worth $2,742,000 after buying an additional 1,270 shares in the last quarter. Finally, Barr E S & Co. raised its position in shares of First Citizens BancShares by 33.2% in the fourth quarter. Barr E S & Co. now owns 5,995 shares of the bank’s stock worth $12,866,000 after buying an additional 1,495 shares in the last quarter. Hedge funds and other institutional investors own 78.01% of the company’s stock.

Insider Activity

In related news, CEO Frank B. Holding, Jr. acquired 5,940 shares of First Citizens BancShares stock in a transaction dated Tuesday, May 12th. The shares were purchased at an average cost of $1,726.82 per share, with a total value of $10,257,310.80. Following the completion of the purchase, the chief executive officer owned 38,111 shares of the company’s stock, valued at $65,810,837.02. This represents a 18.46% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders bought 7,288 shares of company stock worth $12,725,768 over the last quarter. 14.63% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Weiss Ratings cut First Citizens BancShares from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, May 22nd. TD Cowen reduced their target price on First Citizens BancShares from $2,500.00 to $2,300.00 and set a “buy” rating on the stock in a research note on Monday, April 27th. Piper Sandler set a $2,050.00 target price on First Citizens BancShares in a research note on Friday, April 24th. Zacks Research raised First Citizens BancShares from a “strong sell” rating to a “hold” rating in a research note on Monday, March 30th. Finally, Citigroup reissued a “neutral” rating on shares of First Citizens BancShares in a research note 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 issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $2,215.91.

First Citizens BancShares Stock Down 0.4%

FCNCA opened at $2,108.61 on Friday. The stock has a market cap of $24.43 billion, a PE ratio of 12.13, a P/E/G ratio of 1.61 and a beta of 0.62. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.67. First Citizens BancShares, Inc. has a 52 week low of $1,623.76 and a 52 week high of $2,232.21. The business’s fifty day simple moving average is $1,988.48 and its 200 day simple moving average is $2,008.21.

First Citizens BancShares (NASDAQ:FCNCA) last released its earnings results on Thursday, April 23rd. The bank reported $44.86 EPS for the quarter, beating analysts’ consensus estimates of $43.31 by $1.55. The business had revenue of $2.14 billion for the quarter, compared to analysts’ expectations 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 quarter in the prior year, the firm earned $37.79 earnings per share. As a group, research analysts expect that First Citizens BancShares, Inc. will post 177.84 earnings per share for the current fiscal year.

First Citizens BancShares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Friday, May 29th will be paid a dividend of $2.10 per share. This represents a $8.40 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date of this dividend is Friday, May 29th. First Citizens BancShares’s dividend payout ratio (DPR) is 4.83%.

About First Citizens BancShares

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.