PNC Financial Services Group Inc. Has $1.99 Million Stock Position in First Citizens BancShares, Inc. $FCNCA

PNC Financial Services Group Inc. reduced its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 26.6% during the 1st quarter, HoldingsChannel reports. The firm owned 1,056 shares of the bank’s stock after selling 382 shares during the quarter. PNC Financial Services Group Inc.’s holdings in First Citizens BancShares were worth $1,991,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of FCNCA. Northwestern Mutual Wealth Management Co. raised its stake in First Citizens BancShares by 117,518.9% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 205,833 shares of the bank’s stock worth $441,755,000 after acquiring an additional 205,658 shares in the last quarter. Norges Bank acquired a new stake in shares of First Citizens BancShares during the 4th quarter worth about $116,565,000. River Road Asset Management LLC increased its position in shares of First Citizens BancShares by 574.0% during the 4th quarter. River Road Asset Management LLC now owns 55,402 shares of the bank’s stock worth $118,903,000 after purchasing an additional 47,182 shares in the last quarter. Orion Porfolio Solutions LLC lifted its holdings in First Citizens BancShares by 2,057.4% during the 2nd quarter. Orion Porfolio Solutions LLC now owns 47,506 shares of the bank’s stock valued at $92,944,000 after purchasing an additional 45,304 shares during the last quarter. Finally, M&T Bank Corp lifted its holdings in First Citizens BancShares by 13,512.7% during the 4th quarter. M&T Bank Corp now owns 38,524 shares of the bank’s stock valued at $82,679,000 after purchasing an additional 38,241 shares during the last quarter. 78.01% of the stock is currently owned by institutional investors.

First Citizens BancShares Stock Performance

FCNCA stock opened at $2,171.89 on Thursday. The company has a 50 day moving average price of $2,077.41 and a 200 day moving average price of $2,017.01. First Citizens BancShares, Inc. has a fifty-two week low of $1,623.76 and a fifty-two week high of $2,237.81. 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 stock has a market capitalization of $25.17 billion, a PE ratio of 11.61, a price-to-earnings-growth ratio of 1.75 and a beta of 0.62.

First Citizens BancShares (NASDAQ:FCNCA) last released its earnings results on Thursday, July 23rd. The bank reported $57.09 EPS for the quarter, beating the consensus estimate of $0.41 by $56.68. First Citizens BancShares had a return on equity of 11.98% and a net margin of 16.28%.The company had revenue of $2.24 billion during the quarter, compared to analysts’ expectations of $2.16 billion. Analysts forecast that First Citizens BancShares, Inc. will post 182.76 EPS for the current year.

First Citizens BancShares Announces Dividend

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

Wall Street Analysts Forecast Growth

FCNCA has been the topic of a number of recent analyst reports. Wall Street Zen upgraded shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a research report on Saturday, June 27th. Piper Sandler lifted their target price on shares of First Citizens BancShares from $2,050.00 to $2,100.00 and gave the company a “neutral” rating in a research note on Monday. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $2,300.00 target price on shares of First Citizens BancShares in a report on Thursday, July 9th. JPMorgan Chase & Co. boosted their target price on First Citizens BancShares from $2,350.00 to $2,450.00 and gave the stock a “neutral” rating in a report on Friday, July 24th. Finally, Deutsche Bank Aktiengesellschaft lowered First Citizens BancShares from a “buy” rating to a “hold” rating and set a $2,154.00 price target on the stock. in a research report on Wednesday, April 8th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and eleven have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $2,278.31.

Insiders Place Their Bets

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 purchased at an average cost of $1,813.37 per share, with a total value of $957,459.36. Following the acquisition, the chief executive officer owned 64,100 shares of the company’s stock, valued at $116,237,017. This trade represents a 0.83% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Over the last three months, insiders bought 7,190 shares of company stock worth $12,573,868. Insiders own 14.63% of the company’s stock.

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.