BidaskClub Upgrades First Citizens BancShares (FCNCA) to Hold

BidaskClub upgraded shares of First Citizens BancShares (NASDAQ:FCNCA) from a sell rating to a hold rating in a research report released on Saturday.

NASDAQ:FCNCA opened at $469.00 on Friday. The firm has a market capitalization of $5.43 billion, a PE ratio of 15.94 and a beta of 1.13. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.83 and a quick ratio of 0.83. First Citizens BancShares has a twelve month low of $376.95 and a twelve month high of $488.44.

First Citizens BancShares (NASDAQ:FCNCA) last released its quarterly earnings data on Thursday, July 26th. The bank reported $7.77 earnings per share for the quarter. The company had revenue of $397.15 million during the quarter. First Citizens BancShares had a net margin of 18.68% and a return on equity of 10.12%.

The firm also recently declared a quarterly dividend, which was paid on Monday, October 1st. Investors of record on Monday, September 17th were given a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 0.30%. The ex-dividend date was Friday, September 14th.

In other First Citizens BancShares news, CFO Craig L. Nix purchased 60 shares of First Citizens BancShares stock in a transaction that occurred on Wednesday, September 5th. The stock was acquired at an average price of $471.75 per share, with a total value of $28,305.00. Following the transaction, the chief financial officer now owns 60 shares in the company, valued at approximately $28,305. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 19.20% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Schroder Investment Management Group grew its position in First Citizens BancShares by 1,659.2% in the 2nd quarter. Schroder Investment Management Group now owns 1,204,887 shares of the bank’s stock valued at $31,086,000 after purchasing an additional 1,136,397 shares during the period. Wells Fargo & Company MN grew its position in First Citizens BancShares by 2.0% in the 2nd quarter. Wells Fargo & Company MN now owns 217,953 shares of the bank’s stock valued at $87,900,000 after purchasing an additional 4,222 shares during the period. Millennium Management LLC grew its position in First Citizens BancShares by 13,075.7% in the 2nd quarter. Millennium Management LLC now owns 99,872 shares of the bank’s stock valued at $40,278,000 after purchasing an additional 99,114 shares during the period. Systematic Financial Management LP grew its position in First Citizens BancShares by 15.4% in the 2nd quarter. Systematic Financial Management LP now owns 98,323 shares of the bank’s stock valued at $39,654,000 after purchasing an additional 13,143 shares during the period. Finally, Northern Trust Corp grew its position in First Citizens BancShares by 0.4% in the 1st quarter. Northern Trust Corp now owns 95,738 shares of the bank’s stock valued at $39,562,000 after purchasing an additional 396 shares during the period. 44.83% of the stock is owned by institutional investors and hedge funds.

About First Citizens BancShares

First Citizens BancShares, Inc operates as the holding company for First-Citizens Bank & Trust Company that provides banking services to retail and commercial customers. Its deposit products include checking, savings, money market and time deposit accounts. The company's loan products portfolio comprises commercial construction and land development, commercial mortgage, commercial and industrial, lease financing, and other commercial real estate loans; and noncommercial construction and land development, residential mortgage, revolving mortgage, consumer loans, and construction and land development loans.

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