First Citizens BancShares, Inc. $FCNCA Holdings Reduced by JPMorgan Chase & Co.

JPMorgan Chase & Co. decreased its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 18.6% in the 4th quarter, Holdings Channel.com reports. The firm owned 354,228 shares of the bank’s stock after selling 81,050 shares during the period. JPMorgan Chase & Co.’s holdings in First Citizens BancShares were worth $760,238,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Hiddenite Capital Partners LP bought a new position in First Citizens BancShares in the 4th quarter worth about $6,868,000. Citigroup Inc. grew its position in First Citizens BancShares by 23.4% in the 3rd quarter. Citigroup Inc. now owns 16,938 shares of the bank’s stock worth $30,305,000 after purchasing an additional 3,215 shares during the last quarter. Check Capital Management Inc. CA grew its position in First Citizens BancShares by 21.0% in the 4th quarter. Check Capital Management Inc. CA now owns 42,788 shares of the bank’s stock worth $91,831,000 after purchasing an additional 7,424 shares during the last quarter. Founders Financial Alliance LLC grew its position in First Citizens BancShares by 484.7% in the 3rd quarter. Founders Financial Alliance LLC now owns 1,532 shares of the bank’s stock worth $2,742,000 after purchasing an additional 1,270 shares during the last quarter. Finally, Barr E S & Co. grew its position in First Citizens BancShares by 33.2% in the 4th quarter. Barr E S & Co. now owns 5,995 shares of the bank’s stock worth $12,866,000 after purchasing an additional 1,495 shares during the last quarter. Institutional investors own 78.01% of the company’s stock.

Insider Activity

In other news, CEO Frank B. Holding, Jr. purchased 528 shares of the business’s stock in a transaction dated Friday, June 5th. The shares were acquired at an average price of $1,813.37 per share, for a total transaction of $957,459.36. Following the completion of the acquisition, the chief executive officer directly owned 64,100 shares of the company’s stock, valued at $116,237,017. The trade was a 0.83% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders have purchased a total of 7,437 shares of company stock worth $12,956,718 in the last quarter. 14.63% of the stock is owned by insiders.

First Citizens BancShares Stock Performance

Shares of NASDAQ FCNCA opened at $2,100.68 on Wednesday. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.67. The stock has a market capitalization of $24.35 billion, a price-to-earnings ratio of 12.08, a PEG ratio of 1.58 and a beta of 0.62. The stock’s fifty day simple moving average is $1,974.23 and its 200 day simple moving average is $2,003.71. First Citizens BancShares, Inc. has a 52-week low of $1,623.76 and a 52-week high of $2,232.21.

First Citizens BancShares (NASDAQ:FCNCA) last issued its earnings results on Thursday, April 23rd. The bank reported $44.86 earnings per share (EPS) for the quarter, topping 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 period in the previous year, the firm posted $37.79 EPS. As a group, sell-side 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 company also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Friday, May 29th will be issued a dividend of $2.10 per share. The ex-dividend date is Friday, May 29th. This represents a $8.40 dividend on an annualized basis and a dividend yield of 0.4%. First Citizens BancShares’s payout ratio is currently 4.83%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Citigroup restated a “neutral” rating on shares of First Citizens BancShares in a research report on Friday, April 24th. Keefe, Bruyette & Woods decreased their target price on shares of First Citizens BancShares from $2,375.00 to $2,300.00 and set an “outperform” rating for the company in a research report on Thursday, April 9th. Piper Sandler set a $2,050.00 target price on shares of First Citizens BancShares in a research report on Friday, April 24th. Wall Street Zen upgraded shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a research report on Sunday, May 24th. Finally, JPMorgan Chase & Co. reduced their price target on shares of First Citizens BancShares from $2,200.00 to $2,150.00 and set a “neutral” rating for the company in a research note on Friday, April 24th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and nine have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $2,215.91.

First Citizens BancShares 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.