LRT Capital Management LLC Buys Shares of 1,261 First Citizens BancShares, Inc. $FCNCA

LRT Capital Management LLC bought a new stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 1,261 shares of the bank’s stock, valued at approximately $2,706,000. First Citizens BancShares makes up approximately 2.3% of LRT Capital Management LLC’s holdings, making the stock its 9th largest holding.

A number of other hedge funds also recently added to or reduced their stakes in FCNCA. Goldman Sachs Group Inc. increased its holdings in First Citizens BancShares by 1.9% in the first quarter. Goldman Sachs Group Inc. now owns 37,389 shares of the bank’s stock valued at $69,324,000 after buying an additional 681 shares in the last quarter. Empowered Funds LLC increased its holdings in First Citizens BancShares by 71.9% in the first quarter. Empowered Funds LLC now owns 392 shares of the bank’s stock valued at $727,000 after buying an additional 164 shares in the last quarter. Focus Partners Wealth increased its holdings in First Citizens BancShares by 5.2% in the first quarter. Focus Partners Wealth now owns 241 shares of the bank’s stock valued at $447,000 after buying an additional 12 shares in the last quarter. EverSource Wealth Advisors LLC increased its holdings in First Citizens BancShares by 31.3% in the second quarter. EverSource Wealth Advisors LLC now owns 88 shares of the bank’s stock valued at $172,000 after buying an additional 21 shares in the last quarter. Finally, Flow Traders U.S. LLC purchased a new position in First Citizens BancShares in the second quarter valued at about $260,000. 78.01% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at First Citizens BancShares

In other news, CEO Frank B. Holding, Jr. bought 528 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The shares were purchased at an average price of $1,813.37 per share, for a total transaction of $957,459.36. Following the completion of the transaction, the chief executive officer owned 64,100 shares in the company, valued at $116,237,017. The trade was a 0.83% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders have purchased a total of 7,288 shares of company stock worth $12,725,768 in the last quarter. 14.63% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several analysts have recently commented on FCNCA shares. JPMorgan Chase & Co. lowered their price target on shares of First Citizens BancShares from $2,200.00 to $2,150.00 and set a “neutral” rating on the stock in a research report on Friday, April 24th. Keefe, Bruyette & Woods lowered their price target on shares of First Citizens BancShares from $2,375.00 to $2,300.00 and set an “outperform” rating on the stock in a research report on Thursday, April 9th. Piper Sandler set a $2,050.00 price target on shares of First Citizens BancShares in a research report on Friday, April 24th. Weiss Ratings lowered shares of First Citizens BancShares from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, May 22nd. Finally, 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. One 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. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $2,215.91.

First Citizens BancShares Stock Down 0.4%

FCNCA stock opened at $2,108.61 on Friday. The company’s 50 day simple moving average is $1,988.48 and its 200-day simple moving average is $2,008.21. The firm has a market capitalization of $24.43 billion, a PE ratio of 12.13, a P/E/G ratio of 1.61 and a beta of 0.62. First Citizens BancShares, Inc. has a 12 month low of $1,623.76 and a 12 month high of $2,232.21. The company has a debt-to-equity ratio of 1.67, a current ratio of 1.00 and a quick ratio of 1.00.

First Citizens BancShares (NASDAQ:FCNCA) last released its quarterly earnings results on Thursday, April 23rd. The bank reported $44.86 EPS for the quarter, beating the consensus estimate of $43.31 by $1.55. First Citizens BancShares had a net margin of 15.62% and a return on equity of 11.48%. The business had revenue of $2.14 billion for the quarter, compared to analyst estimates of $2.20 billion. During the same period in the prior year, the business earned $37.79 earnings per share. Equities analysts expect 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 announced a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Friday, May 29th will be given 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 yield of 0.4%. First Citizens BancShares’s dividend payout ratio (DPR) is 4.83%.

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.