Piermont Capital Management Inc. Sells 1,990 Shares of First Citizens BancShares, Inc. (FCNCA)
Piermont Capital Management Inc. lowered its position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 20.1% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,905 shares of the bank’s stock after selling 1,990 shares during the period. First Citizens BancShares accounts for approximately 0.8% of Piermont Capital Management Inc.’s investment portfolio, making the stock its 14th biggest holding. Piermont Capital Management Inc. owned approximately 0.07% of First Citizens BancShares worth $2,946,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently made changes to their positions in FCNCA. Captrust Financial Advisors bought a new position in shares of First Citizens BancShares during the second quarter worth approximately $104,000. Teacher Retirement System of Texas bought a new position in shares of First Citizens BancShares during the second quarter worth approximately $214,000. BNP Paribas Arbitrage SA increased its stake in shares of First Citizens BancShares by 244.7% during the second quarter. BNP Paribas Arbitrage SA now owns 1,034 shares of the bank’s stock worth $385,000 after purchasing an additional 734 shares during the period. Pacer Advisors Inc. increased its stake in shares of First Citizens BancShares by 17.3% during the second quarter. Pacer Advisors Inc. now owns 1,126 shares of the bank’s stock worth $420,000 after purchasing an additional 166 shares during the period. Finally, Cannell Peter B & Co. Inc. increased its stake in shares of First Citizens BancShares by 69.2% during the second quarter. Cannell Peter B & Co. Inc. now owns 1,650 shares of the bank’s stock worth $615,000 after purchasing an additional 675 shares during the period. Institutional investors own 44.92% of the company’s stock.
Shares of First Citizens BancShares, Inc. (NASDAQ FCNCA) traded up 0.56% during midday trading on Friday, reaching $354.75. The company had a trading volume of 12,285 shares. The firm has a market capitalization of $4.26 billion, a P/E ratio of 13.91 and a beta of 1.07. First Citizens BancShares, Inc. has a one year low of $276.64 and a one year high of $395.15. The company has a 50 day moving average price of $346.21 and a 200-day moving average price of $349.57.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Monday, September 18th will be issued a $0.30 dividend. The ex-dividend date of this dividend is Friday, September 15th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 0.34%. First Citizens BancShares’s dividend payout ratio (DPR) is presently 4.70%.
In other First Citizens BancShares news, Vice Chairman Hope Holding Bryant sold 2,255 shares of the business’s stock in a transaction on Thursday, August 31st. The shares were sold at an average price of $339.85, for a total transaction of $766,361.75. Following the sale, the insider now owns 272,572 shares of the company’s stock, valued at approximately $92,633,594.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Olivia Britton Holding sold 5,000 shares of the business’s stock in a transaction on Tuesday, August 8th. The shares were sold at an average price of $366.26, for a total transaction of $1,831,300.00. Following the sale, the insider now directly owns 343,898 shares in the company, valued at approximately $125,956,081.48. The disclosure for this sale can be found here. Insiders have sold a total of 12,500 shares of company stock worth $4,398,866 in the last three months. Insiders own 19.38% of the company’s stock.
FCNCA has been the topic of a number of recent research reports. ValuEngine upgraded First Citizens BancShares from a “hold” rating to a “buy” rating in a research note on Thursday, June 29th. BidaskClub upgraded First Citizens BancShares from a “sell” rating to a “hold” rating in a research note on Saturday, June 10th.
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First Citizens BancShares Company Profile
First Citizens BancShares, Inc (BancShares) is a holding company of First-Citizens Bank & Trust Company (FCB). As of December 31, 2016, BancShares operated in 21 states providing a range of financial services to individuals, businesses and professionals. FCB offers a range of retail and commercial banking services.
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