Sterling Capital Management LLC continued to hold its position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 600 shares of the bank’s stock at the end of the 2nd quarter. Sterling Capital Management LLC’s holdings in First Citizens BancShares were worth $224,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. The Manufacturers Life Insurance Company increased its position in shares of First Citizens BancShares by 1.7% during the second quarter. The Manufacturers Life Insurance Company now owns 49,386 shares of the bank’s stock worth $18,406,000 after buying an additional 839 shares during the period. State Street Corp increased its position in shares of First Citizens BancShares by 5.0% during the second quarter. State Street Corp now owns 155,276 shares of the bank’s stock worth $57,875,000 after buying an additional 7,414 shares during the period. Goldman Sachs Group Inc. increased its position in shares of First Citizens BancShares by 30.0% during the second quarter. Goldman Sachs Group Inc. now owns 31,272 shares of the bank’s stock worth $11,655,000 after buying an additional 7,217 shares during the period. Voya Investment Management LLC increased its position in shares of First Citizens BancShares by 8.4% during the second quarter. Voya Investment Management LLC now owns 3,616 shares of the bank’s stock worth $1,348,000 after buying an additional 281 shares during the period. Finally, Parametric Portfolio Associates LLC increased its position in shares of First Citizens BancShares by 38.7% during the second quarter. Parametric Portfolio Associates LLC now owns 14,168 shares of the bank’s stock worth $5,280,000 after buying an additional 3,951 shares during the period. Institutional investors own 44.90% of the company’s stock.

In related news, Vice Chairman Hope Holding Bryant sold 2,500 shares of the company’s stock in a transaction on Tuesday, August 22nd. The shares were sold at an average price of $345.00, for a total transaction of $862,500.00. Following the completion of the sale, the insider now directly owns 272,572 shares in the company, valued at approximately $94,037,340. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Olivia Britton Holding sold 245 shares of the company’s stock in a transaction on Wednesday, August 9th. The shares were sold at an average price of $362.06, for a total transaction of $88,704.70. Following the sale, the insider now owns 343,898 shares of the company’s stock, valued at $124,511,709.88. The disclosure for this sale can be found here. Insiders have sold a total of 12,500 shares of company stock valued at $4,398,866 over the last quarter. 19.38% of the stock is currently owned by company insiders.

Several equities research analysts have recently weighed in on the stock. BidaskClub cut shares of First Citizens BancShares from a “hold” rating to a “sell” rating in a research report on Monday, July 31st. ValuEngine cut shares of First Citizens BancShares from a “buy” rating to a “hold” rating in a research report on Friday, August 18th.

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Shares of First Citizens BancShares, Inc. (NASDAQ FCNCA) opened at 414.60 on Friday. The firm has a market capitalization of $4.98 billion, a PE ratio of 16.25 and a beta of 1.10. The stock’s 50 day moving average is $370.49 and its 200 day moving average is $357.57. First Citizens BancShares, Inc. has a 52-week low of $281.99 and a 52-week high of $417.98.

First Citizens BancShares (NASDAQ:FCNCA) last posted its quarterly earnings results on Wednesday, October 25th. The bank reported $5.58 EPS for the quarter. First Citizens BancShares had a net margin of 20.60% and a return on equity of 10.33%. The company had revenue of $398.56 million during the quarter. On average, equities research analysts forecast that First Citizens BancShares, Inc. will post $10.61 EPS for the current year.

First Citizens BancShares declared that its Board of Directors has approved a stock buyback program on Wednesday, October 25th that authorizes the company to repurchase 800,000 shares. This repurchase authorization authorizes the bank to purchase shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s management believes its shares are undervalued.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 2nd. Investors of record on Monday, December 18th will be issued a dividend of $0.35 per share. This is a positive change from First Citizens BancShares’s previous quarterly dividend of $0.30. This represents a $1.40 dividend on an annualized basis and a yield of 0.34%. The ex-dividend date of this dividend is Friday, December 15th. First Citizens BancShares’s dividend payout ratio is currently 4.48%.

First Citizens BancShares 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.

Institutional Ownership by Quarter for First Citizens BancShares (NASDAQ:FCNCA)

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