StockNews.com Begins Coverage on First Citizens BancShares (NASDAQ:FCNCA)

StockNews.com initiated coverage on shares of First Citizens BancShares (NASDAQ:FCNCA – Get Rating) in a research note issued to investors on Thursday morning. The firm issued a hold rating on the bank’s stock.

Separately, UBS Group started coverage on shares of First Citizens BancShares in a research note on Wednesday. They set a sell rating and a $538.00 price objective on the stock.

First Citizens BancShares Price Performance

Shares of NASDAQ FCNCA traded down $38.40 during mid-day trading on Thursday, hitting $509.06. 475,389 shares of the company’s stock traded hands, compared to its average volume of 147,319. The company’s 50-day moving average is $740.29 and its two-hundred day moving average is $783.50. The company has a debt-to-equity ratio of 0.51, a current ratio of 0.82 and a quick ratio of 0.82. The company has a market capitalization of $7.39 billion, a P/E ratio of 7.54 and a beta of 0.94. First Citizens BancShares has a 1 year low of $505.84 and a 1 year high of $885.38.

First Citizens BancShares (NASDAQ:FCNCA – Get Rating) last issued its earnings results on Thursday, January 26th. The bank reported $20.94 EPS for the quarter, missing analysts’ consensus estimates of $23.34 by ($2.40). The company had revenue of $1.23 billion for the quarter, compared to analysts’ expectations of $1.10 billion. First Citizens BancShares had a return on equity of 13.07% and a net margin of 19.79%. On average, equities analysts anticipate that First Citizens BancShares will post 89.53 EPS for the current fiscal year.

First Citizens BancShares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 15th. Stockholders of record on Tuesday, February 28th were paid a dividend of $0.75 per share. The ex-dividend date was Monday, February 27th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 0.59%. First Citizens BancShares’s dividend payout ratio is presently 4.45%.

Insider Activity

In other news, CFO Craig L. Nix bought 70 shares of the stock in a transaction on Thursday, March 2nd. The stock was bought at an average cost of $710.04 per share, for a total transaction of $49,702.80. Following the completion of the purchase, the chief financial officer now directly owns 1,046 shares in the company, valued at $742,701.84. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Frank B. Holding, Jr. acquired 1,020 shares of the stock in a transaction dated Friday, February 3rd. The stock was acquired at an average cost of $722.51 per share, for a total transaction of $736,960.20. Following the completion of the purchase, the chief executive officer now owns 93,232 shares of the company’s stock, valued at approximately $67,361,052.32. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Craig L. Nix acquired 70 shares of the stock in a transaction dated Thursday, March 2nd. The shares were bought at an average price of $710.04 per share, with a total value of $49,702.80. Following the completion of the purchase, the chief financial officer now directly owns 1,046 shares of the company’s stock, valued at approximately $742,701.84. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 1,583 shares of company stock worth $1,110,798. Corporate insiders own 13.40% of the company’s stock.

Institutional Investors Weigh In On First Citizens BancShares

Institutional investors and hedge funds have recently made changes to their positions in the stock. Washington Trust Advisors Inc. lifted its stake in shares of First Citizens BancShares by 875.0% during the third quarter. Washington Trust Advisors Inc. now owns 39 shares of the bank’s stock worth $31,000 after buying an additional 35 shares during the period. Ronald Blue Trust Inc. purchased a new position in shares of First Citizens BancShares during the second quarter worth $29,000. Tobam purchased a new position in shares of First Citizens BancShares during the fourth quarter worth $35,000. Resurgent Financial Advisors LLC purchased a new position in shares of First Citizens BancShares during the fourth quarter worth $35,000. Finally, Fred Alger Management LLC purchased a new position in shares of First Citizens BancShares during the fourth quarter worth $39,000. 66.53% of the stock is currently owned by institutional investors and hedge funds.

First Citizens BancShares Company Profile

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First Citizens BancShares, Inc is a bank holding company, which provides retail and commercial banking services through its subsidiaries. The company operates under the following segments: General Banking, Commercial Banking, Rail, and Corporate. The General Banking delivers services to individuals through branch networks.