Wellington Management Group LLP Sells 9,495 Shares of First Citizens BancShares, Inc. $FCNCA

Wellington Management Group LLP lowered its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 28.5% during the 2nd quarter, HoldingsChannel reports. The firm owned 23,855 shares of the bank’s stock after selling 9,495 shares during the period. Wellington Management Group LLP’s holdings in First Citizens BancShares were worth $49,637,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of FCNCA. Venturi Wealth Management LLC raised its position in First Citizens BancShares by 2.6% during the first quarter. Venturi Wealth Management LLC now owns 233 shares of the bank’s stock valued at $439,000 after purchasing an additional 6 shares in the last quarter. Corient Private Wealth LLC lifted its stake in First Citizens BancShares by 0.6% in the second quarter. Corient Private Wealth LLC now owns 1,049 shares of the bank’s stock worth $2,051,000 after purchasing an additional 6 shares during the last quarter. Parallel Advisors LLC lifted its stake in First Citizens BancShares by 8.0% in the fourth quarter. Parallel Advisors LLC now owns 95 shares of the bank’s stock worth $204,000 after purchasing an additional 7 shares during the last quarter. Principal Securities Inc. boosted its position in First Citizens BancShares by 2.9% during the fourth quarter. Principal Securities Inc. now owns 251 shares of the bank’s stock valued at $539,000 after buying an additional 7 shares during the period. Finally, Cooper Financial Group increased its holdings in shares of First Citizens BancShares by 6.5% in the second quarter. Cooper Financial Group now owns 131 shares of the bank’s stock worth $273,000 after buying an additional 8 shares during the period. 78.01% of the stock is owned by hedge funds and other institutional investors.

First Citizens BancShares Stock Up 1.2%

FCNCA stock opened at $2,203.43 on Friday. First Citizens BancShares, Inc. has a fifty-two week low of $1,623.76 and a fifty-two week high of $2,296.30. The company has a market capitalization of $24.88 billion, a price-to-earnings ratio of 11.78, a price-to-earnings-growth ratio of 1.64 and a beta of 0.60. The business’s 50 day moving average price is $2,158.33 and its two-hundred day moving average price is $2,035.24. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.00 and a current ratio of 1.00.

First Citizens BancShares (NASDAQ:FCNCA) last released its earnings results on Thursday, July 23rd. The bank reported $57.09 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $56.68. The company had revenue of $2.43 billion during the quarter, compared to analysts’ expectations of $2.16 billion. First Citizens BancShares had a return on equity of 12.07% and a net margin of 16.28%. As a group, analysts forecast that First Citizens BancShares, Inc. will post 192.11 earnings per share for the current fiscal year.

First Citizens BancShares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Monday, August 31st will be issued a dividend of $2.10 per share. This represents a $8.40 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date is Monday, August 31st. First Citizens BancShares’s payout ratio is 4.49%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. JPMorgan Chase & Co. lifted their price target on First Citizens BancShares from $2,350.00 to $2,450.00 and gave the stock a “neutral” rating in a research note on Friday, July 24th. Piper Sandler upped their price target on shares of First Citizens BancShares from $2,050.00 to $2,100.00 and gave the company a “neutral” rating in a report on Monday, July 27th. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $2,300.00 price target on shares of First Citizens BancShares in a research report on Thursday, July 9th. The Goldman Sachs Group raised their price target on shares of First Citizens BancShares from $2,100.00 to $2,340.00 and gave the stock a “neutral” rating in a report on Tuesday, July 7th. Finally, Barclays upped their price objective on shares of First Citizens BancShares from $2,346.00 to $2,376.00 and gave the company an “equal weight” rating in a research note on Monday, July 27th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and ten have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $2,278.31.

Insider Buying and Selling at First Citizens BancShares

In other First Citizens BancShares news, Director Diane Morais purchased 50 shares of the firm’s stock in a transaction that occurred on Wednesday, August 19th. The stock was bought at an average cost of $2,168.11 per share, for a total transaction of $108,405.50. Following the purchase, the director directly owned 100 shares in the company, valued at $216,811. The trade was a 100.00% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 14.63% of the stock is owned by corporate insiders.

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.