SOL Capital Management CO Purchases New Holdings in First Citizens BancShares, Inc. $FCNCA

SOL Capital Management CO acquired a new position in First Citizens BancShares, Inc. (NASDAQ:FCNCA) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 698 shares of the bank’s stock, valued at approximately $1,243,000. First Citizens BancShares accounts for approximately 0.5% of SOL Capital Management CO’s investment portfolio, making the stock its 24th biggest position.

Several other institutional investors have also added to or reduced their stakes in the company. Hilton Head Capital Partners LLC purchased a new position in shares of First Citizens BancShares during the fourth quarter valued at approximately $26,000. Harbor Investment Advisory LLC raised its holdings in shares of First Citizens BancShares by 150.0% in the fourth quarter. Harbor Investment Advisory LLC now owns 15 shares of the bank’s stock worth $32,000 after buying an additional 9 shares during the period. Reflection Asset Management purchased a new stake in shares of First Citizens BancShares in the fourth quarter worth approximately $45,000. Allworth Financial LP lifted its stake in shares of First Citizens BancShares by 21.7% during the 3rd quarter. Allworth Financial LP now owns 28 shares of the bank’s stock worth $51,000 after acquiring an additional 5 shares during the last quarter. Finally, UMB Bank n.a. boosted its holdings in First Citizens BancShares by 50.0% during the 4th quarter. UMB Bank n.a. now owns 24 shares of the bank’s stock valued at $52,000 after acquiring an additional 8 shares during the period. Institutional investors own 78.01% of the company’s stock.

Insider Buying and Selling at First Citizens BancShares

In other news, CEO Frank B. Holding, Jr. acquired 528 shares of the business’s stock in a transaction dated Friday, June 5th. The shares were purchased at an average price of $1,813.37 per share, with a total value of $957,459.36. Following the transaction, the chief executive officer directly owned 64,100 shares in the company, valued at approximately $116,237,017. This represents a 0.83% 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 this hyperlink. In the last quarter, insiders have bought 7,190 shares of company stock valued at $12,573,868. 14.63% of the stock is currently owned by company insiders.

First Citizens BancShares Trading Down 1.8%

Shares of NASDAQ FCNCA opened at $2,082.99 on Friday. First Citizens BancShares, Inc. has a 1-year low of $1,623.76 and a 1-year high of $2,232.21. The business has a fifty day moving average price of $2,019.13 and a 200 day moving average price of $2,022.64. The stock has a market capitalization of $24.14 billion, a P/E ratio of 11.98, a price-to-earnings-growth ratio of 1.62 and a beta of 0.62. 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 posted its earnings results on Thursday, April 23rd. The bank reported $44.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $43.31 by $1.55. The company had revenue of $2.14 billion for the quarter, compared to analyst estimates of $2.20 billion. First Citizens BancShares had a return on equity of 11.48% and a net margin of 15.62%.During the same quarter in the previous year, the firm earned $37.79 earnings per share. Equities research analysts expect that First Citizens BancShares, Inc. will post 175.42 EPS for the current fiscal year.

First Citizens BancShares Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Friday, May 29th were issued a $2.10 dividend. This represents a $8.40 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date was Friday, May 29th. First Citizens BancShares’s dividend payout ratio (DPR) is currently 4.83%.

Analyst Ratings Changes

Several equities analysts have commented on FCNCA shares. Deutsche Bank Aktiengesellschaft downgraded First Citizens BancShares from a “buy” rating to a “hold” rating and set a $2,154.00 price objective on the stock. in a research report on Wednesday, April 8th. Piper Sandler set a $2,050.00 target price on shares of First Citizens BancShares in a research note on Friday, April 24th. Weiss Ratings cut shares of First Citizens BancShares from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, May 22nd. Autonomous Res lowered shares of First Citizens BancShares from a “hold” rating to a “strong sell” rating in a research report on Tuesday. Finally, Zacks Research upgraded First Citizens BancShares from a “strong sell” rating to a “hold” rating in a research note on Monday, March 30th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $2,243.75.

About First Citizens BancShares

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.