Physicians Financial Services Inc. Boosts Stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Physicians Financial Services Inc. raised its position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 5.8% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 550 shares of the bank’s stock after purchasing an additional 30 shares during the quarter. Physicians Financial Services Inc.’s holdings in First Citizens BancShares were worth $535,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of FCNCA. Vanguard Group Inc. boosted its position in shares of First Citizens BancShares by 106.0% during the 1st quarter. Vanguard Group Inc. now owns 1,105,554 shares of the bank’s stock valued at $735,855,000 after acquiring an additional 568,929 shares during the last quarter. Invesco Ltd. raised its holdings in shares of First Citizens BancShares by 113.0% in the first quarter. Invesco Ltd. now owns 371,016 shares of the bank’s stock worth $246,949,000 after buying an additional 196,851 shares during the period. Sessa Capital IM L.P. purchased a new stake in First Citizens BancShares in the first quarter worth $158,509,000. State Street Corp lifted its position in shares of First Citizens BancShares by 53.7% during the first quarter. State Street Corp now owns 402,593 shares of the bank’s stock worth $267,966,000 after purchasing an additional 140,626 shares during the last quarter. Finally, Wellington Management Group LLP boosted its stake in shares of First Citizens BancShares by 30.9% during the first quarter. Wellington Management Group LLP now owns 594,276 shares of the bank’s stock valued at $395,550,000 after purchasing an additional 140,410 shares during the period. 62.73% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CEO Frank B. Holding, Jr. acquired 3,700 shares of the company’s stock in a transaction dated Friday, June 16th. The stock was acquired at an average cost of $1,233.13 per share, for a total transaction of $4,562,581.00. Following the acquisition, the chief executive officer now directly owns 97,332 shares in the company, valued at approximately $120,023,009.16. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, Chairman Ellen R. Alemany sold 1,500 shares of the stock in a transaction dated Monday, August 7th. The shares were sold at an average price of $1,500.28, for a total value of $2,250,420.00. Following the completion of the transaction, the chairman now owns 17,097 shares in the company, valued at approximately $25,650,287.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Frank B. Holding, Jr. bought 3,700 shares of the stock in a transaction on Friday, June 16th. The shares were bought at an average cost of $1,233.13 per share, for a total transaction of $4,562,581.00. Following the purchase, the chief executive officer now owns 97,332 shares in the company, valued at approximately $120,023,009.16. The disclosure for this purchase can be found here. Insiders own 13.40% of the company’s stock.

First Citizens BancShares Stock Up 1.9 %

FCNCA stock opened at $1,352.21 on Wednesday. First Citizens BancShares, Inc. has a fifty-two week low of $505.84 and a fifty-two week high of $1,512.07. The company’s 50 day moving average price is $1,379.49 and its 200 day moving average price is $1,155.47. The company has a debt-to-equity ratio of 2.10, a quick ratio of 1.20 and a current ratio of 1.20. The firm has a market capitalization of $19.63 billion, a price-to-earnings ratio of 1.84 and a beta of 0.97.

First Citizens BancShares (NASDAQ:FCNCA) last announced its quarterly earnings results on Thursday, August 3rd. The bank reported $52.60 EPS for the quarter, beating the consensus estimate of $45.91 by $6.69. The company had revenue of $2.62 billion for the quarter, compared to analyst estimates of $2.31 billion. First Citizens BancShares had a net margin of 60.22% and a return on equity of 12.69%. On average, equities research analysts anticipate that First Citizens BancShares, Inc. will post 160.36 EPS for the current fiscal year.

First Citizens BancShares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Thursday, August 31st will be given a dividend of $0.75 per share. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $3.00 dividend on an annualized basis and a yield of 0.22%. First Citizens BancShares’s payout ratio is 0.41%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on FCNCA shares. StockNews.com started coverage on First Citizens BancShares in a research note on Thursday, August 17th. They set a “hold” rating for the company. Atlantic Securities assumed coverage on First Citizens BancShares in a research note on Wednesday, June 28th. They issued an “overweight” rating and a $1,775.00 target price for the company. Finally, UBS Group lifted their price objective on First Citizens BancShares from $1,490.00 to $1,780.00 and gave the company a “buy” rating in a research note on Monday, August 7th.

First Citizens BancShares Company Profile

First Citizens BancShares, Inc operates as the holding company for First-Citizens Bank & Trust Company that provides retail and commercial banking services to individuals, businesses, and professionals. The company's deposit products include checking, savings, money market, and time deposit accounts.