Principal Financial Group Inc. Reduces Stock Holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Principal Financial Group Inc. reduced its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 3.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,425 shares of the bank’s stock after selling 49 shares during the period. Principal Financial Group Inc.’s holdings in First Citizens BancShares were worth $2,642,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in FCNCA. Envestnet Portfolio Solutions Inc. boosted its holdings in shares of First Citizens BancShares by 45.1% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 235 shares of the bank’s stock valued at $496,000 after acquiring an additional 73 shares during the last quarter. Intech Investment Management LLC lifted its stake in shares of First Citizens BancShares by 68.7% in the 4th quarter. Intech Investment Management LLC now owns 1,044 shares of the bank’s stock valued at $2,206,000 after purchasing an additional 425 shares during the period. Xponance Inc. lifted its stake in shares of First Citizens BancShares by 15.7% in the 4th quarter. Xponance Inc. now owns 1,119 shares of the bank’s stock valued at $2,364,000 after purchasing an additional 152 shares during the period. Whittier Trust Co. lifted its stake in shares of First Citizens BancShares by 6.3% in the 4th quarter. Whittier Trust Co. now owns 5,978 shares of the bank’s stock valued at $12,632,000 after purchasing an additional 352 shares during the period. Finally, Holderness Investments Co. lifted its stake in shares of First Citizens BancShares by 5.3% in the 4th quarter. Holderness Investments Co. now owns 638 shares of the bank’s stock valued at $1,348,000 after purchasing an additional 32 shares during the period. 78.01% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at First Citizens BancShares

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. acquired 350 shares of the firm’s stock in a transaction on Friday, May 2nd. The stock was purchased at an average cost of $1,610.00 per share, for a total transaction of $563,500.00. Following the transaction, the chief executive officer owned 2,758 shares of the company’s stock, valued at $4,440,380. The trade was a 14.53% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 13.40% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on FCNCA shares. Cowen started coverage on shares of First Citizens BancShares in a research note on Wednesday, May 14th. They issued a “buy” rating for the company. Wall Street Zen cut shares of First Citizens BancShares from a “hold” rating to a “sell” rating in a research note on Monday, April 28th. Barclays reduced their price objective on shares of First Citizens BancShares from $2,568.00 to $2,400.00 and set an “equal weight” rating for the company in a research report on Friday, April 25th. TD Cowen started coverage on shares of First Citizens BancShares in a research report on Thursday, May 15th. They set a “buy” rating and a $2,400.00 price objective for the company. Finally, JPMorgan Chase & Co. upped their price objective on shares of First Citizens BancShares from $2,100.00 to $2,250.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 1st. One analyst has rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $2,299.50.

First Citizens BancShares Stock Performance

First Citizens BancShares stock opened at $2,123.59 on Friday. The stock has a market cap of $28.22 billion, a P/E ratio of 12.16, a price-to-earnings-growth ratio of 0.97 and a beta of 0.64. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.77. The stock has a 50 day moving average of $1,936.36 and a 200-day moving average of $1,939.63. First Citizens BancShares, Inc. has a 52 week low of $1,473.62 and a 52 week high of $2,412.93.

First Citizens BancShares (NASDAQ:FCNCA) last issued its earnings results on Thursday, April 24th. The bank reported $37.79 earnings per share for the quarter, topping the consensus estimate of $37.72 by $0.07. The firm had revenue of $2.30 billion for the quarter, compared to analyst estimates of $2.22 billion. First Citizens BancShares had a return on equity of 11.98% and a net margin of 17.10%. On average, analysts expect that First Citizens BancShares, Inc. will post 167.59 EPS for the current fiscal year.

First Citizens BancShares Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Friday, May 30th were given a $1.95 dividend. The ex-dividend date of this dividend was Friday, May 30th. This represents a $7.80 dividend on an annualized basis and a dividend yield of 0.37%. First Citizens BancShares’s dividend payout ratio (DPR) is 4.47%.

First Citizens BancShares 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.