Royal Bank of Canada Buys 680 Shares of First Citizens BancShares, Inc. $FCNCA

Royal Bank of Canada boosted its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 14.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,465 shares of the bank’s stock after acquiring an additional 680 shares during the period. Royal Bank of Canada’s holdings in First Citizens BancShares were worth $10,134,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the stock. Sculptor Capital LP boosted its holdings in First Citizens BancShares by 16.0% in the first quarter. Sculptor Capital LP now owns 41,463 shares of the bank’s stock valued at $76,877,000 after acquiring an additional 5,730 shares during the last quarter. Vident Advisory LLC boosted its holdings in First Citizens BancShares by 12.5% in the first quarter. Vident Advisory LLC now owns 13,043 shares of the bank’s stock valued at $24,183,000 after acquiring an additional 1,449 shares during the last quarter. Canada Pension Plan Investment Board boosted its holdings in First Citizens BancShares by 276.6% in the first quarter. Canada Pension Plan Investment Board now owns 4,064 shares of the bank’s stock valued at $7,535,000 after acquiring an additional 2,985 shares during the last quarter. State of Wyoming boosted its holdings in First Citizens BancShares by 15.8% in the first quarter. State of Wyoming now owns 66 shares of the bank’s stock valued at $122,000 after acquiring an additional 9 shares during the last quarter. Finally, Delta Investment Management LLC boosted its holdings in First Citizens BancShares by 23.7% in the first quarter. Delta Investment Management LLC now owns 141 shares of the bank’s stock valued at $262,000 after acquiring an additional 27 shares during the last quarter. 78.01% of the stock is currently owned by institutional investors.

First Citizens BancShares Price Performance

Shares of FCNCA opened at $1,964.43 on Friday. First Citizens BancShares, Inc. has a 12-month low of $1,473.62 and a 12-month high of $2,412.93. The business’s fifty day moving average is $1,996.27 and its 200 day moving average is $1,889.75. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.76. The stock has a market cap of $25.38 billion, a P/E ratio of 11.59 and a beta of 0.71.

First Citizens BancShares (NASDAQ:FCNCA) last issued its earnings results on Friday, July 25th. The bank reported $44.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $39.08 by $5.70. First Citizens BancShares had a return on equity of 11.32% and a net margin of 16.37%.The company had revenue of $2.38 billion for the quarter, compared to analysts’ expectations of $2.21 billion. Sell-side analysts anticipate that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current fiscal year.

First Citizens BancShares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 29th will be paid a dividend of $1.95 per share. The ex-dividend date is Friday, August 29th. This represents a $7.80 annualized dividend and a yield of 0.4%. First Citizens BancShares’s dividend payout ratio (DPR) is 4.60%.

Insider Buying and Selling at First Citizens BancShares

In related news, major shareholder Olivia Britton Holding acquired 409 shares of the company’s stock in a transaction on Thursday, August 7th. The shares were acquired at an average cost of $1,630.00 per share, for a total transaction of $666,670.00. Following the purchase, the insider owned 1,764 shares in the company, valued at approximately $2,875,320. The trade was a 30.18% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Hope Holding Bryant acquired 409 shares of the company’s stock in a transaction on Thursday, August 7th. The shares were bought at an average price of $1,630.00 per share, for a total transaction of $666,670.00. Following the completion of the purchase, the insider owned 1,764 shares in the company, valued at approximately $2,875,320. This represents a 30.18% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 1,494 shares of company stock worth $2,485,986. Corporate insiders own 13.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on FCNCA shares. TD Cowen started coverage on First Citizens BancShares in a report on Thursday, May 15th. They set a “buy” rating and a $2,400.00 price target on the stock. Cowen restated a “buy” rating on shares of First Citizens BancShares in a report on Monday, July 28th. UBS Group restated a “buy” rating and set a $2,410.00 price target on shares of First Citizens BancShares in a report on Wednesday, July 9th. Citigroup increased their price target on First Citizens BancShares from $1,900.00 to $2,050.00 and gave the stock a “neutral” rating in a report on Wednesday, July 2nd. Finally, Jefferies Financial Group initiated coverage on First Citizens BancShares in a report on Wednesday, May 21st. They set a “hold” rating and a $2,050.00 price target on the stock. Seven analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, First Citizens BancShares presently has a consensus rating of “Moderate Buy” and a consensus price target of $2,291.17.

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.