First Citizens BancShares Inc. Class A (FCNCA) Upgraded to “Hold” by BidaskClub

BidaskClub upgraded shares of First Citizens BancShares Inc. Class A (NASDAQ:FCNCA) from a sell rating to a hold rating in a report released on Saturday.

NASDAQ:FCNCA traded up $1.86 during mid-day trading on Friday, reaching $441.61. The company’s stock had a trading volume of 50,145 shares, compared to its average volume of 43,013. First Citizens BancShares Inc. Class A has a 1 year low of $323.74 and a 1 year high of $463.44. The firm has a market cap of $5.28 billion, a PE ratio of 15.49 and a beta of 1.06. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.83 and a quick ratio of 0.84.

First Citizens BancShares Inc. Class A (NASDAQ:FCNCA) last released its quarterly earnings data on Thursday, July 26th. The bank reported $7.77 earnings per share for the quarter. First Citizens BancShares Inc. Class A had a net margin of 18.68% and a return on equity of 10.12%. The company had revenue of $397.15 million during the quarter.

The company also recently declared a quarterly dividend, which will be paid on Monday, October 1st. Shareholders of record on Monday, September 17th will be given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 0.32%. The ex-dividend date of this dividend is Friday, September 14th.

In related news, Chairman Frank B. Holding, Jr. acquired 200 shares of the firm’s stock in a transaction that occurred on Wednesday, May 23rd. The stock was purchased at an average cost of $390.00 per share, with a total value of $78,000.00. Following the transaction, the chairman now directly owns 311,051 shares of the company’s stock, valued at approximately $121,309,890. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Olivia Britton Holding acquired 195 shares of the firm’s stock in a transaction that occurred on Wednesday, May 30th. The stock was bought at an average cost of $390.00 per share, with a total value of $76,050.00. Following the completion of the transaction, the insider now directly owns 348,908 shares in the company, valued at $136,074,120. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 1,545 shares of company stock valued at $590,900. Insiders own 19.20% of the company’s stock.

Several institutional investors have recently made changes to their positions in the stock. Citadel Advisors LLC increased its holdings in First Citizens BancShares Inc. Class A by 79.4% in the 2nd quarter. Citadel Advisors LLC now owns 2,433 shares of the bank’s stock worth $981,000 after buying an additional 1,077 shares during the period. Legal & General Group Plc increased its holdings in First Citizens BancShares Inc. Class A by 25.2% in the 2nd quarter. Legal & General Group Plc now owns 3,515 shares of the bank’s stock worth $1,417,000 after buying an additional 707 shares during the period. Oppenheimer & Co. Inc. increased its holdings in First Citizens BancShares Inc. Class A by 210.0% in the 2nd quarter. Oppenheimer & Co. Inc. now owns 3,100 shares of the bank’s stock worth $1,250,000 after buying an additional 2,100 shares during the period. Maltese Capital Management LLC acquired a new position in First Citizens BancShares Inc. Class A in the 2nd quarter worth approximately $3,428,000. Finally, GSA Capital Partners LLP acquired a new position in First Citizens BancShares Inc. Class A in the 2nd quarter worth approximately $419,000. 45.06% of the stock is owned by hedge funds and other institutional investors.

First Citizens BancShares Inc. Class A Company Profile

First Citizens BancShares, Inc operates as the holding company for First-Citizens Bank & Trust Company that provides banking services to retail and commercial customers. Its deposit products include checking, savings, money market and time deposit accounts. The company's loan products portfolio comprises commercial construction and land development, commercial mortgage, commercial and industrial, lease financing, and other commercial real estate loans; and noncommercial construction and land development, residential mortgage, revolving mortgage, consumer loans, and construction and land development loans.

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