Northern Trust Corp Cuts Stock Position in First Citizens BancShares, Inc. $FCNCA

Northern Trust Corp lessened its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 4.3% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 73,412 shares of the bank’s stock after selling 3,327 shares during the quarter. Northern Trust Corp owned approximately 0.54% of First Citizens BancShares worth $136,115,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Teacher Retirement System of Texas purchased a new stake in shares of First Citizens BancShares during the first quarter worth $2,642,000. Bank of New York Mellon Corp grew its holdings in shares of First Citizens BancShares by 1.9% during the first quarter. Bank of New York Mellon Corp now owns 40,553 shares of the bank’s stock worth $75,190,000 after buying an additional 772 shares in the last quarter. Cambridge Investment Research Advisors Inc. grew its holdings in shares of First Citizens BancShares by 16.6% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 190 shares of the bank’s stock worth $352,000 after buying an additional 27 shares in the last quarter. Kingswood Wealth Advisors LLC purchased a new stake in shares of First Citizens BancShares during the first quarter worth $439,000. Finally, DAVENPORT & Co LLC purchased a new stake in shares of First Citizens BancShares in the first quarter valued at about $221,000. Hedge funds and other institutional investors own 78.01% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. Cowen reissued a “buy” rating on shares of First Citizens BancShares in a report on Monday, July 28th. Piper Sandler set a $2,150.00 target price on shares of First Citizens BancShares and gave the company a “neutral” rating in a report on Monday, July 28th. TD Cowen assumed coverage on shares of First Citizens BancShares in a research note on Thursday, May 15th. They issued a “buy” rating and a $2,400.00 price target on the stock. UBS Group restated a “buy” rating and set a $2,410.00 target price on shares of First Citizens BancShares in a research report on Wednesday, July 9th. Finally, Barclays decreased their price target on First Citizens BancShares from $2,568.00 to $2,400.00 and set an “equal weight” rating for the company in a report on Friday, April 25th. Seven investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat, First Citizens BancShares has an average rating of “Moderate Buy” and a consensus target price of $2,291.17.

First Citizens BancShares Stock Up 2.6%

FCNCA opened at $1,987.99 on Friday. The company has a debt-to-equity ratio of 1.76, a current ratio of 1.04 and a quick ratio of 1.04. The stock has a market capitalization of $25.68 billion, a price-to-earnings ratio of 11.73 and a beta of 0.64. The business has a 50-day moving average of $1,982.21 and a two-hundred day moving average of $1,905.33. First Citizens BancShares, Inc. has a 12 month low of $1,473.62 and a 12 month high of $2,412.93.

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 business had revenue of $2.38 billion during the quarter, compared to analysts’ expectations of $2.21 billion. On average, research analysts expect that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current year.

First Citizens BancShares Dividend Announcement

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

Insider Buying and Selling at First Citizens BancShares

In other news, CEO Frank B. Holding, Jr. purchased 600 shares of the stock in a transaction dated Thursday, August 7th. The stock was acquired at an average cost of $1,698.75 per share, for a total transaction of $1,019,250.00. Following the acquisition, the chief executive officer owned 32,300 shares of the company’s stock, valued at $54,869,625. The trade was a 1.89% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, major shareholder Olivia Britton Holding acquired 409 shares of the stock in a transaction that occurred on Thursday, August 7th. The shares were bought at an average price of $1,630.00 per share, with a total value of $666,670.00. Following the completion of the purchase, the insider owned 1,764 shares in the company, valued at $2,875,320. The trade was a 30.18% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired a total of 1,494 shares of company stock valued at $2,485,986 in the last three months. Corporate insiders own 13.40% of the company’s stock.

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.