OLD National Bancorp IN Invests $205,000 in First Citizens BancShares, Inc. $FCNCA

OLD National Bancorp IN bought a new position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 105 shares of the bank’s stock, valued at approximately $205,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in FCNCA. Park Avenue Securities LLC grew its position in First Citizens BancShares by 11.5% during the first quarter. Park Avenue Securities LLC now owns 551 shares of the bank’s stock worth $1,022,000 after buying an additional 57 shares during the period. Farther Finance Advisors LLC grew its position in First Citizens BancShares by 13.2% during the first quarter. Farther Finance Advisors LLC now owns 240 shares of the bank’s stock worth $438,000 after buying an additional 28 shares during the period. SG Americas Securities LLC acquired a new position in First Citizens BancShares during the first quarter worth about $3,933,000. Handelsbanken Fonder AB grew its position in First Citizens BancShares by 6.5% during the first quarter. Handelsbanken Fonder AB now owns 3,272 shares of the bank’s stock worth $6,067,000 after buying an additional 200 shares during the period. Finally, Simon Quick Advisors LLC grew its position in First Citizens BancShares by 24.0% during the first quarter. Simon Quick Advisors LLC now owns 129 shares of the bank’s stock worth $239,000 after buying an additional 25 shares during the period. 78.01% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Cowen reaffirmed a “buy” rating on shares of First Citizens BancShares in a report on Monday, July 28th. UBS Group reaffirmed a “buy” rating and issued a $2,410.00 price target on shares of First Citizens BancShares in a report on Wednesday, July 9th. Raymond James Financial set a $2,100.00 price target on shares of First Citizens BancShares in a report on Tuesday. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of First Citizens BancShares in a report on Wednesday. Finally, Citigroup reissued an “outperform” rating on shares of First Citizens BancShares in a research note on Tuesday. Nine analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $2,227.69.

First Citizens BancShares Stock Performance

Shares of FCNCA stock opened at $1,756.20 on Thursday. First Citizens BancShares, Inc. has a one year low of $1,473.62 and a one year high of $2,412.93. The company has a debt-to-equity ratio of 1.76, a quick ratio of 1.04 and a current ratio of 1.04. The company has a 50 day moving average price of $1,894.81 and a 200 day moving average price of $1,884.03. The firm has a market capitalization of $22.69 billion, a price-to-earnings ratio of 10.36 and a beta of 0.60.

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

First Citizens BancShares Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Friday, August 29th were given a $1.95 dividend. The ex-dividend date of this dividend was Friday, August 29th. This represents a $7.80 annualized dividend and a dividend yield of 0.4%. First Citizens BancShares’s dividend payout ratio is presently 4.60%.

Insider Transactions at First Citizens BancShares

In other news, major shareholder Olivia Britton Holding purchased 409 shares of the stock in a transaction that occurred on Thursday, August 7th. The stock was acquired at an average cost of $1,630.00 per share, with a total value of $666,670.00. Following the acquisition, the insider owned 1,764 shares in the company, valued at approximately $2,875,320. This trade represents a 30.18% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Frank B. Holding, Jr. purchased 600 shares of the stock in a transaction that occurred on Thursday, August 7th. The shares were purchased at an average cost of $1,698.75 per share, with a total value of $1,019,250.00. Following the completion of the acquisition, the chief executive officer owned 32,300 shares in the company, valued at approximately $54,869,625. This represents a 1.89% increase in their position. The disclosure for this purchase can be found here. Insiders acquired 1,494 shares of company stock valued at $2,485,986 over the last 90 days. Corporate insiders own 13.40% of the company’s stock.

About First Citizens BancShares

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.