Citizens Financial Group Inc. RI Has $20.97 Million Stock Holdings in First Citizens BancShares, Inc. $FCNCA

Citizens Financial Group Inc. RI raised its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 24.6% during the 1st quarter, HoldingsChannel reports. The fund owned 11,126 shares of the bank’s stock after buying an additional 2,200 shares during the quarter. Citizens Financial Group Inc. RI’s holdings in First Citizens BancShares were worth $20,969,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Hilton Head Capital Partners LLC acquired a new stake in shares of First Citizens BancShares in the fourth quarter valued at approximately $26,000. Harbor Investment Advisory LLC boosted its holdings in First Citizens BancShares by 150.0% during the fourth quarter. Harbor Investment Advisory LLC now owns 15 shares of the bank’s stock worth $32,000 after purchasing an additional 9 shares during the last quarter. Reflection Asset Management bought a new position in First Citizens BancShares in the fourth quarter valued at $45,000. Allworth Financial LP increased its stake in First Citizens BancShares by 21.7% in the 3rd quarter. Allworth Financial LP now owns 28 shares of the bank’s stock valued at $51,000 after buying an additional 5 shares during the last quarter. Finally, UMB Bank n.a. increased its stake in First Citizens BancShares by 50.0% in the 4th quarter. UMB Bank n.a. now owns 24 shares of the bank’s stock valued at $52,000 after buying an additional 8 shares during the last quarter. 78.01% of the stock is owned by institutional investors.

Insider Transactions at First Citizens BancShares

In related news, CEO Frank B. Holding, Jr. acquired 528 shares of First Citizens BancShares stock in a transaction on Friday, June 5th. The stock was purchased at an average cost of $1,813.37 per share, with a total value of $957,459.36. Following the completion of the transaction, the chief executive officer directly owned 64,100 shares in the company, valued at $116,237,017. This trade represents a 0.83% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last three months, insiders acquired 7,190 shares of company stock worth $12,573,868. Company insiders own 14.63% of the company’s stock.

First Citizens BancShares Stock Performance

First Citizens BancShares stock traded up $9.59 during midday trading on Friday, reaching $2,092.59. 83,878 shares of the company’s stock were exchanged, compared to its average volume of 86,132. The stock’s 50-day simple moving average is $2,031.72 and its 200 day simple moving average is $2,022.43. The firm has a market cap of $24.25 billion, a price-to-earnings ratio of 12.03, a P/E/G ratio of 1.58 and a beta of 0.62. The company has a debt-to-equity ratio of 1.67, a quick ratio of 1.00 and a current ratio of 1.00. First Citizens BancShares, Inc. has a 52 week low of $1,623.76 and a 52 week high of $2,232.21.

First Citizens BancShares (NASDAQ:FCNCA) last released its quarterly earnings data on Thursday, April 23rd. The bank reported $44.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $43.31 by $1.55. First Citizens BancShares had a return on equity of 11.48% and a net margin of 15.62%.The firm had revenue of $2.14 billion for the quarter, compared to analyst estimates of $2.20 billion. During the same quarter in the prior year, the company earned $37.79 earnings per share. On average, analysts expect that First Citizens BancShares, Inc. will post 177.18 earnings per share for the current fiscal year.

First Citizens BancShares Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Friday, May 29th were issued a dividend of $2.10 per share. The ex-dividend date of this dividend was Friday, May 29th. This represents a $8.40 annualized dividend and a yield of 0.4%. First Citizens BancShares’s dividend payout ratio (DPR) is currently 4.83%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on FCNCA shares. JPMorgan Chase & Co. increased their price objective on shares of First Citizens BancShares from $2,150.00 to $2,350.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 1st. Wall Street Zen raised First Citizens BancShares from a “sell” rating to a “hold” rating in a research report on Saturday, June 27th. The Goldman Sachs Group upped their target price on First Citizens BancShares from $2,100.00 to $2,340.00 and gave the stock a “neutral” rating in a report on Tuesday, July 7th. Deutsche Bank Aktiengesellschaft downgraded First Citizens BancShares from a “buy” rating to a “hold” rating and set a $2,154.00 price target for the company. in a research note on Wednesday, April 8th. Finally, Citigroup cut First Citizens BancShares from a “neutral” rating to a “market perform” rating in a research note on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and ten have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $2,247.08.

First Citizens BancShares Profile

First Citizens BancShares, Inc is the bank holding company for First Citizens Bank, a full?service commercial bank headquartered in Raleigh, North Carolina. The company traces its roots to a community bank founded in 1898 and has grown into a diversified financial services organization that operates through its banking subsidiary to serve retail, commercial and institutional clients.

First Citizens offers a broad suite of banking products and services, including consumer and business deposit accounts, commercial and industrial lending, real estate and mortgage lending, treasury and cash management, and specialized lending solutions.