Renaissance Technologies LLC Grows Position in First Citizens BancShares, Inc. $FCNCA

Renaissance Technologies LLC increased its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 137.9% in the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 15,286 shares of the bank’s stock after buying an additional 8,860 shares during the quarter. Renaissance Technologies LLC owned about 0.13% of First Citizens BancShares worth $28,809,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of FCNCA. Hilton Head Capital Partners LLC purchased a new stake in shares of First Citizens BancShares during the 4th quarter valued at about $26,000. Reflection Asset Management bought a new stake in shares of First Citizens BancShares in the fourth quarter worth approximately $45,000. Global Assets Advisory LLC purchased a new position in shares of First Citizens BancShares during the first quarter valued at approximately $45,000. Allworth Financial LP raised its holdings in shares of First Citizens BancShares by 21.7% during the third quarter. Allworth Financial LP now owns 28 shares of the bank’s stock valued at $51,000 after purchasing an additional 5 shares during the last quarter. Finally, UMB Bank n.a. lifted its position in First Citizens BancShares by 50.0% during the fourth quarter. UMB Bank n.a. now owns 24 shares of the bank’s stock valued at $52,000 after purchasing an additional 8 shares during the period. Hedge funds and other institutional investors own 78.01% of the company’s stock.

First Citizens BancShares Price Performance

Shares of NASDAQ:FCNCA opened at $2,198.00 on Wednesday. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.67. The stock has a market capitalization of $25.47 billion, a PE ratio of 11.75, a price-to-earnings-growth ratio of 1.61 and a beta of 0.62. The firm’s 50 day moving average price is $2,073.43 and its 200-day moving average price is $2,017.06. First Citizens BancShares, Inc. has a twelve month low of $1,623.76 and a twelve month high of $2,237.81.

First Citizens BancShares (NASDAQ:FCNCA) last issued its quarterly earnings results on Thursday, July 23rd. The bank reported $57.09 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $56.68. First Citizens BancShares had a return on equity of 11.98% and a net margin of 16.28%.The business had revenue of $2.24 billion during the quarter, compared to analysts’ expectations of $2.16 billion. Equities research analysts expect that First Citizens BancShares, Inc. will post 177.18 EPS for the current year.

First Citizens BancShares Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Monday, August 31st will be issued a $2.10 dividend. This represents a $8.40 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend is Monday, August 31st. First Citizens BancShares’s dividend payout ratio is currently 4.49%.

Analysts Set New Price Targets

Several brokerages recently issued reports on FCNCA. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $2,300.00 target price on shares of First Citizens BancShares in a report on Thursday, July 9th. Citigroup reiterated a “neutral” rating on shares of First Citizens BancShares in a research note on Friday. Piper Sandler increased their price target on First Citizens BancShares from $2,050.00 to $2,100.00 and gave the company a “neutral” rating in a report on Monday. The Goldman Sachs Group raised their price target on First Citizens BancShares from $2,100.00 to $2,340.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 7th. Finally, Weiss Ratings raised First Citizens BancShares from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday, July 8th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and eleven have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $2,278.31.

Insider Transactions at First Citizens BancShares

In other news, CEO Frank B. Holding, Jr. bought 528 shares of the firm’s stock in a transaction on Friday, June 5th. The shares were bought at an average price of $1,813.37 per share, for a total transaction of $957,459.36. Following the purchase, the chief executive officer owned 64,100 shares in the company, valued at approximately $116,237,017. The trade was a 0.83% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last ninety days, insiders have purchased 7,190 shares of company stock valued at $12,573,868. Corporate insiders own 14.63% of the company’s stock.

First Citizens BancShares Company 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.