Ergoteles LLC Acquires New Position in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Posted by on Feb 27th, 2023

Ergoteles LLC acquired a new stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA – Get Rating) during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 1,301 shares of the bank’s stock, valued at approximately $1,037,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. First Bank & Trust raised its holdings in shares of First Citizens BancShares by 5.2% during the 3rd quarter. First Bank & Trust now owns 263 shares of the bank’s stock valued at $210,000 after purchasing an additional 13 shares in the last quarter. Quadrant Capital Group LLC boosted its holdings in shares of First Citizens BancShares by 17.2% during the 2nd quarter. Quadrant Capital Group LLC now owns 102 shares of the bank’s stock worth $67,000 after buying an additional 15 shares during the period. Greenleaf Trust grew its stake in First Citizens BancShares by 3.1% in the 3rd quarter. Greenleaf Trust now owns 492 shares of the bank’s stock valued at $392,000 after buying an additional 15 shares during the last quarter. American International Group Inc. raised its holdings in First Citizens BancShares by 12.6% in the 2nd quarter. American International Group Inc. now owns 143 shares of the bank’s stock worth $93,000 after acquiring an additional 16 shares during the period. Finally, Xponance Inc. lifted its position in First Citizens BancShares by 3.4% during the 3rd quarter. Xponance Inc. now owns 548 shares of the bank’s stock worth $437,000 after acquiring an additional 18 shares during the last quarter. Hedge funds and other institutional investors own 66.53% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, StockNews.com upgraded First Citizens BancShares from a “sell” rating to a “hold” rating in a research note on Saturday, February 4th.

Insiders Place Their Bets

In related news, CEO Frank B. Holding, Jr. bought 1,020 shares of the firm’s stock in a transaction dated Friday, February 3rd. The stock was bought at an average cost of $722.51 per share, for a total transaction of $736,960.20. Following the transaction, the chief executive officer now owns 93,232 shares of the company’s stock, valued at $67,361,052.32. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, insider Jeffery L. Ward bought 1,600 shares of the company’s stock in a transaction on Tuesday, December 13th. The shares were purchased at an average cost of $19.93 per share, for a total transaction of $31,888.00. Following the acquisition, the insider now owns 5,600 shares of the company’s stock, valued at approximately $111,608. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, CEO Frank B. Holding, Jr. purchased 1,020 shares of First Citizens BancShares stock in a transaction dated Friday, February 3rd. The stock was bought at an average price of $722.51 per share, with a total value of $736,960.20. Following the acquisition, the chief executive officer now directly owns 93,232 shares of the company’s stock, valued at $67,361,052.32. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 2,640 shares of company stock valued at $783,432. Company insiders own 13.40% of the company’s stock.

First Citizens BancShares Price Performance

First Citizens BancShares stock opened at $739.56 on Monday. First Citizens BancShares, Inc. has a 52 week low of $598.01 and a 52 week high of $885.38. The firm has a market cap of $10.72 billion, a P/E ratio of 10.96 and a beta of 0.94. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.83 and a current ratio of 0.83. The business’s fifty day moving average is $772.47 and its two-hundred day moving average is $803.16.

First Citizens BancShares (NASDAQ:FCNCA – Get Rating) last posted its quarterly earnings data on Thursday, January 26th. The bank reported $20.94 earnings per share for the quarter, missing the consensus estimate of $23.34 by ($2.40). The company had revenue of $1.23 billion during the quarter, compared to the consensus estimate of $1.10 billion. First Citizens BancShares had a return on equity of 12.84% and a net margin of 19.79%. Equities research analysts forecast that First Citizens BancShares, Inc. will post 90.87 earnings per share for the current fiscal year.

First Citizens BancShares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 15th. Shareholders of record on Tuesday, February 28th will be paid a $0.75 dividend. The ex-dividend date of this dividend is Monday, February 27th. This represents a $3.00 dividend on an annualized basis and a yield of 0.41%. First Citizens BancShares’s payout ratio is presently 4.45%.

First Citizens BancShares Profile

(Get Rating)

First Citizens BancShares, Inc is a bank holding company, which provides retail and commercial banking services through its subsidiaries. The company operates under the following segments: General Banking, Commercial Banking, Rail, and Corporate. The General Banking delivers services to individuals through branch networks.

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Institutional Ownership by Quarter for First Citizens BancShares (NASDAQ:FCNCA)

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