Natixis Advisors L.P. Cuts Holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Posted by Defense World Staff on Apr 13th, 2023

Natixis Advisors L.P. decreased its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA – Get Rating) by 7.4% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 14,768 shares of the bank’s stock after selling 1,179 shares during the period. Natixis Advisors L.P. owned 0.10% of First Citizens BancShares worth $11,199,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently modified their holdings of FCNCA. Vanguard Group Inc. raised its stake in shares of First Citizens BancShares by 106.0% during the 1st quarter. Vanguard Group Inc. now owns 1,105,554 shares of the bank’s stock worth $735,855,000 after purchasing an additional 568,929 shares during the period. Invesco Ltd. boosted its stake in First Citizens BancShares by 113.0% in the first quarter. Invesco Ltd. now owns 371,016 shares of the bank’s stock valued at $246,949,000 after acquiring an additional 196,851 shares during the last quarter. State Street Corp grew its position in shares of First Citizens BancShares by 53.7% during the 1st quarter. State Street Corp now owns 402,593 shares of the bank’s stock valued at $267,966,000 after acquiring an additional 140,626 shares during the period. Wellington Management Group LLP increased its stake in shares of First Citizens BancShares by 30.9% during the 1st quarter. Wellington Management Group LLP now owns 594,276 shares of the bank’s stock worth $395,550,000 after purchasing an additional 140,410 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in shares of First Citizens BancShares by 88.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 268,916 shares of the bank’s stock worth $179,001,000 after purchasing an additional 126,483 shares during the period. Institutional investors own 66.53% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. DA Davidson boosted their price objective on First Citizens BancShares from $825.00 to $1,025.00 and gave the company a “neutral” rating in a research note on Tuesday, March 28th. UBS Group upgraded shares of First Citizens BancShares from a “sell” rating to a “buy” rating and upped their price target for the company from $538.00 to $1,206.00 in a research note on Wednesday, April 5th. Finally, StockNews.com lowered shares of First Citizens BancShares from a “hold” rating to a “sell” rating in a research note on Tuesday, March 28th.

First Citizens BancShares Trading Down 0.7 %

Shares of First Citizens BancShares stock opened at $976.65 on Thursday. The company has a 50 day simple moving average of $761.86 and a two-hundred day simple moving average of $786.97. The firm has a market cap of $14.17 billion, a PE ratio of 14.47 and a beta of 0.99. First Citizens BancShares, Inc. has a 1 year low of $505.84 and a 1 year high of $1,016.66. The company has a debt-to-equity ratio of 0.51, a current ratio of 0.82 and a quick ratio of 0.82.

First Citizens BancShares (NASDAQ:FCNCA – Get Rating) last issued its quarterly earnings results on Thursday, January 26th. The bank reported $20.94 EPS for the quarter, missing analysts’ consensus estimates 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 13.07% and a net margin of 19.79%. Analysts expect that First Citizens BancShares, Inc. will post 90.78 earnings per share for the current fiscal year.

First Citizens BancShares Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 15th. Investors of record on Tuesday, February 28th were issued a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 0.31%. The ex-dividend date was Monday, February 27th. First Citizens BancShares’s dividend payout ratio is currently 4.45%.

Insider Activity at First Citizens BancShares

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. bought 1,020 shares of First Citizens BancShares stock in a transaction that occurred on Friday, February 3rd. The shares were 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 owns 93,232 shares in the company, valued at $67,361,052.32. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other First Citizens BancShares news, CEO Frank B. Holding, Jr. bought 1,020 shares of First Citizens BancShares stock in a transaction that occurred on Friday, February 3rd. The shares were 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 owns 93,232 shares in the company, valued at $67,361,052.32. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Craig L. Nix purchased 70 shares of the company’s stock in a transaction on Thursday, March 2nd. The shares were purchased at an average cost of $710.04 per share, with a total value of $49,702.80. Following the transaction, the chief financial officer now directly owns 1,046 shares in the company, valued at $742,701.84. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 1,583 shares of company stock valued at $1,110,798. Insiders own 13.40% of the company’s stock.

About First Citizens BancShares

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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.