Burney Co. Decreases Stock Position in First Citizens BancShares, Inc. $FCNCA

Burney Co. lessened its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 91.5% in the 1st quarter, Holdings Channel reports. The firm owned 110 shares of the bank’s stock after selling 1,183 shares during the period. Burney Co.’s holdings in First Citizens BancShares were worth $207,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in FCNCA. Hilton Head Capital Partners LLC purchased a new stake in shares of First Citizens BancShares in the fourth quarter worth about $26,000. Harbor Investment Advisory LLC boosted its stake in First Citizens BancShares by 150.0% during the fourth quarter. Harbor Investment Advisory LLC now owns 15 shares of the bank’s stock valued at $32,000 after buying an additional 9 shares during the last quarter. Reflection Asset Management purchased a new position in First Citizens BancShares during the 4th quarter valued at approximately $45,000. Allworth Financial LP grew its holdings in First Citizens BancShares by 21.7% during 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 in 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 worth $52,000 after acquiring an additional 8 shares during the last quarter. Hedge funds and other institutional investors own 78.01% of the company’s stock.

First Citizens BancShares Stock Performance

Shares of NASDAQ:FCNCA opened at $2,092.59 on Friday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.67. First Citizens BancShares, Inc. has a 12 month low of $1,623.76 and a 12 month high of $2,232.21. The company has a market capitalization of $24.25 billion, a price-to-earnings ratio of 12.03, a PEG ratio of 1.57 and a beta of 0.62. The firm’s 50-day moving average is $2,031.72 and its 200 day moving average is $2,022.43.

First Citizens BancShares (NASDAQ:FCNCA) last announced its quarterly earnings data on Thursday, April 23rd. The bank reported $44.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $43.31 by $1.55. First Citizens BancShares had a net margin of 15.62% and a return on equity of 11.48%. The business had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $2.20 billion. During the same quarter last year, the firm earned $37.79 earnings per share. Research analysts predict that First Citizens BancShares, Inc. will post 177.18 EPS for the current year.

First Citizens BancShares Announces Dividend

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

Insider Buying and Selling at First Citizens BancShares

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. purchased 528 shares of the firm’s stock in a transaction that occurred 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 purchase, the chief executive officer owned 64,100 shares of the company’s stock, valued at approximately $116,237,017. The trade was a 0.83% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders purchased 7,190 shares of company stock valued at $12,573,868 in the last quarter. Corporate insiders own 14.63% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on FCNCA. Wall Street Zen raised First Citizens BancShares from a “sell” rating to a “hold” rating in a report on Saturday, June 27th. Citigroup cut First Citizens BancShares from a “neutral” rating to a “market perform” rating in a report on Thursday. Fundamental Research set a $2,350.00 target price on First Citizens BancShares in a research report on Wednesday, July 1st. Zacks Research upgraded First Citizens BancShares from a “strong sell” rating to a “hold” rating in a report on Monday, March 30th. Finally, JPMorgan Chase & Co. raised their price target on First Citizens BancShares from $2,150.00 to $2,350.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 1st. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $2,247.08.

About First Citizens BancShares

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.