Bank of New York Mellon Corp Buys 18,714 Shares of First Citizens BancShares, Inc. $FCNCA

Bank of New York Mellon Corp raised its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 54.6% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 53,018 shares of the bank’s stock after acquiring an additional 18,714 shares during the period. Bank of New York Mellon Corp’s holdings in First Citizens BancShares were worth $113,786,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of FCNCA. SBI Securities Co. Ltd. bought a new position in shares of First Citizens BancShares in the third quarter worth $27,000. Harbor Investment Advisory LLC lifted its position 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 period. Mirae Asset Global Investments Co. Ltd. lifted its position in First Citizens BancShares by 280.0% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 19 shares of the bank’s stock worth $34,000 after purchasing an additional 14 shares during the period. Fifth Third Bancorp grew its stake in First Citizens BancShares by 40.0% during the third quarter. Fifth Third Bancorp now owns 21 shares of the bank’s stock worth $38,000 after buying an additional 6 shares in the last quarter. Finally, Allworth Financial LP grew its stake in First Citizens BancShares by 21.7% during the third quarter. Allworth Financial LP now owns 28 shares of the bank’s stock worth $51,000 after buying an additional 5 shares in the last quarter. 78.01% of the stock is currently owned by institutional investors.

First Citizens BancShares Stock Performance

FCNCA opened at $2,075.10 on Monday. The company’s 50 day moving average is $1,965.38 and its 200-day moving average is $1,999.85. First Citizens BancShares, Inc. has a 1-year low of $1,623.76 and a 1-year high of $2,232.21. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.67. The company has a market cap of $24.04 billion, a P/E ratio of 11.93, a PEG ratio of 1.58 and a beta of 0.62.

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, topping analysts’ consensus estimates of $43.31 by $1.55. The business had revenue of $2.14 billion during the quarter, compared to analysts’ expectations of $2.20 billion. First Citizens BancShares had a net margin of 15.62% and a return on equity of 11.48%. During the same period in the prior year, the company earned $37.79 EPS. Equities research analysts predict that First Citizens BancShares, Inc. will post 177.84 earnings per share for the current fiscal year.

First Citizens BancShares Announces Dividend

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

Insider Transactions at First Citizens BancShares

In other news, CEO Frank B. Holding, Jr. bought 5,940 shares of the company’s stock in a transaction on Tuesday, May 12th. The stock was purchased at an average cost of $1,726.82 per share, for a total transaction of $10,257,310.80. Following the completion of the transaction, the chief executive officer owned 38,111 shares of the company’s stock, valued at $65,810,837.02. This trade represents a 18.46% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Over the last ninety days, insiders bought 6,187 shares of company stock valued at $10,640,161. 14.63% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

FCNCA has been the subject of several analyst reports. JPMorgan Chase & Co. dropped their target price on shares of First Citizens BancShares from $2,200.00 to $2,150.00 and set a “neutral” rating for the company in a research report on Friday, April 24th. Zacks Research upgraded shares of First Citizens BancShares from a “strong sell” rating to a “hold” rating in a research report on Monday, March 30th. Deutsche Bank Aktiengesellschaft cut shares of First Citizens BancShares from a “buy” rating to a “hold” rating and set a $2,154.00 price objective on the stock. in a research note on Wednesday, April 8th. Citigroup restated a “neutral” rating on shares of First Citizens BancShares in a research report on Friday, April 24th. Finally, Weiss Ratings downgraded First Citizens BancShares from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, May 22nd. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $2,215.91.

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.