BidaskClub upgraded shares of First Citizens BancShares Inc. Class A (NASDAQ:FCNCA) from a hold rating to a buy rating in a research note published on Friday.

First Citizens BancShares Inc. Class A stock opened at $456.46 on Friday. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.07. The company has a market capitalization of $5.30 billion, a P/E ratio of 15.56 and a beta of 1.06. First Citizens BancShares Inc. Class A has a one year low of $323.74 and a one year high of $463.44.

First Citizens BancShares Inc. Class A (NASDAQ:FCNCA) last posted its quarterly earnings data on Thursday, July 26th. The bank reported $7.77 EPS for the quarter. The company had revenue of $397.15 million for the quarter. First Citizens BancShares Inc. Class A had a return on equity of 10.12% and a net margin of 18.68%.

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 1st. Shareholders of record on Monday, September 17th will be paid a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 0.31%. The ex-dividend date is Friday, September 14th.

In other First Citizens BancShares Inc. Class A news, Chairman Frank B. Holding, Jr. purchased 200 shares of the company’s stock in a transaction on Wednesday, May 23rd. The shares were purchased at an average cost of $390.00 per share, with a total value of $78,000.00. Following the completion of the purchase, the chairman now owns 311,051 shares in the company, valued at $121,309,890. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, major shareholder Olivia Britton Holding purchased 195 shares of the company’s stock in a transaction on Wednesday, May 30th. The stock was acquired at an average cost of $390.00 per share, for a total transaction of $76,050.00. Following the completion of the purchase, the insider now owns 348,908 shares of the company’s stock, valued at approximately $136,074,120. The disclosure for this purchase can be found here. Over the last three months, insiders acquired 1,545 shares of company stock worth $590,900. Insiders own 19.20% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Schroder Investment Management Group increased its holdings in shares of First Citizens BancShares Inc. Class A by 1,659.2% during the second quarter. Schroder Investment Management Group now owns 1,204,887 shares of the bank’s stock valued at $31,086,000 after acquiring an additional 1,136,397 shares in the last quarter. Verition Fund Management LLC bought a new stake in shares of First Citizens BancShares Inc. Class A during the second quarter valued at approximately $213,000. Jane Street Group LLC bought a new stake in shares of First Citizens BancShares Inc. Class A during the second quarter valued at approximately $1,097,000. California Public Employees Retirement System increased its holdings in shares of First Citizens BancShares Inc. Class A by 14.5% during the second quarter. California Public Employees Retirement System now owns 21,371 shares of the bank’s stock valued at $8,619,000 after acquiring an additional 2,714 shares in the last quarter. Finally, Millennium Management LLC increased its holdings in shares of First Citizens BancShares Inc. Class A by 13,075.7% during the second quarter. Millennium Management LLC now owns 99,872 shares of the bank’s stock valued at $40,278,000 after acquiring an additional 99,114 shares in the last quarter. 45.24% of the stock is currently owned by hedge funds and other institutional investors.

About First Citizens BancShares Inc. Class A

First Citizens BancShares, Inc operates as the holding company for First-Citizens Bank & Trust Company that provides banking services to retail and commercial customers. Its deposit products include checking, savings, money market and time deposit accounts. The company's loan products portfolio comprises commercial construction and land development, commercial mortgage, commercial and industrial, lease financing, and other commercial real estate loans; and noncommercial construction and land development, residential mortgage, revolving mortgage, consumer loans, and construction and land development loans.

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