First Citizens BancShares, Inc. $FCNCA Shares Bought by Allstate Corp

Allstate Corp boosted its holdings in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 88.1% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 587 shares of the bank’s stock after buying an additional 275 shares during the quarter. Allstate Corp’s holdings in First Citizens BancShares were worth $1,260,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. SBI Securities Co. Ltd. acquired a new position in shares of First Citizens BancShares in the third quarter valued at about $27,000. UMB Bank n.a. raised its holdings in shares of First Citizens BancShares by 100.0% during the third quarter. UMB Bank n.a. now owns 16 shares of the bank’s stock valued at $29,000 after acquiring an additional 8 shares during the last quarter. Harbor Investment Advisory LLC increased its holdings in shares of First Citizens BancShares by 150.0% in the fourth quarter. Harbor Investment Advisory LLC now owns 15 shares of the bank’s stock valued at $32,000 after purchasing an additional 9 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake 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 acquiring an additional 14 shares during the last quarter. Finally, Fifth Third Bancorp increased 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 acquiring an additional 6 shares during the last quarter. 78.01% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO Frank B. Holding, Jr. sold 5,346 shares of the stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $1,918.69, for a total transaction of $10,257,316.74. Following the completion of the sale, the chief executive officer owned 100,654 shares of the company’s stock, valued at $193,123,823.26. This represents a 5.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have acquired a total of 6,198 shares of company stock worth $10,661,547 over the last ninety days. 14.63% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. JPMorgan Chase & Co. lowered their price target on 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. Wall Street Zen upgraded First Citizens BancShares from a “sell” rating to a “hold” rating in a report on Sunday, May 24th. Weiss Ratings downgraded First Citizens BancShares from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, May 22nd. Zacks Research upgraded First Citizens BancShares from a “strong sell” rating to a “hold” rating in a research report on Monday, March 30th. Finally, TD Cowen dropped their price target on First Citizens BancShares from $2,500.00 to $2,300.00 and set a “buy” rating on the stock in a research report on Monday, April 27th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and nine have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $2,215.91.

First Citizens BancShares Price Performance

Shares of First Citizens BancShares stock opened at $1,990.51 on Friday. The company has a debt-to-equity ratio of 1.67, a quick ratio of 1.00 and a current ratio of 1.00. The firm’s 50-day simple moving average is $1,949.40 and its 200-day simple moving average is $1,992.23. First Citizens BancShares, Inc. has a twelve month low of $1,623.76 and a twelve month high of $2,232.21. The firm has a market cap of $23.06 billion, a P/E ratio of 11.45, a price-to-earnings-growth ratio of 1.53 and a beta of 0.63.

First Citizens BancShares (NASDAQ:FCNCA) last released its quarterly earnings results on Thursday, April 23rd. The bank reported $44.86 EPS for the quarter, beating analysts’ consensus estimates of $43.31 by $1.55. The firm had revenue of $2.14 billion for the quarter, compared to analyst estimates 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 previous year, the business earned $37.79 earnings per share. As a group, research analysts expect that First Citizens BancShares, Inc. will post 177.84 EPS for the current fiscal year.

First Citizens BancShares Announces Dividend

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

First Citizens BancShares 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.