Hiddenite Capital Partners LP Makes New $6.87 Million Investment in First Citizens BancShares, Inc. $FCNCA

Hiddenite Capital Partners LP bought a new position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) during the fourth quarter, Holdings Channel reports. The institutional investor bought 3,200 shares of the bank’s stock, valued at approximately $6,868,000. First Citizens BancShares accounts for 0.9% of Hiddenite Capital Partners LP’s portfolio, making the stock its 24th biggest holding.

A number of other institutional investors and hedge funds also recently modified their holdings of FCNCA. SBI Securities Co. Ltd. acquired a new stake in shares of First Citizens BancShares during the third quarter worth $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 worth $29,000 after purchasing an additional 8 shares during the period. Root Financial Partners LLC acquired a new stake in shares of First Citizens BancShares during the third quarter worth $32,000. Harbor Investment Advisory LLC raised its holdings in shares of 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. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of 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. 78.01% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

FCNCA has been the topic of a number of research reports. Deutsche Bank Aktiengesellschaft cut shares of First Citizens BancShares from a “buy” rating to a “hold” rating and set a $2,154.00 target price on the stock. in a report on Wednesday, April 8th. Wall Street Zen cut shares of First Citizens BancShares from a “hold” rating to a “sell” rating in a report on Saturday. Weiss Ratings cut shares of First Citizens BancShares from a “buy (b)” rating to a “hold (c+)” rating in a report on Monday, May 11th. Zacks Research raised shares of First Citizens BancShares from a “strong sell” rating to a “hold” rating in a report on Monday, March 30th. Finally, TD Cowen dropped their price objective on shares of First Citizens BancShares from $2,500.00 to $2,300.00 and set a “buy” rating on the stock in a report on Monday, April 27th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and ten have issued a Hold rating to the company’s stock. According to data from MarketBeat, First Citizens BancShares currently has an average rating of “Hold” and an average price target of $2,202.08.

First Citizens BancShares Stock Down 0.5%

FCNCA stock opened at $1,928.39 on Friday. The company has a quick ratio of 1.03, a current ratio of 1.00 and a debt-to-equity ratio of 1.67. First Citizens BancShares, Inc. has a fifty-two week low of $1,623.76 and a fifty-two week high of $2,232.21. The firm’s 50-day simple moving average is $1,922.03 and its 200 day simple moving average is $1,979.49. The stock has a market cap of $22.34 billion, a PE ratio of 11.09, a price-to-earnings-growth ratio of 1.47 and a beta of 0.63.

First Citizens BancShares (NASDAQ:FCNCA) last released its quarterly earnings data on Thursday, April 23rd. The bank reported $44.86 earnings per share for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $2.20 billion. During the same quarter last year, the company earned $37.79 EPS. As a group, sell-side analysts predict that First Citizens BancShares, Inc. will post 177.84 EPS for the current year.

First Citizens BancShares Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Friday, May 29th will be issued 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 of this dividend is Friday, May 29th. First Citizens BancShares’s dividend payout ratio (DPR) is 4.83%.

Insider Buying and Selling

In related news, CEO Frank B. Holding, Jr. bought 5,940 shares of the stock in a transaction on Tuesday, May 12th. The shares were purchased at an average price of $1,726.82 per share, with a total value of $10,257,310.80. Following the purchase, the chief executive officer owned 38,111 shares in the company, valued at approximately $65,810,837.02. This represents a 18.46% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last 90 days, insiders have bought 6,198 shares of company stock worth $10,661,547. 14.63% of the stock is currently owned by company insiders.

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.