Renaissance Technologies LLC Raises Stock Position in First Citizens BancShares, Inc. $FCNCA

Renaissance Technologies LLC raised its holdings in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 137.9% during the first quarter, Holdings Channel.com reports. The fund owned 15,286 shares of the bank’s stock after buying an additional 8,860 shares during the period. Renaissance Technologies LLC’s holdings in First Citizens BancShares were worth $28,809,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the business. Hilton Head Capital Partners LLC bought a new position in shares of First Citizens BancShares in the fourth quarter worth about $26,000. Reflection Asset Management purchased a new stake in shares of First Citizens BancShares during the fourth quarter worth about $45,000. Global Assets Advisory LLC bought a new stake in First Citizens BancShares during the 1st quarter valued at approximately $45,000. Allworth Financial LP raised its stake 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 purchasing an additional 5 shares during the period. Finally, UMB Bank n.a. lifted its holdings 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 purchasing an additional 8 shares in the last quarter. 78.01% of the stock is currently owned by hedge funds and other institutional investors.

First Citizens BancShares Stock Performance

NASDAQ:FCNCA opened at $2,198.00 on Wednesday. The company has a market cap of $25.47 billion, a price-to-earnings ratio of 11.75, a PEG ratio of 1.61 and a beta of 0.62. First Citizens BancShares, Inc. has a 1 year low of $1,623.76 and a 1 year high of $2,237.81. The stock’s 50 day simple moving average is $2,073.43 and its two-hundred day simple moving average is $2,017.06. The company has a debt-to-equity ratio of 1.67, a current ratio of 1.00 and a quick ratio of 1.00.

First Citizens BancShares (NASDAQ:FCNCA) last posted its earnings results on Thursday, July 23rd. The bank reported $57.09 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $56.68. First Citizens BancShares had a net margin of 16.28% and a return on equity of 11.98%. The firm had revenue of $2.24 billion during the quarter, compared to analyst estimates of $2.16 billion. As a group, equities analysts anticipate that First Citizens BancShares, Inc. will post 177.18 earnings per share for the current fiscal year.

First Citizens BancShares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Monday, August 31st will be given a dividend of $2.10 per share. The ex-dividend date is Monday, August 31st. This represents a $8.40 annualized dividend and a yield of 0.4%. First Citizens BancShares’s dividend payout ratio (DPR) is 4.49%.

Insider Activity at First Citizens BancShares

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. acquired 5,940 shares of the company’s stock in a transaction on Tuesday, May 12th. The stock was acquired at an average cost of $1,726.82 per share, with a total value of $10,257,310.80. Following the purchase, the chief executive officer directly owned 38,111 shares of the company’s stock, valued at approximately $65,810,837.02. This represents a 18.46% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last three months, insiders have acquired 7,190 shares of company stock valued at $12,573,868. Company insiders own 14.63% of the company’s stock.

Analyst Ratings Changes

FCNCA has been the subject of several recent analyst reports. Fundamental Research set a $2,350.00 price target on First Citizens BancShares in a research note on Wednesday, July 1st. Barclays boosted their target price on shares of First Citizens BancShares from $2,346.00 to $2,376.00 and gave the stock an “equal weight” rating in a report on Monday. Keefe, Bruyette & Woods restated a “market perform” rating and set a $2,300.00 target price on shares of First Citizens BancShares in a research report on Thursday, July 9th. Jefferies Financial Group reaffirmed a “hold” rating and set a $2,300.00 target price on shares of First Citizens BancShares in a research note on Thursday, July 23rd. Finally, The Goldman Sachs Group lifted their price target on shares of First Citizens BancShares from $2,100.00 to $2,340.00 and gave the company a “neutral” rating in a report on Tuesday, July 7th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and eleven have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $2,278.31.

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.