River Road Asset Management LLC Has $5.57 Million Holdings in First Citizens BancShares, Inc. (FCNCA)
River Road Asset Management LLC lessened its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 1.4% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 14,894 shares of the bank’s stock after selling 210 shares during the quarter. River Road Asset Management LLC owned about 124,013.32% of First Citizens BancShares worth $5,569,000 at the end of the most recent reporting period.
A number of other large investors also recently made changes to their positions in FCNCA. Captrust Financial Advisors acquired a new stake in First Citizens BancShares during the 2nd quarter valued at $104,000. Teacher Retirement System of Texas purchased a new position in shares of First Citizens BancShares during the 2nd quarter worth $214,000. BNP Paribas Arbitrage SA lifted its stake in shares of First Citizens BancShares by 244.7% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 1,034 shares of the bank’s stock worth $385,000 after purchasing an additional 734 shares during the period. Pacer Advisors Inc. lifted its stake in shares of First Citizens BancShares by 17.3% during the 2nd quarter. Pacer Advisors Inc. now owns 1,126 shares of the bank’s stock worth $420,000 after purchasing an additional 166 shares during the period. Finally, Principal Financial Group Inc. lifted its stake in shares of First Citizens BancShares by 27.0% during the 3rd quarter. Principal Financial Group Inc. now owns 1,171 shares of the bank’s stock worth $438,000 after purchasing an additional 249 shares during the period. Hedge funds and other institutional investors own 44.87% of the company’s stock.
In related news, Vice Chairman Hope Holding Bryant sold 2,500 shares of the stock in a transaction on Monday, August 21st. The stock was sold at an average price of $340.00, for a total value of $850,000.00. Following the transaction, the insider now directly owns 272,572 shares of the company’s stock, valued at approximately $92,674,480. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In the last three months, insiders have sold 7,255 shares of company stock worth $2,478,862. Corporate insiders own 19.38% of the company’s stock.
Shares of First Citizens BancShares, Inc. (FCNCA) traded down $3.28 during trading on Friday, hitting $388.00. The company’s stock had a trading volume of 12,695 shares, compared to its average volume of 23,587. First Citizens BancShares, Inc. has a one year low of $313.14 and a one year high of $417.98. The stock has a market cap of $4,980.00, a price-to-earnings ratio of 14.60 and a beta of 1.14. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 0.26.
First Citizens BancShares (NASDAQ:FCNCA) last issued its quarterly earnings results on Wednesday, October 25th. The bank reported $5.58 earnings per share for the quarter. First Citizens BancShares had a return on equity of 10.17% and a net margin of 20.60%. The company had revenue of $398.56 million for the quarter.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 2nd. Shareholders of record on Monday, December 18th will be paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.36%. The ex-dividend date is Friday, December 15th. This is a positive change from First Citizens BancShares’s previous quarterly dividend of $0.30. First Citizens BancShares’s dividend payout ratio is currently 4.48%.
First Citizens BancShares declared that its Board of Directors has authorized a stock repurchase program on Wednesday, October 25th that permits the company to repurchase 800,000 outstanding shares. This repurchase authorization permits the bank to purchase shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.
FCNCA has been the topic of a number of recent analyst reports. ValuEngine lowered First Citizens BancShares from a “buy” rating to a “hold” rating in a research note on Friday, August 18th. BidaskClub lowered First Citizens BancShares from a “hold” rating to a “sell” rating in a research note on Monday, July 31st.
First Citizens BancShares Profile
First Citizens BancShares, Inc (BancShares) is a holding company of First-Citizens Bank & Trust Company (FCB). As of December 31, 2016, BancShares operated in 21 states providing a range of financial services to individuals, businesses and professionals. FCB offers a range of retail and commercial banking services.
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