Greenleaf Trust Reduces Stock Position in First Citizens BancShares, Inc. $FCNCA

Greenleaf Trust cut its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 6.4% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 408 shares of the bank’s stock after selling 28 shares during the period. Greenleaf Trust’s holdings in First Citizens BancShares were worth $798,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the business. JPMorgan Chase & Co. lifted its holdings in First Citizens BancShares by 2.3% in the first quarter. JPMorgan Chase & Co. now owns 401,167 shares of the bank’s stock valued at $743,815,000 after acquiring an additional 9,070 shares during the last quarter. Egerton Capital UK LLP lifted its holdings in First Citizens BancShares by 21.7% in the first quarter. Egerton Capital UK LLP now owns 124,773 shares of the bank’s stock valued at $231,344,000 after acquiring an additional 22,257 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in First Citizens BancShares by 13.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 121,583 shares of the bank’s stock valued at $225,429,000 after acquiring an additional 14,060 shares during the last quarter. Nuveen LLC acquired a new position in First Citizens BancShares in the first quarter valued at approximately $149,963,000. Finally, Alliancebernstein L.P. lifted its holdings in First Citizens BancShares by 3.9% in the first quarter. Alliancebernstein L.P. now owns 77,148 shares of the bank’s stock valued at $143,042,000 after acquiring an additional 2,919 shares during the last quarter. 78.01% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. JPMorgan Chase & Co. upped their price objective on First Citizens BancShares from $2,100.00 to $2,250.00 and gave the company an “overweight” rating in a report on Tuesday, July 1st. UBS Group reiterated a “buy” rating and issued a $2,410.00 price objective on shares of First Citizens BancShares in a report on Wednesday, July 9th. Citigroup restated an “underweight” rating on shares of First Citizens BancShares in a research note on Wednesday. Piper Sandler set a $2,150.00 price target on First Citizens BancShares and gave the stock a “neutral” rating in a research note on Monday, July 28th. Finally, Wall Street Zen cut First Citizens BancShares from a “hold” rating to a “sell” rating in a research note on Sunday, September 28th. Seven equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $2,291.17.

First Citizens BancShares Stock Down 1.0%

NASDAQ:FCNCA opened at $1,742.68 on Friday. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.76. The stock’s fifty day moving average is $1,917.77 and its two-hundred day moving average is $1,886.55. First Citizens BancShares, Inc. has a 52 week low of $1,473.62 and a 52 week high of $2,412.93. The stock has a market capitalization of $22.52 billion, a price-to-earnings ratio of 10.28 and a beta of 0.60.

First Citizens BancShares (NASDAQ:FCNCA) last announced its quarterly earnings data on Friday, July 25th. The bank reported $44.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $39.08 by $5.70. The business had revenue of $2.38 billion for the quarter, compared to analysts’ expectations of $2.21 billion. First Citizens BancShares had a return on equity of 11.32% and a net margin of 16.37%. Research analysts anticipate that First Citizens BancShares, Inc. will post 167.59 EPS for the current year.

First Citizens BancShares Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Friday, August 29th were paid a $1.95 dividend. This represents a $7.80 annualized dividend and a dividend yield of 0.4%. The ex-dividend date was Friday, August 29th. First Citizens BancShares’s dividend payout ratio (DPR) is presently 4.60%.

Insider Activity

In related news, CEO Frank B. Holding, Jr. acquired 600 shares of First Citizens BancShares stock in a transaction dated Thursday, August 7th. The shares were acquired at an average cost of $1,698.75 per share, for a total transaction of $1,019,250.00. Following the completion of the purchase, the chief executive officer owned 32,300 shares in the company, valued at approximately $54,869,625. The trade was a 1.89% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Hope Holding Bryant acquired 409 shares of First Citizens BancShares stock in a transaction dated Thursday, August 7th. The stock was bought at an average price of $1,630.00 per share, for a total transaction of $666,670.00. Following the completion of the purchase, the insider owned 1,764 shares of the company’s stock, valued at approximately $2,875,320. This represents a 30.18% increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 1,494 shares of company stock worth $2,485,986. Corporate insiders own 13.40% of the company’s stock.

About First Citizens BancShares

First Citizens BancShares, Inc operates as the holding company for First-Citizens Bank & Trust Company that provides retail and commercial banking services to individuals, businesses, and professionals. The company's deposit products include checking, savings, money market, and time deposit accounts.