First Citizens BancShares (NASDAQ:FCNCA) Rating Increased to Hold at BidaskClub

BidaskClub upgraded shares of First Citizens BancShares (NASDAQ:FCNCA) from a sell rating to a hold rating in a research note released on Tuesday morning, BidAskClub reports.

NASDAQ FCNCA opened at $460.46 on Tuesday. The stock has a market cap of $5.24 billion, a PE ratio of 13.22 and a beta of 1.18. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 0.05. First Citizens BancShares has a twelve month low of $355.18 and a twelve month high of $488.44. The business’s fifty day simple moving average is $439.82.

First Citizens BancShares (NASDAQ:FCNCA) last released its quarterly earnings results on Tuesday, April 30th. The bank reported $9.67 earnings per share for the quarter. The business had revenue of $424.14 million during the quarter. First Citizens BancShares had a return on equity of 11.79% and a net margin of 24.62%.



The firm also recently declared a quarterly dividend, which was paid on Monday, July 1st. Stockholders of record on Monday, June 17th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.35%. The ex-dividend date was Friday, June 14th.

In related news, insider Peter M. Bristow sold 20,000 shares of the stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $451.50, for a total transaction of $9,030,000.00. Following the transaction, the insider now owns 6,737 shares of the company’s stock, valued at approximately $3,041,755.50. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Peter M. Bristow sold 10,000 shares of the stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $456.51, for a total value of $4,565,100.00. Following the transaction, the insider now directly owns 6,737 shares in the company, valued at approximately $3,075,507.87. The disclosure for this sale can be found here. Over the last quarter, insiders have bought 8,845 shares of company stock valued at $3,315,615 and have sold 60,000 shares valued at $27,105,100. Corporate insiders own 16.20% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Wells Fargo & Company MN raised its holdings in shares of First Citizens BancShares by 2.6% in the first quarter. Wells Fargo & Company MN now owns 148,415 shares of the bank’s stock worth $60,434,000 after acquiring an additional 3,788 shares during the last quarter. Great West Life Assurance Co. Can raised its holdings in shares of First Citizens BancShares by 5.0% in the first quarter. Great West Life Assurance Co. Can now owns 160,541 shares of the bank’s stock worth $65,153,000 after acquiring an additional 7,665 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in shares of First Citizens BancShares by 13.4% in the first quarter. JPMorgan Chase & Co. now owns 19,568 shares of the bank’s stock worth $7,968,000 after acquiring an additional 2,308 shares during the last quarter. Parametrica Management Ltd raised its holdings in shares of First Citizens BancShares by 39.0% in the first quarter. Parametrica Management Ltd now owns 1,051 shares of the bank’s stock worth $428,000 after acquiring an additional 295 shares during the last quarter. Finally, Toronto Dominion Bank acquired a new position in shares of First Citizens BancShares in the first quarter worth $35,000. 44.42% of the stock is currently owned by hedge funds and other institutional investors.

About First Citizens BancShares

First Citizens BancShares, Inc operates as the holding company for First-Citizens Bank & Trust Company that provides banking services to retail and commercial customers. Its deposit products include checking, savings, money market and time deposit accounts. The company's loan products portfolio comprises commercial construction and land development, commercial mortgage, commercial and industrial, lease financing, and other commercial real estate loans; and noncommercial construction and land development, residential mortgage, revolving mortgage, consumer loans, and construction and land development loans.

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