10,000 Shares in First Citizens BancShares, Inc. (NASDAQ:FCNCA) Acquired by Steamboat Capital Partners LLC

Steamboat Capital Partners LLC acquired a new position in First Citizens BancShares, Inc. (NASDAQ:FCNCA) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 10,000 shares of the bank’s stock, valued at approximately $9,731,000. First Citizens BancShares makes up about 3.2% of Steamboat Capital Partners LLC’s investment portfolio, making the stock its 12th biggest holding. Steamboat Capital Partners LLC owned approximately 0.07% of First Citizens BancShares as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in First Citizens BancShares by 106.0% during the 1st quarter. Vanguard Group Inc. now owns 1,105,554 shares of the bank’s stock valued at $735,855,000 after acquiring an additional 568,929 shares in the last quarter. Wellington Management Group LLP boosted its position in First Citizens BancShares by 30.9% during the 1st quarter. Wellington Management Group LLP now owns 594,276 shares of the bank’s stock valued at $395,550,000 after acquiring an additional 140,410 shares in the last quarter. State Street Corp boosted its position in First Citizens BancShares by 53.7% during the 1st quarter. State Street Corp now owns 402,593 shares of the bank’s stock valued at $267,966,000 after acquiring an additional 140,626 shares in the last quarter. Invesco Ltd. boosted its position in First Citizens BancShares by 113.0% during the 1st quarter. Invesco Ltd. now owns 371,016 shares of the bank’s stock valued at $246,949,000 after acquiring an additional 196,851 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in First Citizens BancShares by 88.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 268,916 shares of the bank’s stock valued at $179,001,000 after acquiring an additional 126,483 shares in the last quarter. Institutional investors own 62.73% of the company’s stock.

Wall Street Analysts Forecast Growth

FCNCA has been the subject of a number of recent analyst reports. StockNews.com initiated coverage on First Citizens BancShares in a research report on Thursday, August 17th. They issued a “hold” rating for the company. UBS Group raised their price objective on First Citizens BancShares from $1,490.00 to $1,780.00 and gave the stock a “buy” rating in a research report on Monday, August 7th. Finally, Atlantic Securities initiated coverage on First Citizens BancShares in a research report on Wednesday, June 28th. They issued an “overweight” rating and a $1,775.00 price objective for the company.

First Citizens BancShares Price Performance

Shares of NASDAQ:FCNCA traded up $38.58 during trading on Tuesday, reaching $1,365.47. 25,629 shares of the company’s stock traded hands, compared to its average volume of 140,284. First Citizens BancShares, Inc. has a fifty-two week low of $505.84 and a fifty-two week high of $1,512.07. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 2.10. The firm has a market cap of $19.83 billion, a PE ratio of 1.80 and a beta of 0.97. The company has a 50-day simple moving average of $1,378.26 and a 200-day simple moving average of $1,151.15.

First Citizens BancShares (NASDAQ:FCNCA) last posted its quarterly earnings data on Thursday, August 3rd. The bank reported $52.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $45.91 by $6.69. First Citizens BancShares had a return on equity of 12.69% and a net margin of 60.22%. The company had revenue of $2.62 billion for the quarter, compared to analysts’ expectations of $2.31 billion. As a group, analysts predict that First Citizens BancShares, Inc. will post 160.36 earnings per share for the current year.

First Citizens BancShares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Thursday, August 31st will be issued a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 0.22%. The ex-dividend date is Wednesday, August 30th. First Citizens BancShares’s dividend payout ratio is currently 0.41%.

Insider Transactions at First Citizens BancShares

In related news, CEO Frank B. Holding, Jr. bought 3,700 shares of the stock in a transaction dated Friday, June 16th. The shares were acquired at an average cost of $1,233.13 per share, for a total transaction of $4,562,581.00. Following the acquisition, the chief executive officer now directly owns 97,332 shares in the company, valued at approximately $120,023,009.16. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, Chairman Ellen R. Alemany sold 1,500 shares of First Citizens BancShares stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $1,500.28, for a total transaction of $2,250,420.00. Following the sale, the chairman now owns 17,097 shares of the company’s stock, valued at approximately $25,650,287.16. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Frank B. Holding, Jr. purchased 3,700 shares of First Citizens BancShares stock in a transaction dated Friday, June 16th. The shares were purchased at an average cost of $1,233.13 per share, for a total transaction of $4,562,581.00. Following the transaction, the chief executive officer now owns 97,332 shares in the company, valued at approximately $120,023,009.16. The disclosure for this purchase can be found here. 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.