Cambria Investment Management L.P. Purchases New Position in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Cambria Investment Management L.P. acquired a new position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm acquired 329 shares of the bank’s stock, valued at approximately $422,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. BNP Paribas Arbitrage SNC boosted its position in First Citizens BancShares by 685.5% during the second quarter. BNP Paribas Arbitrage SNC now owns 12,002 shares of the bank’s stock valued at $15,404,000 after purchasing an additional 10,474 shares in the last quarter. Intech Investment Management LLC lifted its holdings in shares of First Citizens BancShares by 39.2% during the second quarter. Intech Investment Management LLC now owns 1,207 shares of the bank’s stock worth $1,549,000 after purchasing an additional 340 shares during the period. Banque Cantonale Vaudoise purchased a new stake in shares of First Citizens BancShares in the 2nd quarter valued at $385,000. Sheets Smith Wealth Management grew its position in First Citizens BancShares by 63.5% during the 2nd quarter. Sheets Smith Wealth Management now owns 4,002 shares of the bank’s stock worth $5,136,000 after purchasing an additional 1,555 shares during the period. Finally, Financial Gravity Asset Management Inc. acquired a new stake in First Citizens BancShares during the second quarter worth about $406,000. 62.73% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, CEO Frank B. Holding, Jr. purchased 110 shares of the company’s stock in a transaction dated Tuesday, September 19th. The stock was acquired at an average price of $1,150.00 per share, for a total transaction of $126,500.00. Following the completion of the transaction, the chief executive officer now directly owns 97,442 shares in the company, valued at approximately $112,058,300. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. In other First Citizens BancShares news, CEO Frank B. Holding, Jr. acquired 110 shares of the company’s stock in a transaction dated Tuesday, September 19th. The stock was acquired at an average cost of $1,150.00 per share, with a total value of $126,500.00. Following the purchase, the chief executive officer now directly owns 97,442 shares in the company, valued at approximately $112,058,300. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Ellen R. Alemany sold 2,000 shares of the stock in a transaction on Tuesday, November 14th. The shares were sold at an average price of $1,453.96, for a total value of $2,907,920.00. Following the sale, the director now owns 15,097 shares in the company, valued at approximately $21,950,434.12. The disclosure for this sale can be found here. Insiders own 13.40% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. UBS Group increased their target price on First Citizens BancShares from $1,490.00 to $1,780.00 and gave the company a “buy” rating in a research report on Monday, August 7th. StockNews.com assumed coverage on shares of First Citizens BancShares in a research report on Thursday, October 5th. They set a “hold” rating on the stock. JPMorgan Chase & Co. assumed coverage on First Citizens BancShares in a research note on Wednesday, September 20th. They set an “overweight” rating and a $1,850.00 target price for the company. Citigroup initiated coverage on shares of First Citizens BancShares in a research note on Friday, September 29th. They issued a “neutral” rating and a $1,520.00 price target on the stock. Finally, Wedbush reissued an “outperform” rating and set a $1,800.00 target price on shares of First Citizens BancShares in a research note on Friday, November 3rd. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $1,625.00.

First Citizens BancShares Trading Down 1.9 %

Shares of First Citizens BancShares stock opened at $1,450.80 on Friday. First Citizens BancShares, Inc. has a 1 year low of $505.84 and a 1 year high of $1,512.07. The company has a market capitalization of $21.07 billion, a P/E ratio of 1.89 and a beta of 0.95. The company’s fifty day moving average is $1,367.85 and its two-hundred day moving average is $1,327.99. The company has a debt-to-equity ratio of 1.91, a quick ratio of 1.16 and a current ratio of 1.16.

First Citizens BancShares (NASDAQ:FCNCA) last announced its quarterly earnings data on Thursday, October 26th. The bank reported $55.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $48.35 by $7.57. The company had revenue of $2.61 billion for the quarter, compared to analysts’ expectations of $2.34 billion. First Citizens BancShares had a net margin of 55.28% and a return on equity of 13.64%. Analysts forecast that First Citizens BancShares, Inc. will post 171.13 earnings per share for the current year.

First Citizens BancShares Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Thursday, November 30th will be issued a $1.64 dividend. The ex-dividend date of this dividend is Wednesday, November 29th. This is a boost from First Citizens BancShares’s previous quarterly dividend of $0.75. This represents a $6.56 dividend on an annualized basis and a yield of 0.45%. First Citizens BancShares’s dividend payout ratio (DPR) is 0.39%.

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.