First Citizens BancShares (NASDAQ:FCNCA) Upgraded to Hold by BidaskClub

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

Shares of NASDAQ:FCNCA opened at $460.84 on Tuesday. First Citizens BancShares has a 52-week low of $355.18 and a 52-week high of $488.44. The stock has a fifty day moving average of $439.38. The stock has a market capitalization of $5.13 billion, a price-to-earnings ratio of 12.94 and a beta of 1.18. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.85 and a quick ratio of 0.84.

First Citizens BancShares (NASDAQ:FCNCA) last posted 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 net margin of 24.62% and a return on equity of 11.79%.

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

In related news, Chairman Frank B. Holding, Jr. purchased 200 shares of the firm’s stock in a transaction that occurred on Friday, June 14th. The stock was bought at an average cost of $370.55 per share, with a total value of $74,110.00. Following the completion of the purchase, the chairman now directly owns 386,303 shares in the company, valued at $143,144,576.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Claire H. Bristow sold 10,000 shares of the stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $448.00, for a total transaction of $4,480,000.00. Following the completion of the transaction, the insider now directly owns 30,000 shares of the company’s stock, valued at $13,440,000. The disclosure for this sale can be found here. Over the last ninety days, 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 made changes to their positions in FCNCA. Toronto Dominion Bank purchased a new stake in First Citizens BancShares in the first quarter worth about $35,000. Parallel Advisors LLC grew its holdings in shares of First Citizens BancShares by 131.7% during the first quarter. Parallel Advisors LLC now owns 417 shares of the bank’s stock valued at $170,000 after buying an additional 237 shares during the last quarter. Cardinal Capital Management purchased a new stake in shares of First Citizens BancShares during the first quarter valued at approximately $202,000. Meeder Asset Management Inc. grew its holdings in shares of First Citizens BancShares by 217.0% during the first quarter. Meeder Asset Management Inc. now owns 783 shares of the bank’s stock valued at $319,000 after buying an additional 536 shares during the last quarter. Finally, Citigroup Inc. grew its holdings in shares of First Citizens BancShares by 36.6% during the fourth quarter. Citigroup Inc. now owns 1,123 shares of the bank’s stock valued at $423,000 after buying an additional 301 shares during the last quarter. Institutional investors and hedge funds own 44.42% 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 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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