First Citizens BancShares (NASDAQ:FCNCA) Cut to “Sell” at BidaskClub

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

Shares of First Citizens BancShares stock opened at $431.08 on Monday. First Citizens BancShares has a one year low of $355.18 and a one year high of $488.44. The firm has a market capitalization of $4.88 billion, a P/E ratio of 12.34 and a beta of 1.21. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.84 and a current ratio of 0.85. The stock’s 50-day moving average is $437.96.

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

The business also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Monday, June 17th will be paid a $0.40 dividend. The ex-dividend date of this dividend is Friday, June 14th. This represents a $1.60 annualized dividend and a yield of 0.37%.

In other First Citizens BancShares news, Chairman Frank B. Holding, Jr. bought 200 shares of the stock in a transaction dated Friday, June 14th. The shares were acquired at an average cost of $370.55 per share, for a total transaction of $74,110.00. Following the completion of the transaction, the chairman now owns 386,303 shares in the company, valued at approximately $143,144,576.65. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Claire H. Bristow sold 10,000 shares of the firm’s stock in a transaction that occurred on 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 transaction, the insider now owns 30,000 shares in the company, valued at $13,440,000. The disclosure for this sale can be found here. Insiders acquired 8,745 shares of company stock worth $3,278,615 over the last quarter. 16.20% of the stock is currently owned by insiders.

Several institutional investors and hedge funds have recently made changes to their positions in FCNCA. Pennsylvania Trust Co grew its position in First Citizens BancShares by 3,086.0% in the 1st quarter. Pennsylvania Trust Co now owns 403,568 shares of the bank’s stock valued at $47,591,000 after buying an additional 390,901 shares during the last quarter. Norges Bank purchased a new position in First Citizens BancShares in the 4th quarter valued at $33,921,000. Basswood Capital Management L.L.C. grew its position in First Citizens BancShares by 225.7% in the 4th quarter. Basswood Capital Management L.L.C. now owns 48,943 shares of the bank’s stock valued at $18,454,000 after buying an additional 33,915 shares during the last quarter. Canada Pension Plan Investment Board purchased a new position in First Citizens BancShares in the 4th quarter valued at $5,806,000. Finally, Kepos Capital LP grew its position in First Citizens BancShares by 271.6% in the 4th quarter. Kepos Capital LP now owns 11,902 shares of the bank’s stock valued at $4,488,000 after buying an additional 8,699 shares during the last quarter. Institutional investors and hedge funds own 44.42% of the company’s stock.

First Citizens BancShares Company Profile

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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