First Citizens BancShares (NASDAQ:FCNCA) Downgraded to “Sell” at ValuEngine

ValuEngine lowered shares of First Citizens BancShares (NASDAQ:FCNCA) from a hold rating to a sell rating in a research report report published on Thursday morning, ValuEngine reports.

Separately, BidaskClub upgraded First Citizens BancShares from a sell rating to a hold rating in a research report on Tuesday, July 9th.

Shares of First Citizens BancShares stock traded down $5.20 during trading on Thursday, reaching $445.90. The company’s stock had a trading volume of 39,031 shares, compared to its average volume of 50,114. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 0.05. First Citizens BancShares has a 12-month low of $355.18 and a 12-month high of $488.44. The firm has a market capitalization of $5.31 billion, a P/E ratio of 12.40 and a beta of 1.15. The business’s 50 day simple moving average is $450.93.

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. First Citizens BancShares had a return on equity of 12.49% and a net margin of 25.38%. The firm had revenue of $424.14 million for the quarter.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 7th. Stockholders of record on Monday, September 16th will be given a $0.40 dividend. The ex-dividend date is Friday, September 13th. This represents a $1.60 annualized dividend and a dividend yield of 0.36%.

In other First Citizens BancShares news, Chairman Frank B. Holding, Jr. bought 100 shares of the company’s stock in a transaction that occurred on Tuesday, June 25th. The stock was purchased at an average cost of $370.00 per share, for a total transaction of $37,000.00. Following the completion of the purchase, the chairman now owns 386,303 shares of the company’s stock, valued at approximately $142,932,110. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Peter M. Bristow sold 10,000 shares of the company’s stock in a transaction on Friday, July 5th. The shares were sold at an average price of $456.51, for a total value of $4,565,100.00. Following the completion of the transaction, the insider now owns 6,737 shares of the company’s stock, valued at $3,075,507.87. The disclosure for this sale can be found here. Over the last quarter, insiders purchased 8,845 shares of company stock valued at $3,315,615 and sold 60,000 shares valued at $27,105,100. Corporate insiders own 16.20% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in the stock. Toronto Dominion Bank acquired a new stake in First Citizens BancShares during the first quarter worth about $35,000. Parallel Advisors LLC increased its stake in First Citizens BancShares by 131.7% during the first quarter. Parallel Advisors LLC now owns 417 shares of the bank’s stock worth $170,000 after acquiring an additional 237 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in First Citizens BancShares by 10.4% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 381 shares of the bank’s stock worth $172,000 after acquiring an additional 36 shares during the last quarter. Cardinal Capital Management acquired a new stake in First Citizens BancShares during the first quarter worth about $202,000. Finally, Pettinga Financial Advisors LLC acquired a new stake in First Citizens BancShares during the second quarter worth about $218,000. Hedge funds and other institutional investors own 44.41% 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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