First Citizens BancShares Inc. Class A (NASDAQ:FCNCA) Stock Rating Upgraded by BidaskClub

BidaskClub upgraded shares of First Citizens BancShares Inc. Class A (NASDAQ:FCNCA) from a strong sell rating to a sell rating in a report published on Saturday, August 4th.

Shares of First Citizens BancShares Inc. Class A traded up $1.86, reaching $441.61, during midday trading on Friday, MarketBeat Ratings reports. The company had a trading volume of 50,145 shares, compared to its average volume of 43,013. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.83 and a quick ratio of 0.84. The firm has a market cap of $5.28 billion, a P/E ratio of 15.49 and a beta of 1.06. First Citizens BancShares Inc. Class A has a 1-year low of $323.74 and a 1-year high of $463.44.

First Citizens BancShares Inc. Class A (NASDAQ:FCNCA) last issued its quarterly earnings results on Thursday, July 26th. The bank reported $7.77 earnings per share for the quarter. First Citizens BancShares Inc. Class A had a net margin of 18.68% and a return on equity of 10.12%. The business had revenue of $397.15 million during the quarter.

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 1st. Shareholders of record on Monday, September 17th will be issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 0.32%. The ex-dividend date of this dividend is Friday, September 14th.

In other news, major shareholder Olivia Britton Holding purchased 195 shares of First Citizens BancShares Inc. Class A stock in a transaction dated Wednesday, May 30th. The shares were bought at an average cost of $390.00 per share, with a total value of $76,050.00. Following the completion of the transaction, the insider now directly owns 348,908 shares in the company, valued at approximately $136,074,120. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Chairman Frank B. Holding, Jr. purchased 1,000 shares of First Citizens BancShares Inc. Class A stock in a transaction dated Tuesday, June 12th. The shares were purchased at an average cost of $378.00 per share, for a total transaction of $378,000.00. Following the completion of the transaction, the chairman now owns 311,051 shares of the company’s stock, valued at $117,577,278. The disclosure for this purchase can be found here. Insiders have acquired a total of 1,545 shares of company stock valued at $590,900 in the last ninety days. Company insiders own 19.20% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Deutsche Bank AG increased its stake in shares of First Citizens BancShares Inc. Class A by 60.5% during the 4th quarter. Deutsche Bank AG now owns 19,261 shares of the bank’s stock worth $7,760,000 after purchasing an additional 7,261 shares during the last quarter. Guggenheim Capital LLC increased its stake in shares of First Citizens BancShares Inc. Class A by 13.5% during the 4th quarter. Guggenheim Capital LLC now owns 5,933 shares of the bank’s stock worth $2,391,000 after purchasing an additional 705 shares during the last quarter. Two Sigma Advisers LP increased its stake in shares of First Citizens BancShares Inc. Class A by 6.5% during the 4th quarter. Two Sigma Advisers LP now owns 3,272 shares of the bank’s stock worth $1,319,000 after purchasing an additional 200 shares during the last quarter. MetLife Investment Advisors LLC acquired a new position in shares of First Citizens BancShares Inc. Class A during the 4th quarter worth about $1,343,000. Finally, Xact Kapitalforvaltning AB acquired a new position in shares of First Citizens BancShares Inc. Class A during the 4th quarter worth about $276,000. 45.06% of the stock is currently owned by institutional investors and hedge funds.

First Citizens BancShares Inc. Class A 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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