BidaskClub Lowers First Citizens BancShares (FCNCA) to Sell

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BidaskClub cut shares of First Citizens BancShares (NASDAQ:FCNCA) from a hold rating to a sell rating in a report released on Friday, September 21st.

NASDAQ FCNCA traded down $12.86 on Friday, reaching $430.39. The company had a trading volume of 52,964 shares, compared to its average volume of 38,817. The firm has a market cap of $5.43 billion, a PE ratio of 15.94 and a beta of 1.13. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.07. First Citizens BancShares has a 1-year low of $379.58 and a 1-year high of $488.44.

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

The business also recently announced a quarterly dividend, which was paid on Monday, October 1st. Investors of record on Monday, September 17th were paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 0.33%. The ex-dividend date of this dividend was Friday, September 14th.

In other First Citizens BancShares news, CFO Craig L. Nix acquired 60 shares of First Citizens BancShares stock in a transaction dated Wednesday, September 5th. The stock was bought at an average cost of $471.75 per share, for a total transaction of $28,305.00. Following the purchase, the chief financial officer now directly owns 60 shares in the company, valued at approximately $28,305. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. 19.20% of the stock is currently owned by corporate insiders.

Several institutional investors have recently bought and sold shares of FCNCA. Public Employees Retirement Association of Colorado acquired a new stake in First Citizens BancShares in the 2nd quarter valued at about $118,000. Bank of Montreal Can acquired a new stake in First Citizens BancShares in the 2nd quarter valued at about $208,000. Verition Fund Management LLC acquired a new stake in First Citizens BancShares in the 2nd quarter valued at about $213,000. Meeder Asset Management Inc. lifted its stake in First Citizens BancShares by 867.2% in the 2nd quarter. Meeder Asset Management Inc. now owns 619 shares of the bank’s stock valued at $250,000 after purchasing an additional 555 shares during the last quarter. Finally, First Republic Investment Management Inc. acquired a new stake in First Citizens BancShares in the 1st quarter valued at about $258,000. Institutional investors own 44.83% 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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