First Citizens BancShares, Inc. $FCNCA is Reinhart Partners LLC.’s 4th Largest Position

Reinhart Partners LLC. raised its holdings in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 7.5% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 84,206 shares of the bank’s stock after acquiring an additional 5,909 shares during the quarter. First Citizens BancShares accounts for approximately 4.0% of Reinhart Partners LLC.’s investment portfolio, making the stock its 4th biggest position. Reinhart Partners LLC.’s holdings in First Citizens BancShares were worth $175,253,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of FCNCA. Cooper Financial Group boosted its position in shares of First Citizens BancShares by 6.5% during the second quarter. Cooper Financial Group now owns 131 shares of the bank’s stock valued at $273,000 after buying an additional 8 shares during the last quarter. Balefire LLC bought a new position in First Citizens BancShares during the 2nd quarter valued at about $223,000. Versant Capital Management Inc lifted its stake in First Citizens BancShares by 78.9% during the 2nd quarter. Versant Capital Management Inc now owns 68 shares of the bank’s stock valued at $141,000 after acquiring an additional 30 shares during the period. NewEdge Advisors LLC boosted its holdings in shares of First Citizens BancShares by 219.3% during the 1st quarter. NewEdge Advisors LLC now owns 1,590 shares of the bank’s stock valued at $3,001,000 after acquiring an additional 1,092 shares during the last quarter. Finally, Quantinno Capital Management LP boosted its holdings in shares of First Citizens BancShares by 65.5% during the 1st quarter. Quantinno Capital Management LP now owns 6,301 shares of the bank’s stock valued at $11,876,000 after acquiring an additional 2,493 shares during the last quarter. 78.01% of the stock is owned by institutional investors.

Insider Buying and Selling at First Citizens BancShares

In other news, CEO Frank B. Holding, Jr. acquired 5,940 shares of First Citizens BancShares stock in a transaction dated Tuesday, May 12th. The stock was purchased at an average cost of $1,726.82 per share, with a total value of $10,257,310.80. Following the completion of the purchase, the chief executive officer directly owned 38,111 shares in the company, valued at approximately $65,810,837.02. This trade represents a 18.46% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have purchased 7,190 shares of company stock valued at $12,573,868 in the last three months. Corporate insiders own 14.63% of the company’s stock.

First Citizens BancShares Price Performance

Shares of NASDAQ:FCNCA opened at $2,218.49 on Friday. The firm’s 50 day moving average price is $2,108.09 and its 200-day moving average price is $2,020.43. First Citizens BancShares, Inc. has a twelve month low of $1,623.76 and a twelve month high of $2,289.99. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.67. The stock has a market capitalization of $25.71 billion, a PE ratio of 11.86, a price-to-earnings-growth ratio of 1.71 and a beta of 0.62.

First Citizens BancShares (NASDAQ:FCNCA) last announced its earnings results on Thursday, July 23rd. The bank reported $57.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $56.68. First Citizens BancShares had a net margin of 16.28% and a return on equity of 11.98%. The company had revenue of $2.43 billion during the quarter, compared to analyst estimates of $2.16 billion. Equities research analysts expect that First Citizens BancShares, Inc. will post 190.06 EPS for the current year.

First Citizens BancShares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Monday, August 31st will be paid a dividend of $2.10 per share. This represents a $8.40 annualized dividend and a dividend yield of 0.4%. The ex-dividend date is Monday, August 31st. First Citizens BancShares’s dividend payout ratio (DPR) is currently 4.49%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on FCNCA. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $2,300.00 price objective on shares of First Citizens BancShares in a report on Thursday, July 9th. Weiss Ratings upgraded shares of First Citizens BancShares from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday, July 8th. TD Cowen cut their target price on shares of First Citizens BancShares from $2,500.00 to $2,300.00 and set a “buy” rating for the company in a research report on Monday, April 27th. Citigroup reiterated a “neutral” rating on shares of First Citizens BancShares in a research note on Friday, July 24th. Finally, Jefferies Financial Group reissued a “hold” rating and set a $2,300.00 price target on shares of First Citizens BancShares in a report on Thursday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and eleven have issued a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $2,278.31.

About First Citizens BancShares

First Citizens BancShares, Inc is the bank holding company for First Citizens Bank, a full‑service commercial bank headquartered in Raleigh, North Carolina. The company traces its roots to a community bank founded in 1898 and has grown into a diversified financial services organization that operates through its banking subsidiary to serve retail, commercial and institutional clients.

First Citizens offers a broad suite of banking products and services, including consumer and business deposit accounts, commercial and industrial lending, real estate and mortgage lending, treasury and cash management, and specialized lending solutions.