First Citizens BancShares Inc. Class A (FCNCA) Upgraded at BidaskClub

Share on StockTwits

First Citizens BancShares Inc. Class A (NASDAQ:FCNCA) was upgraded by equities research analysts at BidaskClub from a “hold” rating to a “buy” rating in a research note issued to investors on Friday.

FCNCA stock opened at $456.46 on Friday. The stock has a market capitalization of $5.30 billion, a PE ratio of 15.56 and a beta of 1.06. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.83 and a quick ratio of 0.83. First Citizens BancShares Inc. Class A has a 12 month low of $323.74 and a 12 month high of $463.44.

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

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

Several institutional investors have recently added to or reduced their stakes in the company. Schroder Investment Management Group increased its stake in shares of First Citizens BancShares Inc. Class A by 1,659.2% in the second quarter. Schroder Investment Management Group now owns 1,204,887 shares of the bank’s stock valued at $31,086,000 after buying an additional 1,136,397 shares during the period. Verition Fund Management LLC acquired a new position in shares of First Citizens BancShares Inc. Class A in the second quarter valued at approximately $213,000. Jane Street Group LLC acquired a new position in shares of First Citizens BancShares Inc. Class A in the second quarter valued at approximately $1,097,000. California Public Employees Retirement System increased its stake in shares of First Citizens BancShares Inc. Class A by 14.5% in the second quarter. California Public Employees Retirement System now owns 21,371 shares of the bank’s stock valued at $8,619,000 after buying an additional 2,714 shares during the period. Finally, Millennium Management LLC increased its stake in shares of First Citizens BancShares Inc. Class A by 13,075.7% in the second quarter. Millennium Management LLC now owns 99,872 shares of the bank’s stock valued at $40,278,000 after buying an additional 99,114 shares during the period. 45.24% of the stock is owned by institutional investors.

About First Citizens BancShares Inc. Class A

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.

Further Reading: What is the NASDAQ?

Receive News & Ratings for First Citizens BancShares Inc. Class A Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for First Citizens BancShares Inc. Class A and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply