BidaskClub upgraded shares of First Citizens BancShares (NASDAQ:FCNCA) from a sell rating to a hold rating in a research report sent to investors on Tuesday, BidAskClub reports.

FCNCA opened at $460.84 on Tuesday. First Citizens BancShares has a 52-week low of $355.18 and a 52-week high of $488.44. The company has a market capitalization of $5.13 billion, a price-to-earnings ratio of 12.94 and a beta of 1.18. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 0.05. The stock’s 50-day moving average is $439.38.

First Citizens BancShares (NASDAQ:FCNCA) last released its quarterly earnings data on Tuesday, April 30th. The bank reported $9.67 earnings per share (EPS) for the quarter. The firm had revenue of $424.14 million for the quarter. First Citizens BancShares had a return on equity of 11.79% and a net margin of 24.62%.

The business also recently declared a quarterly dividend, which was paid on Monday, July 1st. Investors of record on Monday, June 17th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 0.35%. The ex-dividend date of this dividend was Friday, June 14th.

In related news, insider Peter M. Bristow sold 20,000 shares of the stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $451.50, for a total transaction of $9,030,000.00. Following the sale, the insider now owns 6,737 shares of the company’s stock, valued at $3,041,755.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Claire H. Bristow sold 10,000 shares of the stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $448.00, for a total value of $4,480,000.00. Following the sale, the insider now directly owns 30,000 shares in the company, valued at approximately $13,440,000. The disclosure for this sale can be found here. In the last three months, insiders have purchased 8,845 shares of company stock worth $3,315,615 and have sold 60,000 shares worth $27,105,100. Corporate insiders own 16.20% of the company’s stock.

Several hedge funds have recently modified their holdings of the business. Toronto Dominion Bank bought a new position in shares of First Citizens BancShares in the 1st quarter valued at $35,000. Parallel Advisors LLC lifted its stake in shares of First Citizens BancShares by 131.7% in the 1st quarter. Parallel Advisors LLC now owns 417 shares of the bank’s stock valued at $170,000 after acquiring an additional 237 shares during the last quarter. Cardinal Capital Management bought a new position in shares of First Citizens BancShares in the 1st quarter valued at $202,000. Meeder Asset Management Inc. lifted its stake in shares of First Citizens BancShares by 217.0% in the 1st quarter. Meeder Asset Management Inc. now owns 783 shares of the bank’s stock valued at $319,000 after acquiring an additional 536 shares during the last quarter. Finally, Parametrica Management Ltd lifted its stake in shares of First Citizens BancShares by 39.0% in the 1st quarter. Parametrica Management Ltd now owns 1,051 shares of the bank’s stock valued at $428,000 after acquiring an additional 295 shares during the last quarter. 44.42% of the stock is currently owned by hedge funds and other institutional investors.

About First Citizens BancShares

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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