ReportWire

Tag: FCNCA

  • Allianz Asset Management GmbH Cuts Stock Holdings in First Citizens BancShares, Inc. $FCNCA

    [ad_1]

    Allianz Asset Management GmbH reduced its position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA – Free Report) by 49.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 265 shares of the bank’s stock after selling 255 shares during the period. Allianz Asset Management GmbH’s holdings in First Citizens BancShares were worth $518,000 at the end of the most recent quarter.

    Several other large investors also recently bought and sold shares of FCNCA. SVB Wealth LLC purchased a new stake in shares of First Citizens BancShares in the first quarter valued at approximately $35,000. Wayfinding Financial LLC purchased a new stake in shares of First Citizens BancShares in the first quarter valued at approximately $64,000. Brooklyn Investment Group grew its position in shares of First Citizens BancShares by 32.1% in the first quarter. Brooklyn Investment Group now owns 37 shares of the bank’s stock valued at $67,000 after purchasing an additional 9 shares in the last quarter. Toth Financial Advisory Corp grew its position in shares of First Citizens BancShares by 32.5% in the second quarter. Toth Financial Advisory Corp now owns 53 shares of the bank’s stock valued at $104,000 after purchasing an additional 13 shares in the last quarter. Finally, State of Wyoming grew its position in shares of First Citizens BancShares by 15.8% in the first quarter. State of Wyoming now owns 66 shares of the bank’s stock valued at $122,000 after purchasing an additional 9 shares in the last quarter. 78.01% of the stock is currently owned by hedge funds and other institutional investors.

    Insider Transactions at First Citizens BancShares

    In related news, CEO Frank B. Holding, Jr. acquired 600 shares of the business’s stock in a transaction dated Thursday, August 7th. The shares were acquired at an average price of $1,698.75 per share, with a total value of $1,019,250.00. Following the completion of the transaction, the chief executive officer owned 32,300 shares of the company’s stock, valued at $54,869,625. The trade was a 1.89% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Olivia Britton Holding acquired 409 shares of the business’s stock in a transaction dated Thursday, August 7th. The shares were bought at an average cost of $1,630.00 per share, for a total transaction of $666,670.00. Following the transaction, the insider directly owned 1,764 shares of the company’s stock, valued at approximately $2,875,320. This trade represents a 30.18% increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 1,428 shares of company stock valued at $2,371,476. 13.40% of the stock is currently owned by company insiders.

    First Citizens BancShares Stock Up 0.6%

    NASDAQ:FCNCA opened at $1,786.10 on Tuesday. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.76. The stock’s fifty day moving average is $1,857.30 and its two-hundred day moving average is $1,884.71. First Citizens BancShares, Inc. has a 52 week low of $1,473.62 and a 52 week high of $2,412.93. The stock has a market capitalization of $23.08 billion, a price-to-earnings ratio of 10.56 and a beta of 0.60.

    First Citizens BancShares (NASDAQ:FCNCA – Get Free Report) last released its quarterly earnings results on Thursday, October 23rd. The bank reported $44.62 EPS for the quarter, topping analysts’ consensus estimates of $41.51 by $3.11. First Citizens BancShares had a return on equity of 11.06% and a net margin of 15.99%.The company had revenue of $2.25 billion for the quarter, compared to analysts’ expectations of $2.21 billion. Research analysts anticipate that First Citizens BancShares, Inc. will post 167.59 EPS for the current year.

    First Citizens BancShares Increases Dividend

    The company also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Friday, November 28th will be paid a dividend of $2.10 per share. This represents a $8.40 dividend on an annualized basis and a yield of 0.5%. This is a positive change from First Citizens BancShares’s previous quarterly dividend of $1.95. The ex-dividend date is Friday, November 28th. First Citizens BancShares’s payout ratio is currently 4.97%.

    Analysts Set New Price Targets

    A number of research firms have recently issued reports on FCNCA. Keefe, Bruyette & Woods dropped their price target on First Citizens BancShares from $2,100.00 to $2,050.00 and set an “outperform” rating for the company in a research report on Friday. Raymond James Financial set a $2,100.00 price target on First Citizens BancShares in a research report on Tuesday, October 7th. Wall Street Zen cut First Citizens BancShares from a “hold” rating to a “sell” rating in a report on Sunday, September 28th. JPMorgan Chase & Co. upped their price objective on First Citizens BancShares from $2,100.00 to $2,250.00 and gave the company an “overweight” rating in a report on Tuesday, July 1st. Finally, Weiss Ratings cut First Citizens BancShares from a “buy (b-)” rating to a “hold (c+)” rating in a report on Saturday. Seven equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $2,166.67.

    Get Our Latest Analysis on First Citizens BancShares

    First Citizens BancShares Profile

    (Free Report)

    First Citizens BancShares, Inc operates as the holding company for First-Citizens Bank & Trust Company that provides retail and commercial banking services to individuals, businesses, and professionals. The company’s deposit products include checking, savings, money market, and time deposit accounts.

    Featured Stories

    Want to see what other hedge funds are holding FCNCA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for First Citizens BancShares, Inc. (NASDAQ:FCNCA – Free Report).

    Institutional Ownership by Quarter for First Citizens BancShares (NASDAQ:FCNCA)



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

    [ad_2]

    ABMN Staff

    Source link

  • First Citizens reports $9.5 bln profit on Silicon Valley Bank acquisition

    First Citizens reports $9.5 bln profit on Silicon Valley Bank acquisition

    [ad_1]

    First Citizens Bancshares Inc. FCNCA on Wednesday reported a first-quarter profit of $9.5 billion, or $653.64 a share, up sharply from a year-ago profit of $264 million, or $16.70 a share. The bank said its March 27 acquisition of Silicon Valley Bank from the Federal Reserve Insurance Co. included a preliminary gain of $9.8 billion net of tax. Adjusted net income in the latest quarter was $20.09 a share, short of the analyst forecast of $22.29 a share, according to estimates compiled by FactSet. CEO Frank B. Holding Jr. said the bank has made strides to integrate Silicon Valley Bank including “meaningful engagement”…

    [ad_2]

    Source link

  • U.S. stocks end mostly higher as banks helped buoy S&P 500 after First Citizens deal

    U.S. stocks end mostly higher as banks helped buoy S&P 500 after First Citizens deal

    [ad_1]

    U.S. stocks closed mostly higher Monday, as bank shares climbed after First Citizens BancShares Inc.
    FCNCA,
    +53.74%
    agreed to buy failed Silicon Valley Bank’s deposits and loans. The Dow Jones Industrial Average
    DJIA,
    +0.60%
    finished 0.6% higher, while the S&P 500
    SPX,
    +0.16%
    gained 0.2% and the technology-heavy Nasdaq Composite
    COMP,
    -0.47%
    slipped 0.5%, according to preliminary data from FactSet. Regional and big banks helped buoy the S&P 500, with First Republic Bank
    FRC,
    +11.81%
    among the index’s top-performing stocks, FactSet data show. Shares of major Wall Street banks such as Bank of America Corp.
    BAC,
    +4.97%    ,
    Citigroup Inc.
    C,
    +3.87%    ,
    Wells Fargo & Co.
    WFC,
    +3.42%
    and JPMorgan Chase & Co.
    JPM,
    +2.87%
    also saw sharp gains in Monday’s trading session.

    [ad_2]

    Source link

  • First Citizens Buys Large Parts of Failed Silicon Valley Bank

    First Citizens Buys Large Parts of Failed Silicon Valley Bank

    [ad_1]

    First Citizens Buys Up Large Parts of Silicon Valley Bank After Collapse

    [ad_2]

    Source link

  • First Citizens enters agreement to buy Silicon Valley Bridge Bank, says FDIC

    First Citizens enters agreement to buy Silicon Valley Bridge Bank, says FDIC

    [ad_1]

    First Citizens BancShares Inc. has entered a deal to assume all the deposits and loans of the failed Silicon Valley Bridge Bank from the Federal Deposit Insurance Corp., the regulator announced on Monday.

    As of Monday, the 17 former branches of Silicon Valley Bridge Bank, National Association, will open as First Citizens
    FCNCA,
    -1.11%    ,
    FDIC said. The FDIC has been trying to auction off Silicon Valley Bank for about two weeks, since it became the largest U.S. bank to go bust since Washington Mutual in 2008.

    As of March 10, Silicon Valley Bridge Bank had approximately $167 billion in total assets and about $119 billion in total deposits, the FDIC said. The deal included the purchase of about $72 billion of Silicon Valley Bridge Bank’s assets at a discount of $16.5 billion.

    Roughly $90 billion in securities and other assets will remain in FDIC receivership for disposition, and the regulator has received equity appreciation rights in First Citizens common stock worth up to $500 million.

    The FDIC and the Raleigh, North Carolina-based bank entered into a loss–share transaction on the commercial loans it purchased of former Silicon Valley Bridge Bank.  The FDIC said it will share in the losses and potential recoveries on the loans covered by that agreement, which is “projected to maximize recoveries on the assets by keeping them in the private sector,” and minimize disruptions for loan customers.  First Citizens will also assume all loan–related qualified financial contracts.

    The FDIC estimates the cost of the failure of Silicon Valley Bank to its Deposit Insurance Fund at roughly $20 billion, the exact cost of which will be determined when receivership is terminated.

    The FDIC created Silicon Valley Bridge Bank, National Association, following the closure of Silicon Valley Bank by the California Department of Financial Protection and Innovation.

    Speculation that First Citizens, which has bought 20 failed banks since 2009, was pursuing an acquisition of Silicon Valley National Bank emerged last week. Bloomberg, which first reported First Citizens would enter a deal for the bank on Sunday, also reported that Valley National Bancorp
    VLY,
    +2.87%
     was trying to purchase the failed bank. It said First Citizens had previously made an offer for the bank immediately after it collapsed.

    First Citizens shares have sunk 23% year to date — mostly over the past month — and are down 15% over the past 12 months, compared to the S&P 500’s
    SPX,
    +0.56%
    3.4% gain in 2023 and 13% decline over the past year.

    [ad_2]

    Source link

  • FCNCA Stock Price | First Citizens Bancshares Inc. Cl A Stock Quote (U.S.: Nasdaq) | MarketWatch

    FCNCA Stock Price | First Citizens Bancshares Inc. Cl A Stock Quote (U.S.: Nasdaq) | MarketWatch

    [ad_1]

    First Citizens Bancshares Inc. Cl A

    First Citizens BancShares, Inc. is a bank holding company, which provides retail and commercial banking services through its subsidiaries. The company operates under the following segments: General Banking, Commercial Banking, Rail, and Corporate. The General Banking delivers services to individuals through branch networks. The Commercial Banking provides lending, leasing and other financial and advisory services to small and middle market companies. The Rail segment deals with the provision of equipment leasing and secured financing for railroads and shippers. The Corporate segment is comprised of investment securities and interest bearing cash. The company was founded on August 7, 1986 and is headquartered in Raleigh, NC.

    [ad_2]

    Source link