26,012 Shares in First Citizens BancShares, Inc. $FCNCA Purchased by Rakuten Investment Management Inc.

Rakuten Investment Management Inc. acquired a new position in First Citizens BancShares, Inc. (NASDAQ:FCNCA) during the third quarter, Holdings Channel.com reports. The institutional investor acquired 26,012 shares of the bank’s stock, valued at approximately $46,540,000.

Several other institutional investors have also added to or reduced their stakes in FCNCA. Steph & Co. bought a new position in shares of First Citizens BancShares during the third quarter valued at approximately $32,000. Root Financial Partners LLC purchased a new position in First Citizens BancShares during the 3rd quarter valued at $32,000. MAI Capital Management boosted its holdings in First Citizens BancShares by 500.0% during the 2nd quarter. MAI Capital Management now owns 18 shares of the bank’s stock valued at $35,000 after acquiring an additional 15 shares during the period. Creekmur Asset Management LLC bought a new position in First Citizens BancShares in the 2nd quarter valued at $39,000. Finally, Allworth Financial LP increased its stake in First Citizens BancShares by 35.3% in the second quarter. Allworth Financial LP now owns 23 shares of the bank’s stock worth $45,000 after purchasing an additional 6 shares during the period. Institutional investors own 78.01% of the company’s stock.

Insider Transactions at First Citizens BancShares

In other news, Director Ellen R. Alemany bought 300 shares of the firm’s stock in a transaction that occurred on Thursday, November 13th. The stock was bought at an average price of $1,000.00 per share, with a total value of $300,000.00. Following the completion of the transaction, the director directly owned 300 shares of the company’s stock, valued at approximately $300,000. The trade was a ∞ increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Frank B. Holding, Jr. bought 135 shares of the stock in a transaction on Wednesday, November 26th. The stock was purchased at an average price of $1,629.67 per share, with a total value of $220,005.45. Following the completion of the purchase, the chief executive officer owned 2,527 shares of the company’s stock, valued at $4,118,176.09. This represents a 5.64% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 13.19% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on FCNCA. Keefe, Bruyette & Woods lowered their target price on shares of First Citizens BancShares from $2,100.00 to $2,050.00 and set an “outperform” rating for the company in a research note on Friday, October 24th. Barclays raised their target price on shares of First Citizens BancShares from $2,190.00 to $2,456.00 and gave the stock an “equal weight” rating in a research report on Monday, January 5th. Truist Financial boosted their price target on First Citizens BancShares from $2,000.00 to $2,050.00 and gave the company a “hold” rating in a report on Tuesday, October 28th. Citigroup raised their price objective on First Citizens BancShares from $2,000.00 to $2,250.00 and gave the stock a “neutral” rating in a report on Tuesday, December 30th. Finally, Wall Street Zen cut First Citizens BancShares from a “hold” rating to a “sell” rating in a report on Sunday, September 28th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, First Citizens BancShares presently has a consensus rating of “Moderate Buy” and a consensus price target of $2,250.55.

First Citizens BancShares Stock Performance

Shares of NASDAQ:FCNCA opened at $2,124.35 on Wednesday. The firm has a 50 day moving average of $2,040.68 and a 200 day moving average of $1,950.73. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.81. The company has a market capitalization of $26.42 billion, a price-to-earnings ratio of 12.56 and a beta of 0.69. First Citizens BancShares, Inc. has a 52 week low of $1,473.62 and a 52 week high of $2,412.93.

First Citizens BancShares (NASDAQ:FCNCA) last announced its earnings results on Thursday, October 23rd. The bank reported $44.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $41.51 by $3.11. First Citizens BancShares had a return on equity of 11.09% and a net margin of 15.99%.The business had revenue of $2.25 billion for the quarter, compared to analysts’ expectations of $2.21 billion. On average, sell-side analysts predict that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current fiscal year.

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.