Allegiance Financial Group Advisory Services LLC Has $2.02 Million Stake in First Citizens BancShares, Inc. $FCNCA

Allegiance Financial Group Advisory Services LLC reduced its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 2.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,034 shares of the bank’s stock after selling 26 shares during the period. First Citizens BancShares accounts for about 0.5% of Allegiance Financial Group Advisory Services LLC’s portfolio, making the stock its 27th largest holding. Allegiance Financial Group Advisory Services LLC’s holdings in First Citizens BancShares were worth $2,023,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. SVB Wealth LLC acquired a new stake in First Citizens BancShares in the 1st quarter valued at $35,000. Community Bank N.A. acquired a new stake in First Citizens BancShares in the 1st quarter valued at $44,000. Wayfinding Financial LLC acquired a new stake in First Citizens BancShares in the 1st quarter valued at $64,000. Brooklyn Investment Group increased its stake in First Citizens BancShares by 32.1% in the 1st quarter. Brooklyn Investment Group now owns 37 shares of the bank’s stock valued at $67,000 after buying an additional 9 shares during the last quarter. Finally, Toth Financial Advisory Corp increased its stake in First Citizens BancShares by 32.5% in the 2nd quarter. Toth Financial Advisory Corp now owns 53 shares of the bank’s stock valued at $104,000 after buying an additional 13 shares during the last quarter. 78.01% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. UBS Group reissued a “buy” rating and issued a $2,410.00 price objective on shares of First Citizens BancShares in a research report on Wednesday, July 9th. Weiss Ratings reissued a “buy (b-)” rating on shares of First Citizens BancShares in a research report on Wednesday. JPMorgan Chase & Co. lifted their price objective on shares of First Citizens BancShares from $2,100.00 to $2,250.00 and gave the company an “overweight” rating in a research report on Tuesday, July 1st. Truist Financial decreased their price objective on shares of First Citizens BancShares from $2,240.00 to $2,000.00 and set a “hold” rating for the company in a research report on Friday, October 3rd. Finally, The Goldman Sachs Group decreased their price objective on shares of First Citizens BancShares from $2,250.00 to $1,950.00 and set a “buy” rating for the company in a research report on Monday. Nine research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, First Citizens BancShares presently has a consensus rating of “Moderate Buy” and a consensus target price of $2,227.69.

First Citizens BancShares Stock Performance

Shares of FCNCA stock opened at $1,756.20 on Thursday. The company has a market capitalization of $22.69 billion, a price-to-earnings ratio of 10.36 and a beta of 0.60. The company has a debt-to-equity ratio of 1.76, a quick ratio of 1.04 and a current ratio of 1.04. The company has a 50-day simple moving average of $1,894.81 and a 200 day simple moving average of $1,884.03. 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 posted its quarterly earnings data on Friday, July 25th. The bank reported $44.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $39.08 by $5.70. The firm had revenue of $2.38 billion during the quarter, compared to the consensus estimate of $2.21 billion. First Citizens BancShares had a net margin of 16.37% and a return on equity of 11.32%. On average, sell-side analysts predict that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current year.

First Citizens BancShares Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Friday, August 29th were issued a $1.95 dividend. The ex-dividend date of this dividend was Friday, August 29th. This represents a $7.80 dividend on an annualized basis and a yield of 0.4%. First Citizens BancShares’s payout ratio is currently 4.60%.

Insider Buying and Selling at First Citizens BancShares

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. acquired 600 shares of the business’s stock in a transaction on Thursday, August 7th. The stock was purchased at an average price of $1,698.75 per share, with a total value of $1,019,250.00. Following the acquisition, the chief executive officer directly owned 32,300 shares of the company’s stock, valued at approximately $54,869,625. This trade represents a 1.89% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Hope Holding Bryant acquired 409 shares of the business’s stock in a transaction on Thursday, August 7th. The stock was acquired at an average cost of $1,630.00 per share, with a total value of $666,670.00. Following the acquisition, the insider directly owned 1,764 shares in the company, valued at approximately $2,875,320. This trade represents a 30.18% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired 1,494 shares of company stock valued at $2,485,986 in the last quarter. Company insiders own 13.40% of the company’s stock.

About First Citizens BancShares

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.