Cynosure Group LLC Acquires 69 Shares of First Citizens BancShares, Inc. $FCNCA

Cynosure Group LLC grew its holdings in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 12.1% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 637 shares of the bank’s stock after acquiring an additional 69 shares during the quarter. Cynosure Group LLC’s holdings in First Citizens BancShares were worth $1,246,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in FCNCA. MAI Capital Management grew its holdings in shares of 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 purchasing an additional 15 shares during the last quarter. SVB Wealth LLC bought a new position in shares of First Citizens BancShares during the first quarter valued at about $35,000. Creekmur Asset Management LLC purchased a new position in shares of First Citizens BancShares in the second quarter worth about $39,000. Allworth Financial LP lifted its stake in shares of First Citizens BancShares by 35.3% in the 2nd quarter. Allworth Financial LP now owns 23 shares of the bank’s stock valued at $45,000 after acquiring an additional 6 shares during the last quarter. Finally, Brooklyn Investment Group lifted its stake in shares of 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 acquiring an additional 9 shares during the last quarter. Hedge funds and other institutional investors own 78.01% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on FCNCA. Weiss Ratings cut First Citizens BancShares from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Saturday, October 25th. Wall Street Zen downgraded shares of First Citizens BancShares from a “hold” rating to a “sell” rating in a research note on Sunday, September 28th. Keefe, Bruyette & Woods dropped their price target 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 report on Friday, October 24th. Truist Financial raised their price target on shares of First Citizens BancShares from $2,000.00 to $2,050.00 and gave the stock a “hold” rating in a report on Tuesday, October 28th. Finally, Cowen reaffirmed a “buy” rating on shares of First Citizens BancShares in a research note on Monday, July 28th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, First Citizens BancShares has a consensus rating of “Moderate Buy” and an average target price of $2,165.83.

Insider Activity

In other news, Director Ellen R. Alemany bought 300 shares of the firm’s stock in a transaction dated Thursday, November 13th. The stock was purchased at an average price of $1,000.00 per share, with a total value of $300,000.00. Following the transaction, the director owned 300 shares of the company’s stock, valued at approximately $300,000. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 13.40% of the company’s stock.

First Citizens BancShares Stock Performance

NASDAQ:FCNCA opened at $1,868.49 on Friday. 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 firm’s fifty day simple moving average is $1,797.71 and its 200 day simple moving average is $1,893.83. The stock has a market cap of $23.24 billion, a P/E ratio of 11.05 and a beta of 0.75. First Citizens BancShares, Inc. has a twelve month low of $1,473.62 and a twelve month high of $2,412.93.

First Citizens BancShares (NASDAQ:FCNCA) last posted its earnings results on Thursday, October 23rd. The bank reported $44.62 EPS for the quarter, topping the consensus estimate of $41.51 by $3.11. The firm had revenue of $2.25 billion during the quarter, compared to analysts’ expectations of $2.21 billion. First Citizens BancShares had a net margin of 15.99% and a return on equity of 11.06%. As a group, research analysts predict that First Citizens BancShares, Inc. will post 167.59 EPS for the current year.

First Citizens BancShares Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Friday, November 28th will be issued a dividend of $2.10 per share. This is a positive change from First Citizens BancShares’s previous quarterly dividend of $1.95. The ex-dividend date is Friday, November 28th. This represents a $8.40 dividend on an annualized basis and a dividend yield of 0.4%. First Citizens BancShares’s dividend payout ratio (DPR) is currently 4.97%.

First Citizens BancShares Profile

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.