First Citizens BancShares, Inc. (NASDAQ:FCNCA) is First Citizens Bank & Trust Co.’s 8th Largest Position

First Citizens Bank & Trust Co. trimmed its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 13.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 78,874 shares of the bank’s stock after selling 12,633 shares during the period. First Citizens BancShares makes up approximately 2.5% of First Citizens Bank & Trust Co.’s portfolio, making the stock its 8th biggest holding. First Citizens Bank & Trust Co. owned approximately 0.58% of First Citizens BancShares worth $146,242,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of FCNCA. Hemington Wealth Management increased its position in shares of First Citizens BancShares by 60.0% during the 4th quarter. Hemington Wealth Management now owns 16 shares of the bank’s stock valued at $33,000 after purchasing an additional 6 shares during the last quarter. Duncker Streett & Co. Inc. purchased a new stake in First Citizens BancShares in the fourth quarter worth approximately $36,000. MassMutual Private Wealth & Trust FSB boosted its stake in First Citizens BancShares by 54.5% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 17 shares of the bank’s stock worth $32,000 after buying an additional 6 shares in the last quarter. Asset Planning Inc bought a new position in First Citizens BancShares during the fourth quarter valued at approximately $38,000. Finally, Mather Group LLC. grew its position in First Citizens BancShares by 38.5% during the fourth quarter. Mather Group LLC. now owns 18 shares of the bank’s stock valued at $38,000 after acquiring an additional 5 shares during the last quarter. 78.01% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. bought 350 shares of the company’s stock in a transaction dated Friday, May 2nd. The shares were purchased at an average price of $1,610.00 per share, for a total transaction of $563,500.00. Following the acquisition, the chief executive officer now owns 2,758 shares in the company, valued at approximately $4,440,380. This represents a 14.53% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 13.40% of the company’s stock.

First Citizens BancShares Trading Up 2.3%

NASDAQ FCNCA opened at $1,856.28 on Monday. The stock has a market cap of $24.67 billion, a P/E ratio of 9.80, a price-to-earnings-growth ratio of 0.94 and a beta of 0.64. First Citizens BancShares, Inc. has a fifty-two week low of $1,473.62 and a fifty-two week high of $2,412.93. The stock has a 50 day simple moving average of $1,786.76 and a two-hundred day simple moving average of $1,977.61. The company has a debt-to-equity ratio of 1.68, a quick ratio of 1.08 and a current ratio of 1.08.

First Citizens BancShares (NASDAQ:FCNCA) last announced its quarterly earnings results on Thursday, April 24th. The bank reported $37.79 EPS for the quarter, topping analysts’ consensus estimates of $37.72 by $0.07. The company had revenue of $2.30 billion during the quarter, compared to analyst estimates of $2.22 billion. First Citizens BancShares had a return on equity of 13.22% and a net margin of 18.55%. On average, analysts forecast that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current year.

First Citizens BancShares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Friday, May 30th will be paid a dividend of $1.95 per share. This represents a $7.80 dividend on an annualized basis and a dividend yield of 0.42%. The ex-dividend date is Friday, May 30th. First Citizens BancShares’s payout ratio is 4.47%.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on FCNCA. Cowen started coverage on shares of First Citizens BancShares in a report on Wednesday, May 14th. They issued a “buy” rating for the company. TD Cowen started coverage on shares of First Citizens BancShares in a research note on Thursday, May 15th. They issued a “buy” rating and a $2,400.00 price target for the company. Piper Sandler upgraded shares of First Citizens BancShares from a “neutral” rating to an “overweight” rating and set a $2,250.00 price target for the company in a research report on Tuesday, March 11th. The Goldman Sachs Group reduced their price objective on First Citizens BancShares from $2,535.00 to $2,200.00 and set a “buy” rating on the stock in a research note on Tuesday, March 18th. Finally, Jefferies Financial Group initiated coverage on First Citizens BancShares in a report on Wednesday, May 21st. They issued a “hold” rating and a $2,050.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $2,340.33.

First Citizens BancShares Company 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.