First Citizens BancShares, Inc. (NASDAQ:FCNCA) Shares Sold by Stonegate Investment Group LLC

Stonegate Investment Group LLC lowered its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 4.3% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 267 shares of the bank’s stock after selling 12 shares during the quarter. Stonegate Investment Group LLC’s holdings in First Citizens BancShares were worth $495,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Norges Bank acquired a new stake in First Citizens BancShares during the fourth quarter valued at $298,426,000. GAMMA Investing LLC boosted its position in First Citizens BancShares by 169,861.1% during the first quarter. GAMMA Investing LLC now owns 122,372 shares of the bank’s stock valued at $226,892,000 after purchasing an additional 122,300 shares during the last quarter. JPMorgan Chase & Co. boosted its position in First Citizens BancShares by 35.7% during the fourth quarter. JPMorgan Chase & Co. now owns 392,097 shares of the bank’s stock valued at $828,510,000 after purchasing an additional 103,137 shares during the last quarter. Capital International Investors boosted its position in First Citizens BancShares by 78.2% during the fourth quarter. Capital International Investors now owns 172,723 shares of the bank’s stock valued at $364,967,000 after purchasing an additional 75,785 shares during the last quarter. Finally, Proficio Capital Partners LLC acquired a new stake in First Citizens BancShares during the fourth quarter valued at $147,341,000. Institutional investors own 78.01% of the company’s stock.

First Citizens BancShares Price Performance

NASDAQ FCNCA opened at $1,870.32 on Friday. First Citizens BancShares, Inc. has a twelve month low of $1,473.62 and a twelve month high of $2,412.93. The company has a debt-to-equity ratio of 1.77, a quick ratio of 1.04 and a current ratio of 1.04. The stock has a market capitalization of $24.85 billion, a PE ratio of 10.71, a P/E/G ratio of 0.87 and a beta of 0.64. The stock has a 50-day simple moving average of $1,823.72 and a 200 day simple moving average of $1,948.92.

First Citizens BancShares (NASDAQ:FCNCA) last posted its quarterly earnings data on Thursday, April 24th. The bank reported $37.79 earnings per share for the quarter, topping the consensus estimate of $37.72 by $0.07. First Citizens BancShares had a return on equity of 11.98% and a net margin of 17.10%. The business had revenue of $2.30 billion during the quarter, compared to analysts’ expectations of $2.22 billion. Research analysts anticipate that First Citizens BancShares, Inc. will post 167.59 EPS for the current year.

First Citizens BancShares Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Friday, May 30th were given a dividend of $1.95 per share. The ex-dividend date of this dividend was Friday, May 30th. This represents a $7.80 annualized dividend and a dividend yield of 0.42%. First Citizens BancShares’s dividend payout ratio is presently 4.47%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. 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 for the company in a research report on Tuesday, March 18th. Piper Sandler raised 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. Cowen started coverage on First Citizens BancShares in a research report on Wednesday, May 14th. They issued a “buy” rating for the company. TD Cowen started coverage on First Citizens BancShares in a research report on Thursday, May 15th. They issued a “buy” rating and a $2,400.00 price target for the company. Finally, Barclays reduced their price target on First Citizens BancShares from $2,568.00 to $2,400.00 and set an “equal weight” rating for the company in a research report on Friday, April 25th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $2,340.33.

Insider Buying and Selling

In other news, CEO Frank B. Holding, Jr. purchased 350 shares of the business’s stock in a transaction on Friday, May 2nd. The stock was purchased at an average price of $1,610.00 per share, with a total value of $563,500.00. Following the acquisition, the chief executive officer now directly owns 2,758 shares in the company, valued at approximately $4,440,380. The trade was a 14.53% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. 13.40% of the stock is owned by insiders.

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.