Reinhart Partners LLC. Grows Stock Position in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Reinhart Partners LLC. raised its position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCAFree Report) by 3.1% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 58,583 shares of the bank’s stock after purchasing an additional 1,780 shares during the quarter. First Citizens BancShares accounts for about 3.9% of Reinhart Partners LLC.’s investment portfolio, making the stock its 3rd largest position. Reinhart Partners LLC.’s holdings in First Citizens BancShares were worth $95,783,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. Symmetry Partners LLC boosted its stake in shares of First Citizens BancShares by 3.2% in the first quarter. Symmetry Partners LLC now owns 453 shares of the bank’s stock worth $741,000 after acquiring an additional 14 shares during the period. PNC Financial Services Group Inc. boosted its stake in First Citizens BancShares by 4.3% in the 4th quarter. PNC Financial Services Group Inc. now owns 832 shares of the bank’s stock worth $1,181,000 after purchasing an additional 34 shares during the period. Healthcare of Ontario Pension Plan Trust Fund grew its holdings in First Citizens BancShares by 122.2% during the 4th quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,000 shares of the bank’s stock valued at $2,838,000 after buying an additional 1,100 shares in the last quarter. Accent Capital Management LLC bought a new stake in shares of First Citizens BancShares during the fourth quarter valued at approximately $71,000. Finally, Muirfield Wealth Advisors LLC purchased a new position in shares of First Citizens BancShares in the fourth quarter worth $1,000,000. 61.18% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, Director Ellen R. Alemany sold 1,000 shares of the business’s stock in a transaction that occurred on Friday, April 26th. The stock was sold at an average price of $1,766.24, for a total value of $1,766,240.00. Following the completion of the sale, the director now owns 2,335 shares in the company, valued at $4,124,170.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Ellen R. Alemany sold 1,000 shares of First Citizens BancShares stock in a transaction that occurred on Friday, April 26th. The shares were sold at an average price of $1,766.24, for a total transaction of $1,766,240.00. Following the transaction, the director now directly owns 2,335 shares of the company’s stock, valued at $4,124,170.40. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Ellen R. Alemany sold 516 shares of the company’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $1,750.00, for a total value of $903,000.00. Following the sale, the director now owns 819 shares of the company’s stock, valued at approximately $1,433,250. The disclosure for this sale can be found here. In the last three months, insiders sold 3,600 shares of company stock valued at $6,209,022. Insiders own 12.85% of the company’s stock.

First Citizens BancShares Trading Down 0.7 %

FCNCA traded down $11.10 during trading on Tuesday, reaching $1,639.71. The company had a trading volume of 64,072 shares, compared to its average volume of 83,116. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 1.77. The business has a 50 day simple moving average of $1,687.50 and a 200-day simple moving average of $1,563.37. The stock has a market cap of $23.82 billion, a P/E ratio of 9.10 and a beta of 0.84. First Citizens BancShares, Inc. has a 52 week low of $1,181.71 and a 52 week high of $1,810.03.

First Citizens BancShares (NASDAQ:FCNCAGet Free Report) last released its earnings results on Thursday, April 25th. The bank reported $52.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $44.27 by $8.65. First Citizens BancShares had a net margin of 18.22% and a return on equity of 15.48%. The firm had revenue of $2.44 billion during the quarter, compared to analyst estimates of $2.30 billion. On average, equities analysts anticipate that First Citizens BancShares, Inc. will post 188.62 EPS for the current fiscal year.

First Citizens BancShares Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 17th. Stockholders of record on Friday, May 31st were issued a $1.64 dividend. The ex-dividend date was Friday, May 31st. This represents a $6.56 annualized dividend and a dividend yield of 0.40%. First Citizens BancShares’s payout ratio is 3.64%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on FCNCA. Barclays raised their target price on shares of First Citizens BancShares from $1,850.00 to $1,950.00 and gave the company an “equal weight” rating in a research note on Friday, April 26th. The Goldman Sachs Group assumed coverage on First Citizens BancShares in a research report on Thursday, March 21st. They issued a “buy” rating and a $1,950.00 target price on the stock. Piper Sandler downgraded First Citizens BancShares from an “overweight” rating to a “neutral” rating and lifted their price objective for the stock from $1,850.00 to $1,950.00 in a research note on Friday, April 26th. DA Davidson reaffirmed a “neutral” rating and set a $1,650.00 price objective (up from $1,600.00) on shares of First Citizens BancShares in a report on Monday, April 15th. Finally, StockNews.com raised shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a report on Monday, April 29th. Six research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, First Citizens BancShares currently has a consensus rating of “Moderate Buy” and a consensus price target of $1,829.90.

Read Our Latest Stock Report on First Citizens BancShares

About First Citizens BancShares

(Free Report)

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.

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Institutional Ownership by Quarter for First Citizens BancShares (NASDAQ:FCNCA)

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