First Citizens BancShares, Inc. (NASDAQ:FCNCA) Shares Sold by Summit X LLC

Summit X LLC reduced its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 1.4% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 1,152 shares of the bank’s stock after selling 16 shares during the period. Summit X LLC’s holdings in First Citizens BancShares were worth $2,434,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the company. FMR LLC raised its position in shares of First Citizens BancShares by 11.6% in the 3rd quarter. FMR LLC now owns 323,532 shares of the bank’s stock worth $595,607,000 after buying an additional 33,713 shares during the period. JPMorgan Chase & Co. raised its position in shares of First Citizens BancShares by 6.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 288,960 shares of the bank’s stock worth $531,961,000 after buying an additional 18,501 shares during the period. Proficio Capital Partners LLC purchased a new position in shares of First Citizens BancShares in the 4th quarter worth $147,341,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of First Citizens BancShares by 15.0% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 58,529 shares of the bank’s stock worth $107,749,000 after buying an additional 7,613 shares during the period. Finally, Reinhart Partners LLC. raised its position in shares of First Citizens BancShares by 2.1% in the 4th quarter. Reinhart Partners LLC. now owns 57,981 shares of the bank’s stock worth $122,516,000 after buying an additional 1,183 shares during the period. 78.01% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

FCNCA has been the topic of several research reports. Truist Financial increased their target price on First Citizens BancShares from $2,303.00 to $2,384.00 and gave the stock a “hold” rating in a research report on Wednesday, January 29th. Citigroup lowered First Citizens BancShares from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 17th. Barclays raised their price objective on First Citizens BancShares from $2,456.00 to $2,568.00 and gave the company an “equal weight” rating in a research report on Monday, January 27th. The Goldman Sachs Group raised their price objective on First Citizens BancShares from $2,025.00 to $2,625.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on First Citizens BancShares in a research report on Monday, December 9th. They issued a “buy” rating and a $2,600.00 price objective on the stock. Six equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $2,323.50.

Insider Buying and Selling

In related news, CFO Craig L. Nix bought 17 shares of the stock in a transaction dated Friday, March 7th. The stock was bought at an average cost of $1,881.13 per share, with a total value of $31,979.21. Following the completion of the acquisition, the chief financial officer now owns 1,141 shares of the company’s stock, valued at $2,146,369.33. This trade represents a 1.51 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 13.40% of the company’s stock.

First Citizens BancShares Stock Down 0.2 %

Shares of First Citizens BancShares stock opened at $1,728.36 on Wednesday. The business has a 50-day moving average of $2,107.06 and a 200-day moving average of $2,067.45. The company has a debt-to-equity ratio of 1.68, a current ratio of 1.08 and a quick ratio of 1.08. The company has a market capitalization of $23.47 billion, a PE ratio of 9.12, a P/E/G ratio of 0.94 and a beta of 0.81. First Citizens BancShares, Inc. has a 1-year low of $1,505.73 and a 1-year high of $2,412.93.

First Citizens BancShares (NASDAQ:FCNCA) last announced its earnings results on Friday, January 24th. The bank reported $45.10 earnings per share for the quarter, beating the consensus estimate of $39.32 by $5.78. First Citizens BancShares had a return on equity of 13.22% and a net margin of 18.55%. As a group, equities analysts forecast that First Citizens BancShares, Inc. will post 167.59 EPS for the current fiscal year.

First Citizens BancShares Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Friday, February 28th will be paid a $1.95 dividend. The ex-dividend date of this dividend is Friday, February 28th. This represents a $7.80 dividend on an annualized basis and a yield of 0.45%. First Citizens BancShares’s dividend payout ratio (DPR) is 4.12%.

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.