Invesco LLC Raises Position in First Citizens BancShares, Inc. $FCNCA

Invesco LLC grew its position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 36.1% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 147 shares of the bank’s stock after buying an additional 39 shares during the quarter. Invesco LLC’s holdings in First Citizens BancShares were worth $288,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. MassMutual Private Wealth & Trust FSB lifted its position in First Citizens BancShares by 54.5% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 17 shares of the bank’s stock valued at $32,000 after acquiring an additional 6 shares in the last quarter. Cresset Asset Management LLC raised its stake in shares of First Citizens BancShares by 3.8% in the first quarter. Cresset Asset Management LLC now owns 163 shares of the bank’s stock worth $302,000 after purchasing an additional 6 shares during the last quarter. M&T Bank Corp lifted its holdings in shares of First Citizens BancShares by 1.3% during the first quarter. M&T Bank Corp now owns 632 shares of the bank’s stock valued at $1,172,000 after purchasing an additional 8 shares in the last quarter. Venturi Wealth Management LLC boosted its position in shares of First Citizens BancShares by 3.8% during the first quarter. Venturi Wealth Management LLC now owns 221 shares of the bank’s stock valued at $410,000 after buying an additional 8 shares during the last quarter. Finally, Cooper Financial Group increased its holdings in First Citizens BancShares by 5.5% in the 1st quarter. Cooper Financial Group now owns 154 shares of the bank’s stock worth $286,000 after buying an additional 8 shares in the last quarter. Institutional investors own 78.01% of the company’s stock.

First Citizens BancShares Stock Performance

FCNCA opened at $1,850.38 on Monday. The company’s 50 day moving average is $1,946.40 and its 200 day moving average is $1,888.84. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.76. The company has a market cap of $23.91 billion, a price-to-earnings ratio of 10.92 and a beta of 0.71. First Citizens BancShares, Inc. has a 12-month low of $1,473.62 and a 12-month high of $2,412.93.

First Citizens BancShares (NASDAQ:FCNCA) last released its quarterly earnings results on Friday, July 25th. The bank reported $44.78 earnings per share for the quarter, topping the consensus estimate of $39.08 by $5.70. The business had revenue of $2.38 billion for the quarter, compared to the consensus estimate of $2.21 billion. First Citizens BancShares had a net margin of 16.37% and a return on equity of 11.32%. On average, equities research analysts predict that First Citizens BancShares, Inc. will post 167.59 EPS for the current year.

First Citizens BancShares Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Friday, August 29th were given a dividend of $1.95 per share. The ex-dividend date was Friday, August 29th. This represents a $7.80 annualized dividend and a yield of 0.4%. First Citizens BancShares’s payout ratio is 4.60%.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on FCNCA shares. Piper Sandler set a $2,150.00 target price on First Citizens BancShares and gave the stock a “neutral” rating in a research report on Monday, July 28th. Citigroup boosted their price objective on shares of First Citizens BancShares from $1,900.00 to $2,050.00 and gave the company a “neutral” rating in a report on Wednesday, July 2nd. JPMorgan Chase & Co. raised their target price on shares of First Citizens BancShares from $2,100.00 to $2,250.00 and gave the stock an “overweight” rating in a report on Tuesday, July 1st. UBS Group reaffirmed a “buy” rating and issued a $2,410.00 target price on shares of First Citizens BancShares in a research report on Wednesday, July 9th. Finally, Cowen reissued a “buy” rating on shares of First Citizens BancShares in a report on Monday, July 28th. Seven investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $2,291.17.

Insider Buying and Selling at First Citizens BancShares

In related news, CEO Frank B. Holding, Jr. acquired 600 shares of the business’s stock in a transaction that occurred on Thursday, August 7th. The stock was bought at an average cost of $1,698.75 per share, for a total transaction of $1,019,250.00. Following the purchase, the chief executive officer owned 32,300 shares in the company, valued at $54,869,625. The trade was a 1.89% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, major shareholder Olivia Britton Holding bought 409 shares of the firm’s stock in a transaction on Thursday, August 7th. The shares were purchased at an average price of $1,630.00 per share, for a total transaction of $666,670.00. Following the purchase, the insider owned 1,764 shares in the company, valued at $2,875,320. This trade represents a 30.18% increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 1,494 shares of company stock valued at $2,485,986. Company insiders own 13.19% of the company’s stock.

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.