Avantra Family Wealth Inc. Sells 480 Shares of First Citizens BancShares, Inc. $FCNCA

Avantra Family Wealth Inc. lowered its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 79.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 127 shares of the bank’s stock after selling 480 shares during the quarter. Avantra Family Wealth Inc.’s holdings in First Citizens BancShares were worth $248,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently added to or reduced their stakes in the stock. Meitav Investment House Ltd. boosted its position in First Citizens BancShares by 27.1% during the second quarter. Meitav Investment House Ltd. now owns 562 shares of the bank’s stock valued at $1,100,000 after purchasing an additional 120 shares in the last quarter. Sendero Wealth Management LLC boosted its position in First Citizens BancShares by 3.0% during the second quarter. Sendero Wealth Management LLC now owns 4,755 shares of the bank’s stock valued at $9,303,000 after purchasing an additional 137 shares in the last quarter. DAVENPORT & Co LLC boosted its position in First Citizens BancShares by 155.5% during the second quarter. DAVENPORT & Co LLC now owns 304 shares of the bank’s stock valued at $595,000 after purchasing an additional 185 shares in the last quarter. OLD National Bancorp IN bought a new stake in First Citizens BancShares during the second quarter valued at about $205,000. Finally, MBL Wealth LLC boosted its position in First Citizens BancShares by 2.5% during the second quarter. MBL Wealth LLC now owns 617 shares of the bank’s stock valued at $1,207,000 after purchasing an additional 15 shares in the last quarter. Institutional investors own 78.01% of the company’s stock.

First Citizens BancShares Trading Down 0.2%

Shares of NASDAQ:FCNCA opened at $1,759.68 on Tuesday. First Citizens BancShares, Inc. has a 52-week low of $1,473.62 and a 52-week high of $2,412.93. The stock has a market cap of $22.74 billion, a price-to-earnings ratio of 10.38 and a beta of 0.60. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.76. The business has a 50-day moving average price of $1,905.30 and a 200-day moving average price of $1,885.74.

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

First Citizens BancShares Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Friday, August 29th were paid a $1.95 dividend. This represents a $7.80 annualized dividend and a dividend yield of 0.4%. The ex-dividend date was Friday, August 29th. First Citizens BancShares’s dividend payout ratio (DPR) is presently 4.60%.

Wall Street Analyst Weigh In

FCNCA has been the topic of a number of recent research reports. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of First Citizens BancShares in a research report on Saturday, September 27th. UBS Group reissued a “buy” rating and issued a $2,410.00 price target on shares of First Citizens BancShares in a report on Wednesday, July 9th. Truist Financial lowered their price target on First Citizens BancShares from $2,240.00 to $2,000.00 and set a “hold” rating for the company in a report on Friday. Piper Sandler set a $2,150.00 price target on First Citizens BancShares and gave the stock a “neutral” rating in a report on Monday, July 28th. Finally, Citigroup reissued an “underweight” rating on shares of First Citizens BancShares in a report on Wednesday, October 1st. Eight research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $2,238.33.

Insider Transactions at First Citizens BancShares

In related news, insider Hope Holding Bryant purchased 409 shares of First Citizens BancShares stock in a transaction that occurred on Thursday, August 7th. The stock was bought at an average cost of $1,630.00 per share, for a total transaction of $666,670.00. Following the completion of the transaction, the insider owned 1,764 shares in the company, valued at $2,875,320. The trade was a 30.18% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Frank B. Holding, Jr. purchased 600 shares of First Citizens BancShares stock in a transaction that occurred on Thursday, August 7th. The shares were bought at an average price of $1,698.75 per share, with a total value of $1,019,250.00. Following the completion of the transaction, the chief executive officer owned 32,300 shares of the company’s stock, valued at $54,869,625. This represents a 1.89% increase in their position. The disclosure for this purchase can be found here. Insiders bought a total of 1,494 shares of company stock worth $2,485,986 over the last three months. 13.40% of the stock is currently owned by insiders.

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.