First Citizens BancShares, Inc. $FCNCA Shares Acquired by US Bancorp DE

US Bancorp DE lifted its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 0.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 873 shares of the bank’s stock after acquiring an additional 7 shares during the quarter. US Bancorp DE’s holdings in First Citizens BancShares were worth $1,708,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Teacher Retirement System of Texas acquired a new position in shares of First Citizens BancShares during the first quarter valued at approximately $2,642,000. Bank of New York Mellon Corp increased its stake in shares of First Citizens BancShares by 1.9% during the first quarter. Bank of New York Mellon Corp now owns 40,553 shares of the bank’s stock valued at $75,190,000 after acquiring an additional 772 shares during the period. Cambridge Investment Research Advisors Inc. grew its position in First Citizens BancShares by 16.6% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 190 shares of the bank’s stock worth $352,000 after buying an additional 27 shares during the last quarter. Kingswood Wealth Advisors LLC acquired a new position in First Citizens BancShares in the first quarter worth approximately $439,000. Finally, DAVENPORT & Co LLC acquired a new position in First Citizens BancShares in the first quarter worth approximately $221,000. Institutional investors and hedge funds own 78.01% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on FCNCA shares. Weiss Ratings restated a “buy (b-)” rating on shares of First Citizens BancShares in a research report on Wednesday, October 8th. UBS Group restated a “buy” rating and issued a $2,410.00 price target on shares of First Citizens BancShares in a research report on Wednesday, July 9th. Piper Sandler set a $2,150.00 price target on shares of First Citizens BancShares and gave the stock a “neutral” rating in a research report on Monday, July 28th. Wall Street Zen lowered shares of First Citizens BancShares from a “hold” rating to a “sell” rating in a research report on Sunday, September 28th. Finally, Raymond James Financial set a $2,100.00 price target on shares of First Citizens BancShares in a research report on Tuesday, October 7th. Nine research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $2,227.69.

Insider Activity at First Citizens BancShares

In other First Citizens BancShares news, insider Hope Holding Bryant acquired 409 shares of First Citizens BancShares stock in a transaction that occurred on Thursday, August 7th. The stock was acquired at an average price of $1,630.00 per share, with a total value of $666,670.00. Following the purchase, the insider owned 1,764 shares in the company, valued at approximately $2,875,320. This trade represents a 30.18% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Frank B. Holding, Jr. acquired 600 shares of First Citizens BancShares stock in a transaction that occurred on Thursday, August 7th. The stock was acquired at an average cost of $1,698.75 per share, with a total value 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 disclosure for this purchase can be found here. In the last 90 days, insiders acquired 1,494 shares of company stock valued at $2,485,986. Insiders own 13.40% of the company’s stock.

First Citizens BancShares Trading Down 2.3%

Shares of NASDAQ:FCNCA opened at $1,746.26 on Thursday. The firm has a fifty day moving average of $1,879.68 and a two-hundred day moving average of $1,879.74. The firm has a market capitalization of $22.56 billion, a P/E ratio of 10.30 and a beta of 0.60. First Citizens BancShares, Inc. has a 12-month low of $1,473.62 and a 12-month high of $2,412.93. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.76.

First Citizens BancShares (NASDAQ:FCNCA) last issued its earnings results on Friday, July 25th. The bank reported $44.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $39.08 by $5.70. The company had revenue of $2.38 billion during the quarter, compared to analyst estimates 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 analysts expect that First Citizens BancShares, Inc. will post 167.59 EPS for the current fiscal year.

First Citizens BancShares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Investors 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 of this dividend was Friday, August 29th. First Citizens BancShares’s payout ratio is presently 4.60%.

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.