First Citizens BancShares, Inc. $FCNCA Shares Sold by Princeton Global Asset Management LLC

Princeton Global Asset Management LLC reduced its holdings in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 88.6% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 74 shares of the bank’s stock after selling 576 shares during the quarter. Princeton Global Asset Management LLC’s holdings in First Citizens BancShares were worth $145,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Teacher Retirement System of Texas acquired a new position in First Citizens BancShares during the 1st quarter valued at about $2,642,000. Bank of New York Mellon Corp grew its stake in First Citizens BancShares by 1.9% during the 1st quarter. Bank of New York Mellon Corp now owns 40,553 shares of the bank’s stock valued at $75,190,000 after purchasing an additional 772 shares during the last quarter. Cambridge Investment Research Advisors Inc. grew its stake in First Citizens BancShares by 16.6% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 190 shares of the bank’s stock valued at $352,000 after purchasing an additional 27 shares during the last quarter. DAVENPORT & Co LLC purchased a new stake in First Citizens BancShares during the 1st quarter valued at about $221,000. Finally, Malaga Cove Capital LLC purchased a new stake in First Citizens BancShares during the 1st quarter valued at about $714,000. 78.01% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

FCNCA has been the topic of several research analyst reports. Cowen reiterated a “buy” rating on shares of First Citizens BancShares in a research note on Monday, July 28th. Weiss Ratings reiterated a “buy (b-)” rating on shares of First Citizens BancShares in a research note on Wednesday, October 8th. Citigroup reiterated an “outperform” rating on shares of First Citizens BancShares in a research note on Tuesday, October 7th. The Goldman Sachs Group lowered their target price on First Citizens BancShares from $2,250.00 to $1,950.00 and set a “buy” rating on the stock in a research note on Monday, October 6th. Finally, Piper Sandler set a $2,150.00 target price on First Citizens BancShares and gave the stock a “neutral” rating in a report on Monday, July 28th. Nine investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $2,227.69.

Insiders Place Their Bets

In other news, insider Hope Holding Bryant bought 409 shares of the firm’s stock in a transaction dated Thursday, August 7th. The shares were acquired at an average price of $1,630.00 per share, for a total transaction of $666,670.00. Following the completion of the transaction, the insider directly owned 1,764 shares in the company, valued at $2,875,320. The trade was a 30.18% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Olivia Britton Holding bought 409 shares of the firm’s stock in a transaction dated Thursday, August 7th. The stock was purchased at an average price of $1,630.00 per share, for a total transaction of $666,670.00. Following the transaction, the insider owned 1,764 shares of the company’s stock, valued at approximately $2,875,320. This represents a 30.18% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders have acquired 1,494 shares of company stock worth $2,485,986. 13.19% of the stock is owned by corporate insiders.

First Citizens BancShares Stock Performance

Shares of FCNCA stock opened at $1,746.03 on Tuesday. The company has a market capitalization of $22.56 billion, a P/E ratio of 10.30 and a beta of 0.60. The business’s 50 day moving average is $1,871.32 and its two-hundred day moving average is $1,880.43. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.76. 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 issued its quarterly earnings results on Friday, July 25th. The bank reported $44.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $39.08 by $5.70. The company had revenue of $2.38 billion for the quarter, compared to the consensus estimate of $2.21 billion. First Citizens BancShares had a return on equity of 11.32% and a net margin of 16.37%. Analysts expect that First Citizens BancShares, Inc. will post 167.59 EPS for the current fiscal year.

First Citizens BancShares 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.