HB Wealth Management LLC Cuts Holdings in First Citizens BancShares, Inc. $FCNCA

HB Wealth Management LLC decreased its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 30.2% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 655 shares of the bank’s stock after selling 284 shares during the quarter. HB Wealth Management LLC’s holdings in First Citizens BancShares were worth $1,235,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in FCNCA. Hilton Head Capital Partners LLC bought a new stake in First Citizens BancShares during the fourth quarter valued at about $26,000. Harbor Investment Advisory LLC raised its holdings in First Citizens BancShares by 150.0% in the fourth quarter. Harbor Investment Advisory LLC now owns 15 shares of the bank’s stock worth $32,000 after purchasing an additional 9 shares in the last quarter. Reflection Asset Management bought a new position in First Citizens BancShares in the fourth quarter worth about $45,000. Allworth Financial LP lifted its position in shares of First Citizens BancShares by 21.7% during the third quarter. Allworth Financial LP now owns 28 shares of the bank’s stock valued at $51,000 after buying an additional 5 shares during the last quarter. Finally, UMB Bank n.a. boosted its holdings in shares of First Citizens BancShares by 50.0% in the 4th quarter. UMB Bank n.a. now owns 24 shares of the bank’s stock valued at $52,000 after buying an additional 8 shares in the last quarter. 78.01% of the stock is currently owned by hedge funds and other institutional investors.

First Citizens BancShares Stock Performance

FCNCA opened at $2,044.62 on Thursday. First Citizens BancShares, Inc. has a 52-week low of $1,623.76 and a 52-week high of $2,232.21. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.67. The company has a market cap of $23.70 billion, a P/E ratio of 11.76, a price-to-earnings-growth ratio of 1.58 and a beta of 0.62. The firm’s 50-day moving average price is $2,027.32 and its 200-day moving average price is $2,022.30.

First Citizens BancShares (NASDAQ:FCNCA) last released its earnings results on Thursday, April 23rd. The bank reported $44.86 EPS for the quarter, topping analysts’ consensus estimates of $43.31 by $1.55. The company had revenue of $2.14 billion during the quarter, compared to analysts’ expectations of $2.20 billion. First Citizens BancShares had a net margin of 15.62% and a return on equity of 11.48%. During the same period last year, the business earned $37.79 EPS. As a group, equities analysts anticipate that First Citizens BancShares, Inc. will post 177 EPS for the current fiscal year.

First Citizens BancShares Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Friday, May 29th were given a $2.10 dividend. The ex-dividend date was Friday, May 29th. This represents a $8.40 dividend on an annualized basis and a yield of 0.4%. First Citizens BancShares’s dividend payout ratio is currently 4.83%.

Insiders Place Their Bets

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. purchased 5,940 shares of First Citizens BancShares stock in a transaction on Tuesday, May 12th. The stock was bought at an average cost of $1,726.82 per share, with a total value of $10,257,310.80. Following the transaction, the chief executive officer owned 38,111 shares of the company’s stock, valued at $65,810,837.02. This represents a 18.46% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last 90 days, insiders have purchased 7,190 shares of company stock valued at $12,573,868. 14.63% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on FCNCA. Zacks Research raised shares of First Citizens BancShares from a “strong sell” rating to a “hold” rating in a research report on Monday, March 30th. JPMorgan Chase & Co. raised their target price on shares of First Citizens BancShares from $2,150.00 to $2,350.00 and gave the company a “neutral” rating in a research note on Wednesday, July 1st. TD Cowen cut their price target on shares of First Citizens BancShares from $2,500.00 to $2,300.00 and set a “buy” rating on the stock in a report on Monday, April 27th. Piper Sandler set a $2,050.00 price target on First Citizens BancShares in a research report on Friday, April 24th. Finally, Deutsche Bank Aktiengesellschaft lowered First Citizens BancShares from a “buy” rating to a “hold” rating and set a $2,154.00 price objective for the company. in a report on Wednesday, April 8th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $2,247.08.

First Citizens BancShares Profile

First Citizens BancShares, Inc is the bank holding company for First Citizens Bank, a full‑service commercial bank headquartered in Raleigh, North Carolina. The company traces its roots to a community bank founded in 1898 and has grown into a diversified financial services organization that operates through its banking subsidiary to serve retail, commercial and institutional clients.

First Citizens offers a broad suite of banking products and services, including consumer and business deposit accounts, commercial and industrial lending, real estate and mortgage lending, treasury and cash management, and specialized lending solutions.