Vident Advisory LLC Buys 11,288 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Vident Advisory LLC raised its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 3,688.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 11,594 shares of the bank’s stock after acquiring an additional 11,288 shares during the quarter. Vident Advisory LLC’s holdings in First Citizens BancShares were worth $24,498,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of FCNCA. Financial Life Planners purchased a new stake in shares of First Citizens BancShares during the 4th quarter valued at $33,000. Hemington Wealth Management raised its stake in First Citizens BancShares by 60.0% in the 4th quarter. Hemington Wealth Management now owns 16 shares of the bank’s stock worth $33,000 after acquiring an additional 6 shares during the last quarter. Duncker Streett & Co. Inc. purchased a new position in First Citizens BancShares in the 4th quarter worth $36,000. Mather Group LLC. raised its stake in First Citizens BancShares by 38.5% in the 4th quarter. Mather Group LLC. now owns 18 shares of the bank’s stock worth $38,000 after acquiring an additional 5 shares during the last quarter. Finally, Asset Planning Inc purchased a new position in First Citizens BancShares in the 4th quarter worth $38,000. Institutional investors own 78.01% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on FCNCA shares. TD Cowen started coverage on First Citizens BancShares in a research note on Thursday. They issued a “buy” rating and a $2,400.00 target price for the company. Truist Financial raised their target price on First Citizens BancShares from $2,303.00 to $2,384.00 and gave the stock a “hold” rating in a research note on Wednesday, January 29th. Keefe, Bruyette & Woods increased their price target on First Citizens BancShares from $2,500.00 to $2,600.00 and gave the stock an “outperform” rating in a research report on Monday, January 27th. Piper Sandler raised First Citizens BancShares from a “neutral” rating to an “overweight” rating and set a $2,250.00 price target on the stock in a research report on Tuesday, March 11th. Finally, StockNews.com downgraded First Citizens BancShares from a “hold” rating to a “sell” rating in a research report on Monday, April 28th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $2,336.58.

First Citizens BancShares Price Performance

NASDAQ:FCNCA opened at $1,953.58 on Monday. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.68. 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 capitalization of $25.96 billion, a PE ratio of 10.31, a price-to-earnings-growth ratio of 0.94 and a beta of 0.64. The stock’s 50-day moving average price is $1,784.78 and its 200-day moving average price is $2,009.37.

First Citizens BancShares (NASDAQ:FCNCA) last posted its quarterly earnings data on Thursday, April 24th. The bank reported $37.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $37.72 by $0.07. First Citizens BancShares had a return on equity of 13.22% and a net margin of 18.55%. The company had revenue of $2.30 billion for the quarter, compared to analysts’ expectations of $2.22 billion. As a group, equities analysts expect that First Citizens BancShares, Inc. will post 167.59 EPS for the current fiscal year.

First Citizens BancShares Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Friday, May 30th will be issued a $1.95 dividend. This represents a $7.80 annualized dividend and a yield of 0.40%. The ex-dividend date of this dividend is Friday, May 30th. First Citizens BancShares’s payout ratio is 4.47%.

Insider Buying and Selling

In other news, CFO Craig L. Nix purchased 17 shares of First Citizens BancShares stock in a transaction dated Friday, March 7th. The shares were purchased at an average price of $1,881.13 per share, with a total value of $31,979.21. Following the transaction, the chief financial officer now owns 1,141 shares in the company, valued at $2,146,369.33. This represents a 1.51% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Frank B. Holding, Jr. purchased 350 shares of First Citizens BancShares stock in a transaction dated Friday, May 2nd. The shares were purchased at an average cost of $1,610.00 per share, for a total transaction of $563,500.00. Following the transaction, the chief executive officer now owns 2,758 shares in the company, valued at approximately $4,440,380. This trade represents a 14.53% increase in their position. The disclosure for this purchase can be found here. 13.40% of the stock is currently owned by insiders.

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.