Westover Capital Advisors LLC Reduces Stake in First Citizens BancShares, Inc. $FCNCA

Westover Capital Advisors LLC lowered its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 74.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 100 shares of the bank’s stock after selling 288 shares during the period. Westover Capital Advisors LLC’s holdings in First Citizens BancShares were worth $215,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in FCNCA. Northwestern Mutual Wealth Management Co. grew its position in First Citizens BancShares by 117,518.9% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 205,833 shares of the bank’s stock worth $441,755,000 after acquiring an additional 205,658 shares in the last quarter. Orion Porfolio Solutions LLC grew its position in First Citizens BancShares by 2,057.4% in the second quarter. Orion Porfolio Solutions LLC now owns 47,506 shares of the bank’s stock worth $92,944,000 after acquiring an additional 45,304 shares in the last quarter. M&T Bank Corp grew its position in First Citizens BancShares by 13,512.7% in the fourth quarter. M&T Bank Corp now owns 38,524 shares of the bank’s stock worth $82,679,000 after acquiring an additional 38,241 shares in the last quarter. UBS Group AG grew its position in First Citizens BancShares by 96.7% in the fourth quarter. UBS Group AG now owns 69,551 shares of the bank’s stock worth $149,269,000 after acquiring an additional 34,184 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC grew its position in First Citizens BancShares by 57.5% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 76,088 shares of the bank’s stock worth $164,247,000 after acquiring an additional 27,789 shares in the last quarter. Hedge funds and other institutional investors own 78.01% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Wall Street Zen upgraded First Citizens BancShares from a “sell” rating to a “hold” rating in a research report on Sunday. Citigroup restated a “neutral” rating on shares of First Citizens BancShares in a research report on Friday, April 24th. TD Cowen dropped their target price on First Citizens BancShares from $2,500.00 to $2,300.00 and set a “buy” rating for the company in a research report on Monday, April 27th. Deutsche Bank Aktiengesellschaft lowered First Citizens BancShares from a “buy” rating to a “hold” rating and set a $2,154.00 target price for the company. in a research report on Wednesday, April 8th. Finally, UBS Group set a $2,325.00 target price on First Citizens BancShares in a research report on Wednesday, February 4th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and nine have issued a Hold rating to the company’s stock. According to MarketBeat, First Citizens BancShares presently has a consensus rating of “Hold” and an average price target of $2,215.91.

Insider Buying and Selling at First Citizens BancShares

In other news, CEO Frank B. Holding, Jr. sold 5,346 shares of First Citizens BancShares stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $1,918.69, for a total transaction of $10,257,316.74. Following the completion of the sale, the chief executive officer owned 100,654 shares of the company’s stock, valued at approximately $193,123,823.26. The trade was a 5.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders have purchased a total of 6,198 shares of company stock worth $10,661,547 over the last ninety days. Insiders own 14.63% of the company’s stock.

First Citizens BancShares Stock Performance

First Citizens BancShares stock opened at $1,991.55 on Tuesday. The company has a 50 day moving average price of $1,931.59 and a 200-day moving average price of $1,988.17. The company has a debt-to-equity ratio of 1.67, a quick ratio of 1.00 and a current ratio of 1.00. First Citizens BancShares, Inc. has a fifty-two week low of $1,623.76 and a fifty-two week high of $2,232.21. The company has a market capitalization of $23.08 billion, a PE ratio of 11.45, a P/E/G ratio of 1.52 and a beta of 0.63.

First Citizens BancShares (NASDAQ:FCNCA) last posted its quarterly earnings results on Thursday, April 23rd. The bank reported $44.86 earnings per share for the quarter, beating the consensus estimate of $43.31 by $1.55. First Citizens BancShares had a net margin of 15.62% and a return on equity of 11.48%. The firm had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $2.20 billion. During the same quarter in the previous year, the firm posted $37.79 earnings per share. As a group, equities analysts forecast that First Citizens BancShares, Inc. will post 177.84 earnings per share for the current year.

First Citizens BancShares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Friday, May 29th will be paid a dividend of $2.10 per share. This represents a $8.40 annualized dividend and a dividend yield of 0.4%. The ex-dividend date of this dividend is Friday, May 29th. First Citizens BancShares’s payout ratio is currently 4.83%.

About First Citizens BancShares

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.