Private Advisor Group LLC Decreases Stock Holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Private Advisor Group LLC reduced its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 12.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 313 shares of the bank’s stock after selling 45 shares during the quarter. Private Advisor Group LLC’s holdings in First Citizens BancShares were worth $512,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Norges Bank acquired a new position in First Citizens BancShares during the 4th quarter valued at about $180,039,000. Wellington Management Group LLP increased its position in First Citizens BancShares by 21.1% during the 4th quarter. Wellington Management Group LLP now owns 239,563 shares of the bank’s stock valued at $339,933,000 after buying an additional 41,793 shares in the last quarter. Point72 Asset Management L.P. increased its position in First Citizens BancShares by 130.1% during the 4th quarter. Point72 Asset Management L.P. now owns 46,180 shares of the bank’s stock valued at $65,528,000 after buying an additional 26,107 shares in the last quarter. Nordea Investment Management AB increased its position in First Citizens BancShares by 3,091.6% during the 4th quarter. Nordea Investment Management AB now owns 23,905 shares of the bank’s stock valued at $34,203,000 after buying an additional 23,156 shares in the last quarter. Finally, International Assets Investment Management LLC acquired a new position in First Citizens BancShares during the 4th quarter valued at about $26,176,000. 61.18% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $2,100.00 target price (up from $1,900.00) on shares of First Citizens BancShares in a research report on Friday, April 26th. Piper Sandler lowered First Citizens BancShares from an “overweight” rating to a “neutral” rating and increased their price objective for the company from $1,850.00 to $1,950.00 in a report on Friday, April 26th. StockNews.com raised First Citizens BancShares from a “sell” rating to a “hold” rating in a report on Monday, April 29th. Raymond James raised First Citizens BancShares from a “market perform” rating to an “outperform” rating and set a $1,900.00 price objective on the stock in a report on Tuesday, July 2nd. Finally, DA Davidson reissued a “neutral” rating and issued a $1,650.00 price objective (up from $1,600.00) on shares of First Citizens BancShares in a report on Monday, April 15th. Five equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $1,857.18.

Insiders Place Their Bets

In other news, Director Ellen R. Alemany sold 1,000 shares of the firm’s stock in a transaction that occurred on Friday, April 26th. The stock was sold at an average price of $1,766.24, for a total value of $1,766,240.00. Following the transaction, the director now owns 2,335 shares in the company, valued at $4,124,170.40. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, Director Ellen R. Alemany sold 484 shares of the firm’s stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $1,750.12, for a total value of $847,058.08. Following the transaction, the director now owns 335 shares in the company, valued at $586,290.20. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Ellen R. Alemany sold 1,000 shares of the firm’s stock in a transaction that occurred on Friday, April 26th. The shares were sold at an average price of $1,766.24, for a total value of $1,766,240.00. Following the completion of the transaction, the director now owns 2,335 shares in the company, valued at approximately $4,124,170.40. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 3,000 shares of company stock worth $5,273,568. 13.40% of the stock is owned by corporate insiders.

First Citizens BancShares Stock Performance

Shares of FCNCA stock opened at $1,748.90 on Monday. The company has a market capitalization of $25.41 billion, a P/E ratio of 9.71 and a beta of 0.83. The business’s 50 day moving average is $1,706.91 and its two-hundred day moving average is $1,595.45. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 1.77. First Citizens BancShares, Inc. has a 12-month low of $1,274.91 and a 12-month high of $1,810.03.

First Citizens BancShares (NASDAQ:FCNCA) last issued its quarterly earnings results on Thursday, April 25th. The bank reported $52.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $44.27 by $8.65. The company had revenue of $2.44 billion for the quarter, compared to the consensus estimate of $2.30 billion. First Citizens BancShares had a return on equity of 15.48% and a net margin of 18.22%. Analysts expect that First Citizens BancShares, Inc. will post 191.52 EPS for the current fiscal year.

First Citizens BancShares Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 17th. Shareholders of record on Friday, May 31st were given a dividend of $1.64 per share. The ex-dividend date of this dividend was Friday, May 31st. This represents a $6.56 dividend on an annualized basis and a yield of 0.38%. First Citizens BancShares’s dividend payout ratio is currently 3.64%.

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.