199 Shares in First Citizens BancShares, Inc. $FCNCA Acquired by Advisors Asset Management Inc.

Key Points

• Advisors Asset Management Inc. has acquired 199 shares of First Citizens BancShares, valued at approximately $369,000, reflecting growing institutional interest in the bank.
• CEO Frank B. Holding, Jr. purchased 600 shares of the company's stock for $1,019,250, increasing his ownership in the company to 32,300 shares.
• First Citizens BancShares reported strong quarterly earnings, with an EPS of $44.78, exceeding analysts' expectations and indicating robust financial performance.

Advisors Asset Management Inc. purchased a new position in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 199 shares of the bank's stock, valued at approximately $369,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. JT Stratford LLC boosted its holdings in shares of First Citizens BancShares by 0.4% during the 4th quarter. JT Stratford LLC now owns 1,247 shares of the bank's stock valued at $2,635,000 after acquiring an additional 5 shares during the last quarter. MassMutual Private Wealth & Trust FSB boosted its holdings in shares of First Citizens BancShares by 54.5% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 17 shares of the bank's stock valued at $32,000 after acquiring an additional 6 shares during the last quarter. Cresset Asset Management LLC boosted its holdings in shares of First Citizens BancShares by 3.8% during the 1st quarter. Cresset Asset Management LLC now owns 163 shares of the bank's stock valued at $302,000 after acquiring an additional 6 shares during the last quarter. M&T Bank Corp boosted its holdings in First Citizens BancShares by 1.3% in the first quarter. M&T Bank Corp now owns 632 shares of the bank's stock worth $1,172,000 after purchasing an additional 8 shares during the last quarter. Finally, Venturi Wealth Management LLC boosted its holdings in First Citizens BancShares by 3.8% in the first quarter. Venturi Wealth Management LLC now owns 221 shares of the bank's stock worth $410,000 after purchasing an additional 8 shares during the last quarter. 78.01% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO Frank B. Holding, Jr. purchased 600 shares of the stock in a transaction on Thursday, August 7th. The shares were acquired at an average price of $1,698.75 per share, with a total value of $1,019,250.00. Following the completion of the acquisition, the chief executive officer directly owned 32,300 shares of the company's stock, valued at $54,869,625. This trade represents a 1.89% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Hope Holding Bryant purchased 409 shares of the stock in a transaction on Thursday, August 7th. The shares were purchased at an average cost of $1,630.00 per share, for a total transaction of $666,670.00. Following the acquisition, the insider directly 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. Insiders have purchased a total of 1,494 shares of company stock valued at $2,485,986 in the last ninety days. Corporate insiders own 13.40% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on FCNCA shares. Piper Sandler set a $2,150.00 target price on shares of First Citizens BancShares and gave the stock a "neutral" rating in a report on Monday, July 28th. Jefferies Financial Group began coverage on First Citizens BancShares in a research note on Wednesday, May 21st. They issued a "hold" rating and a $2,050.00 price target on the stock. UBS Group restated a "buy" rating and issued a $2,410.00 price target on shares of First Citizens BancShares in a research note on Wednesday, July 9th. Cowen restated a "buy" rating on shares of First Citizens BancShares in a research note on Monday, July 28th. Finally, JPMorgan Chase & Co. raised their target price on First Citizens BancShares from $2,100.00 to $2,250.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 1st. Seven analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $2,291.17.

First Citizens BancShares Stock Performance

Shares of First Citizens BancShares stock traded up $17.03 on Wednesday, hitting $1,882.83. 205,412 shares of the company's stock were exchanged, compared to its average volume of 137,784. The stock has a market capitalization of $24.33 billion, a PE ratio of 11.11 and a beta of 0.71. The company has a debt-to-equity ratio of 1.76, a quick ratio of 1.04 and a current ratio of 1.04. The company has a 50-day simple moving average of $1,982.24 and a 200-day simple moving average of $1,886.53. First Citizens BancShares, Inc. has a 1 year low of $1,473.62 and a 1 year high of $2,412.93.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last released its earnings results on Friday, July 25th. The bank reported $44.78 earnings per share for the quarter, beating the consensus estimate 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%. As a group, equities analysts anticipate that First Citizens BancShares, Inc. will post 167.59 EPS for the current year.

First Citizens BancShares Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Friday, August 29th were given a dividend of $1.95 per share. This represents a $7.80 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date of this dividend was Friday, August 29th. First Citizens BancShares's payout ratio is presently 4.60%.

First Citizens BancShares Company 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.