Alyeska Investment Group L.P. Acquires New Position in First Citizens BancShares, Inc. $FCNCA

Key Points

• Alyeska Investment Group L.P. acquired 174 shares of First Citizens BancShares, Inc. for approximately $323,000, marking a new position in the bank's stocks.
• Several other institutional investors also increased their stakes in First Citizens BancShares, leading to an ownership of 78.01% of the stock by institutional investors.
• Recent analyst reviews have mostly been positive with seven buy ratings and a consensus price target of $2,291.17 for the stock.

Alyeska Investment Group L.P. purchased a new stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 174 shares of the bank's stock, valued at approximately $323,000.

Several other large investors have also recently added to or reduced their stakes in FCNCA. Cary Street Partners Financial LLC acquired a new position in First Citizens BancShares in the 4th quarter valued at approximately $323,000. Cetera Investment Advisers increased its stake in First Citizens BancShares by 20.1% in the 4th quarter. Cetera Investment Advisers now owns 1,453 shares of the bank's stock valued at $3,069,000 after buying an additional 243 shares during the period. Driehaus Capital Management LLC increased its stake in shares of First Citizens BancShares by 10.5% during the 4th quarter. Driehaus Capital Management LLC now owns 661 shares of the bank's stock worth $1,397,000 after purchasing an additional 63 shares during the last quarter. Focus Partners Wealth increased its stake in shares of First Citizens BancShares by 47.7% during the 4th quarter. Focus Partners Wealth now owns 229 shares of the bank's stock worth $505,000 after purchasing an additional 74 shares during the last quarter. Finally, Ground Swell Capital LLC acquired a new position in shares of First Citizens BancShares during the 4th quarter worth $300,000. Institutional investors and hedge funds own 78.01% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently commented on the stock. Cowen restated a "buy" rating on shares of First Citizens BancShares in a research note on Monday, July 28th. Piper Sandler set a $2,150.00 price target on shares of First Citizens BancShares and gave the stock a "neutral" rating in a research note on Monday, July 28th. JPMorgan Chase & Co. raised their target price on shares of First Citizens BancShares from $2,100.00 to $2,250.00 and gave the company an "overweight" rating in a research note on Tuesday, July 1st. Jefferies Financial Group began coverage on shares of First Citizens BancShares in a research note on Wednesday, May 21st. They issued a "hold" rating and a $2,050.00 target price on the stock. Finally, TD Cowen began coverage on shares of First Citizens BancShares in a report on Thursday, May 15th. They issued a "buy" rating and a $2,400.00 price target for the company. Seven equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, First Citizens BancShares currently has a consensus rating of "Moderate Buy" and a consensus price target of $2,291.17.

Insider Buying and Selling at First Citizens BancShares

In related news, major shareholder Olivia Britton Holding acquired 409 shares of the company's stock in a transaction on Thursday, August 7th. The shares were acquired at an average cost of $1,630.00 per share, for a total transaction of $666,670.00. Following the purchase, the insider owned 1,764 shares in the company, valued at approximately $2,875,320. The trade was a 30.18% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Hope Holding Bryant acquired 409 shares of the company's stock in a transaction on Thursday, August 7th. The shares were bought at an average price of $1,630.00 per share, for a total transaction of $666,670.00. Following the completion of the purchase, the insider owned 1,764 shares in the company, valued at approximately $2,875,320. This represents a 30.18% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 1,494 shares of company stock worth $2,485,986. Corporate insiders own 13.40% of the company's stock.

First Citizens BancShares Stock Up 0.5%

NASDAQ FCNCA traded up $9.02 during mid-day trading on Thursday, hitting $1,955.67. The company's stock had a trading volume of 135,366 shares, compared to its average volume of 95,370. The company's 50 day simple moving average is $1,998.86 and its 200 day simple moving average is $1,890.17. First Citizens BancShares, Inc. has a twelve month low of $1,473.62 and a twelve month high of $2,412.93. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.76. The firm has a market capitalization of $25.27 billion, a price-to-earnings ratio of 11.52 and a beta of 0.71.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last posted its quarterly earnings results on Friday, July 25th. The bank reported $44.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $39.08 by $5.70. First Citizens BancShares had a net margin of 16.37% and a return on equity of 11.32%. The business had revenue of $2.38 billion during the quarter, compared to the consensus estimate of $2.21 billion. Analysts anticipate that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current year.

First Citizens BancShares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 29th will be paid a dividend of $1.95 per share. The ex-dividend date is Friday, August 29th. This represents a $7.80 annualized dividend and a yield of 0.4%. First Citizens BancShares's dividend payout ratio (DPR) is 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.