Assetmark Inc. Cuts Stake in First Citizens BancShares, Inc. $FCNCA

Assetmark Inc. lessened its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 25.5% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,147 shares of the bank's stock after selling 733 shares during the period. Assetmark Inc.'s holdings in First Citizens BancShares were worth $4,046,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Hilton Head Capital Partners LLC acquired a new position in shares of First Citizens BancShares during the fourth quarter valued at approximately $26,000. Harbor Investment Advisory LLC increased its position in shares of First Citizens BancShares by 150.0% during the fourth quarter. Harbor Investment Advisory LLC now owns 15 shares of the bank's stock worth $32,000 after purchasing an additional 9 shares in the last quarter. Reflection Asset Management purchased a new stake in shares of First Citizens BancShares during the fourth quarter worth approximately $45,000. Global Assets Advisory LLC acquired a new position in First Citizens BancShares in the 1st quarter valued at $45,000. Finally, Allworth Financial LP raised its stake in First Citizens BancShares by 21.7% in the 3rd quarter. Allworth Financial LP now owns 28 shares of the bank's stock valued at $51,000 after purchasing an additional 5 shares during the last quarter. 78.01% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Weiss Ratings raised shares of First Citizens BancShares from a "hold (c)" rating to a "hold (c+)" rating in a report on Wednesday, July 8th. Wall Street Zen raised shares of First Citizens BancShares from a "sell" rating to a "hold" rating in a research note on Saturday, June 27th. Keefe, Bruyette & Woods reiterated a "market perform" rating and issued a $2,300.00 price objective on shares of First Citizens BancShares in a report on Thursday, July 9th. The Goldman Sachs Group raised their target price on shares of First Citizens BancShares from $2,100.00 to $2,340.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 7th. Finally, TD Cowen lowered their target price on First Citizens BancShares from $2,500.00 to $2,300.00 and set a "buy" rating on the stock in a report on Monday, April 27th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and ten have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, First Citizens BancShares has an average rating of "Hold" and an average target price of $2,247.08.

First Citizens BancShares Stock Performance

NASDAQ:FCNCA opened at $2,077.57 on Thursday. The company's 50-day moving average is $2,053.95 and its two-hundred day moving average is $2,016.98. First Citizens BancShares, Inc. has a 1-year low of $1,623.76 and a 1-year high of $2,232.21. The company has a debt-to-equity ratio of 1.67, a current ratio of 1.00 and a quick ratio of 1.00. The firm has a market capitalization of $24.08 billion, a price-to-earnings ratio of 11.95, a PEG ratio of 1.56 and a beta of 0.62.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last released its quarterly earnings results on Thursday, April 23rd. The bank reported $44.86 EPS for the quarter, beating the consensus estimate of $43.31 by $1.55. The firm had revenue of $2.14 billion for the quarter, compared to analyst estimates of $2.20 billion. First Citizens BancShares had a net margin of 15.62% and a return on equity of 11.48%. During the same quarter in the previous year, the company earned $37.79 EPS. Analysts forecast that First Citizens BancShares, Inc. will post 177.18 EPS for the current year.

Insider Buying and Selling at First Citizens BancShares

In related news, CEO Frank B. Holding, Jr. purchased 528 shares of First Citizens BancShares stock in a transaction dated Friday, June 5th. The shares were acquired at an average cost of $1,813.37 per share, with a total value of $957,459.36. Following the purchase, the chief executive officer owned 64,100 shares of the company's stock, valued at approximately $116,237,017. The trade was a 0.83% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders have bought 7,190 shares of company stock worth $12,573,868 in the last ninety days. 14.63% of the stock is owned by company insiders.

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.

Want to see what other hedge funds are holding FCNCA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.