Brookwood Investment Group LLC Buys Shares of 120 First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Key Points

• Brookwood Investment Group LLC has acquired a new stake in First Citizens BancShares, purchasing 120 shares valued at approximately $223,000 in the first quarter.
• Analysts have varying ratings for First Citizens BancShares, with one report lowering the target price from $2,568.00 to $2,400.00, while others maintain a "buy" rating and set price targets above $2,400.00.
• CEO Frank B. Holding, Jr. purchased 350 shares of First Citizens BancShares stock at an average price of $1,610.00 per share, increasing his ownership by 14.53% to a total value of around $4.44 million.

Brookwood Investment Group LLC bought a new position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 120 shares of the bank's stock, valued at approximately $223,000.

A number of other large investors have also modified their holdings of FCNCA. Noesis Capital Mangement Corp acquired a new stake in shares of First Citizens BancShares in the 1st quarter worth approximately $1,483,000. Egerton Capital UK LLP grew its holdings in shares of First Citizens BancShares by 21.7% in the 1st quarter. Egerton Capital UK LLP now owns 124,773 shares of the bank's stock worth $231,344,000 after acquiring an additional 22,257 shares during the period. Venturi Wealth Management LLC grew its holdings in First Citizens BancShares by 3.8% during the 1st quarter. Venturi Wealth Management LLC now owns 221 shares of the bank's stock valued at $410,000 after buying an additional 8 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in First Citizens BancShares during the 1st quarter valued at $4,606,000. Finally, Allianz Asset Management GmbH grew its holdings in First Citizens BancShares by 37.6% during the 1st quarter. Allianz Asset Management GmbH now owns 520 shares of the bank's stock valued at $964,000 after buying an additional 142 shares during the last quarter. 78.01% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on FCNCA shares. Piper Sandler set a $2,150.00 price objective on First Citizens BancShares and gave the stock a "neutral" rating in a report on Monday. Jefferies Financial Group started coverage on First Citizens BancShares in a report on Wednesday, May 21st. They set a "hold" rating and a $2,050.00 price objective on the stock. Barclays decreased their price objective on First Citizens BancShares from $2,568.00 to $2,400.00 and set an "equal weight" rating on the stock in a report on Friday, April 25th. Wall Street Zen cut First Citizens BancShares from a "hold" rating to a "sell" rating in a report on Monday, April 28th. Finally, UBS Group restated a "buy" rating and set a $2,410.00 price objective on shares of First Citizens BancShares in a report on Wednesday, July 9th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $2,291.17.

Insider Transactions at First Citizens BancShares

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. bought 350 shares of First Citizens BancShares stock in a transaction dated Friday, May 2nd. The stock was purchased at an average price of $1,610.00 per share, for a total transaction of $563,500.00. Following the completion of the purchase, the chief executive officer directly owned 2,758 shares of the company's stock, valued at approximately $4,440,380. This trade represents a 14.53% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 13.19% of the company's stock.

First Citizens BancShares Trading Down 0.2%

Shares of FCNCA traded down $4.14 during trading hours on Wednesday, hitting $2,027.76. 15,820 shares of the stock were exchanged, compared to its average volume of 84,126. The company has a debt-to-equity ratio of 1.77, a current ratio of 1.04 and a quick ratio of 1.04. The firm has a market capitalization of $26.95 billion, a P/E ratio of 11.95 and a beta of 0.64. The business has a 50-day moving average of $1,957.65 and a 200-day moving average of $1,937.92. First Citizens BancShares, Inc. has a fifty-two week low of $1,473.62 and a fifty-two week high of $2,412.93.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last released its quarterly earnings data on Friday, July 25th. The bank reported $44.78 earnings per share for the quarter, beating analysts' consensus estimates of $39.08 by $5.70. First Citizens BancShares had a net margin of 16.37% and a return on equity of 11.30%. The firm had revenue of $2.38 billion for the quarter, compared to analyst estimates of $2.21 billion. On average, research analysts expect that First Citizens BancShares, Inc. will post 167.59 EPS 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. Investors of record on Friday, August 29th will be issued a dividend of $1.95 per share. The ex-dividend date of this dividend is Friday, August 29th. This represents a $7.80 dividend on an annualized basis and a yield of 0.38%. First Citizens BancShares's dividend payout ratio (DPR) 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.