Brown Advisory Inc. Decreases Holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Brown Advisory Inc. decreased its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 1.2% in the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 107,248 shares of the bank's stock after selling 1,344 shares during the quarter. Brown Advisory Inc. owned about 0.79% of First Citizens BancShares worth $198,851,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. MassMutual Private Wealth & Trust FSB raised its position in shares of First Citizens BancShares by 54.5% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 17 shares of the bank's stock worth $32,000 after acquiring an additional 6 shares in the last quarter. SBI Securities Co. Ltd. purchased a new position in First Citizens BancShares during the 4th quarter worth $40,000. Community Bank N.A. purchased a new position in First Citizens BancShares during the 1st quarter worth $44,000. Johnson Financial Group Inc. purchased a new position in First Citizens BancShares during the 4th quarter worth $77,000. Finally, Wayfinding Financial LLC purchased a new position in First Citizens BancShares during the 1st quarter worth $64,000. 78.01% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on FCNCA. The Goldman Sachs Group decreased their price objective on First Citizens BancShares from $2,535.00 to $2,200.00 and set a "buy" rating for the company in a report on Tuesday, March 18th. Piper Sandler raised First Citizens BancShares from a "neutral" rating to an "overweight" rating and set a $2,250.00 price target for the company in a report on Tuesday, March 11th. Barclays reduced their price target on First Citizens BancShares from $2,568.00 to $2,400.00 and set an "equal weight" rating for the company in a report on Friday, April 25th. TD Cowen initiated coverage on 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. Finally, Cowen initiated coverage on First Citizens BancShares in a report on Wednesday, May 14th. They issued a "buy" rating for the company. One analyst has rated the stock with a sell rating, five have given a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, First Citizens BancShares currently has an average rating of "Moderate Buy" and an average price target of $2,323.67.

Insider Transactions at First Citizens BancShares

In related news, CEO Frank B. Holding, Jr. bought 350 shares of the firm's stock in a transaction that occurred on Friday, May 2nd. The stock was purchased at an average cost of $1,610.00 per share, for a total transaction of $563,500.00. Following the completion of the acquisition, the chief executive officer owned 2,758 shares in the company, valued at approximately $4,440,380. This trade represents a 14.53% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 13.19% of the company's stock.

First Citizens BancShares Price Performance

Shares of NASDAQ:FCNCA traded down $11.77 during midday trading on Tuesday, hitting $2,066.20. The company had a trading volume of 80,413 shares, compared to its average volume of 88,570. 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 debt-to-equity ratio of 1.77, a current ratio of 1.04 and a quick ratio of 1.04. The stock has a market cap of $27.46 billion, a price-to-earnings ratio of 11.83, a price-to-earnings-growth ratio of 0.96 and a beta of 0.64. The business's 50-day simple moving average is $1,882.45 and its 200-day simple moving average is $1,938.63.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last released its quarterly earnings results on Thursday, April 24th. The bank reported $37.79 EPS for the quarter, topping the consensus estimate of $37.72 by $0.07. First Citizens BancShares had a return on equity of 11.98% and a net margin of 17.10%. The business had revenue of $2.30 billion during the quarter, compared to analyst estimates of $2.22 billion. On average, research analysts predict that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current year.

First Citizens BancShares Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Friday, May 30th were issued a $1.95 dividend. The ex-dividend date was Friday, May 30th. 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 4.47%.

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.