City Holding Co. Buys Shares of 330 First Citizens BancShares, Inc. $FCNCA

Key Points

• City Holding Co. acquired 330 shares of First Citizens BancShares, Inc. valued at approximately $646,000 during the second quarter, marking a new position for the firm as reported in their 13F filing.
• Insider trading activity shows CEO Frank B. Holding, Jr. purchased 600 shares at around $1,698.75 each, while another insider, Hope Holding Bryant, bought 409 shares at $1,630.00 each, indicating strong confidence in the company's stock.
• Analysts have mixed ratings on First Citizens BancShares, with price targets ranging from $2,050.00 to $2,410.00, reflecting a consensus rating of "Moderate Buy."

City Holding Co. acquired a new position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 330 shares of the bank's stock, valued at approximately $646,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. MassMutual Private Wealth & Trust FSB grew its position in shares of First Citizens BancShares by 54.5% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 17 shares of the bank's stock valued at $32,000 after purchasing an additional 6 shares during the period. Cresset Asset Management LLC grew its position in shares of First Citizens BancShares by 3.8% in the first quarter. Cresset Asset Management LLC now owns 163 shares of the bank's stock valued at $302,000 after purchasing an additional 6 shares during the period. M&T Bank Corp grew its position in shares of First Citizens BancShares by 1.3% in the first quarter. M&T Bank Corp now owns 632 shares of the bank's stock valued at $1,172,000 after purchasing an additional 8 shares during the period. Venturi Wealth Management LLC grew its position in shares of First Citizens BancShares by 3.8% in the first quarter. Venturi Wealth Management LLC now owns 221 shares of the bank's stock valued at $410,000 after purchasing an additional 8 shares during the period. Finally, Cooper Financial Group grew its position in shares of First Citizens BancShares by 5.5% in the first quarter. Cooper Financial Group now owns 154 shares of the bank's stock valued at $286,000 after purchasing an additional 8 shares during the period. Hedge funds and other institutional investors own 78.01% of the company's stock.

Insider Transactions at First Citizens BancShares

In related news, CEO Frank B. Holding, Jr. bought 600 shares of the business's stock in a transaction dated Thursday, August 7th. The shares were bought at an average cost of $1,698.75 per share, with a total value of $1,019,250.00. Following the completion of the transaction, the chief executive officer directly owned 32,300 shares of the company's stock, valued at approximately $54,869,625. This trade represents a 1.89% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Hope Holding Bryant bought 409 shares of the business's stock in a transaction dated Thursday, August 7th. The shares were bought at an average cost of $1,630.00 per share, for a total transaction of $666,670.00. Following the completion of the transaction, the insider directly owned 1,764 shares of the company's stock, valued at $2,875,320. This trade represents a 30.18% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders have bought 1,494 shares of company stock valued at $2,485,986. Corporate insiders own 13.19% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. Citigroup lifted their target price on First Citizens BancShares from $1,900.00 to $2,050.00 and gave the company a "neutral" rating in a report on Wednesday, July 2nd. UBS Group reiterated a "buy" rating and issued a $2,410.00 target price on shares of First Citizens BancShares in a report on Wednesday, July 9th. Wall Street Zen cut First Citizens BancShares from a "hold" rating to a "sell" rating in a report on Sunday. Piper Sandler set a $2,150.00 target price on First Citizens BancShares and gave the company a "neutral" rating in a report on Monday, July 28th. Finally, JPMorgan Chase & Co. lifted their target price on First Citizens BancShares from $2,100.00 to $2,250.00 and gave the company an "overweight" rating in a report on Tuesday, July 1st. Seven investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $2,291.17.

First Citizens BancShares Stock Down 0.7%

Shares of First Citizens BancShares stock opened at $1,850.38 on Monday. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.76. The firm has a market cap of $23.91 billion, a P/E ratio of 10.92 and a beta of 0.71. First Citizens BancShares, Inc. has a fifty-two week low of $1,473.62 and a fifty-two week high of $2,412.93. The business has a 50-day moving average price of $1,946.40 and a 200 day moving average price of $1,888.84.

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

First Citizens BancShares Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Friday, August 29th were paid a $1.95 dividend. 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 currently 4.60%.

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.

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