Commerce Bank Purchases 206 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Key Points

• Commerce Bank increased its stake in First Citizens BancShares by 0.9% in Q1, acquiring an additional 206 shares to hold a total of 22,400 shares valued at approximately $41.53 million.
• Several hedge funds and institutional investors have also jockeyed for positions in First Citizens BancShares, now owning 78.01% of the stock, highlighting strong interest in the company.
• Analysts have varying price targets for First Citizens BancShares, with estimates ranging from $1,900.00 to $2,410.00, reflecting a consensus rating of "Hold" for the stock.

Commerce Bank increased its position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 0.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 22,400 shares of the bank's stock after purchasing an additional 206 shares during the period. Commerce Bank owned 0.16% of First Citizens BancShares worth $41,532,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of FCNCA. MassMutual Private Wealth & Trust FSB increased its holdings in 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 buying an additional 6 shares in the last quarter. Community Bank N.A. purchased a new position in shares of First Citizens BancShares during the 1st quarter worth approximately $44,000. Wayfinding Financial LLC purchased a new position in shares of First Citizens BancShares during the 1st quarter worth approximately $64,000. Toth Financial Advisory Corp increased its stake in shares of First Citizens BancShares by 263.6% during the 1st quarter. Toth Financial Advisory Corp now owns 40 shares of the bank's stock worth $74,000 after purchasing an additional 29 shares in the last quarter. Finally, Johnson Financial Group Inc. purchased a new position in shares of First Citizens BancShares during the 4th quarter worth approximately $77,000. Institutional investors and hedge funds own 78.01% of the company's stock.

Insider Buying and Selling

In other First Citizens BancShares news, major shareholder Olivia Britton Holding bought 66 shares of the business's stock in a transaction that occurred on Tuesday, July 29th. The stock was acquired at an average cost of $1,735.00 per share, with a total value of $114,510.00. Following the completion of the purchase, the insider directly owned 121,926 shares in the company, valued at approximately $211,541,610. This trade represents a 0.05% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. 13.40% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several analysts have commented on the stock. TD Cowen assumed coverage on shares of First Citizens BancShares in a research note on Thursday, May 15th. They issued a "buy" rating and a $2,400.00 target price for the company. UBS Group restated a "buy" rating and set a $2,410.00 target price on shares of First Citizens BancShares in a report on Wednesday, July 9th. Wall Street Zen downgraded shares of First Citizens BancShares from a "hold" rating to a "sell" rating in a research note on Monday, April 28th. JPMorgan Chase & Co. lifted their price target on shares of First Citizens BancShares from $2,100.00 to $2,250.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 1st. Finally, 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. One analyst has rated the stock with a sell rating, six have issued a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $2,291.17.

First Citizens BancShares Price Performance

Shares of NASDAQ:FCNCA traded down $82.12 during trading on Friday, reaching $1,912.64. The company had a trading volume of 119,140 shares, compared to its average volume of 75,601. The firm's fifty day moving average is $1,966.04 and its 200 day moving average is $1,934.77. The firm has a market capitalization of $25.42 billion, a PE ratio of 11.29 and a beta of 0.64. 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 quick ratio of 1.04 and a current ratio of 1.04.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last issued its quarterly earnings results on Friday, July 25th. The bank reported $44.78 earnings per share for the quarter, topping analysts' consensus estimates 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 net margin of 16.37% and a return on equity of 11.30%. On average, equities analysts forecast that First Citizens BancShares, Inc. will post 167.59 EPS for the current year.

First Citizens BancShares Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 29th will be paid a dividend of $1.95 per share. The ex-dividend date of this dividend is Friday, August 29th. This represents a $7.80 annualized dividend and a yield of 0.4%. First Citizens BancShares's dividend 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.