Cynosure Group LLC grew its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 32.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 568 shares of the bank's stock after purchasing an additional 138 shares during the quarter. Cynosure Group LLC's holdings in First Citizens BancShares were worth $1,053,000 as of its most recent SEC filing.
Several other institutional investors also recently made changes to their positions in FCNCA. Founders Financial Alliance LLC raised its holdings in shares of First Citizens BancShares by 133.9% during the first quarter. Founders Financial Alliance LLC now owns 262 shares of the bank's stock worth $486,000 after acquiring an additional 150 shares in the last quarter. National Bank of Canada FI increased its stake in shares of First Citizens BancShares by 59.5% in the first quarter. National Bank of Canada FI now owns 2,463 shares of the bank's stock worth $4,566,000 after purchasing an additional 919 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in First Citizens BancShares by 7.2% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 7,968 shares of the bank's stock worth $14,774,000 after buying an additional 537 shares in the last quarter. Ontario Teachers Pension Plan Board grew its position in First Citizens BancShares by 20.2% during the first quarter. Ontario Teachers Pension Plan Board now owns 226 shares of the bank's stock worth $419,000 after buying an additional 38 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in First Citizens BancShares by 6.2% during the first quarter. Charles Schwab Investment Management Inc. now owns 50,701 shares of the bank's stock valued at $94,006,000 after purchasing an additional 2,977 shares in the last quarter. 78.01% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
Several brokerages have recently commented on FCNCA. Cowen reissued a "buy" rating on shares of First Citizens BancShares in a report on Monday, July 28th. Piper Sandler set a $2,150.00 price objective on shares of First Citizens BancShares and gave the stock a "neutral" rating in a research report on Monday, July 28th. UBS Group restated a "buy" rating and issued a $2,410.00 price objective on shares of First Citizens BancShares in a research report on Wednesday, July 9th. JPMorgan Chase & Co. boosted their price objective on shares of First Citizens BancShares from $2,100.00 to $2,250.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 1st. Finally, TD Cowen initiated coverage on shares of First Citizens BancShares in a research report on Thursday, May 15th. They issued a "buy" rating and a $2,400.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $2,291.17.
Read Our Latest Report on First Citizens BancShares
Insider Activity at First Citizens BancShares
In related news, major shareholder Olivia Britton Holding purchased 409 shares of First Citizens BancShares stock in a transaction dated Thursday, August 7th. The stock was purchased at an average cost of $1,630.00 per share, for a total transaction of $666,670.00. Following the completion of the purchase, the insider directly owned 1,764 shares of the company's stock, valued at $2,875,320. The trade was a 30.18% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Frank B. Holding, Jr. bought 600 shares of the business's stock in a transaction that occurred on Thursday, August 7th. The shares were acquired at an average price 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 $54,869,625. This trade represents a 1.89% increase in their position. The disclosure for this purchase can be found here. Insiders acquired a total of 1,494 shares of company stock valued at $2,485,986 in the last three months. Company insiders own 13.19% of the company's stock.
First Citizens BancShares Price Performance
NASDAQ FCNCA traded up $20.80 on Monday, hitting $1,848.93. The stock had a trading volume of 138,065 shares, compared to its average volume of 111,216. The firm has a 50-day moving average of $1,968.06 and a 200-day moving average of $1,918.01. The company has a debt-to-equity ratio of 1.77, a quick ratio of 1.04 and a current ratio of 1.04. The company has a market capitalization of $24.57 billion, a price-to-earnings ratio of 10.91 and a beta of 0.64. First Citizens BancShares, Inc. has a 52-week low of $1,473.62 and a 52-week high of $2,412.93.
First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last released 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 for 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%. Equities analysts expect that First Citizens BancShares, Inc. will post 167.59 EPS for the current year.
First Citizens BancShares Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 29th will be given a dividend of $1.95 per share. This represents a $7.80 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend is Friday, August 29th. First Citizens BancShares's dividend payout ratio (DPR) is 4.60%.
First Citizens BancShares Profile
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Free Report)
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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