DAVENPORT & Co LLC Increases Stock Position in First Citizens BancShares, Inc. $FCNCA

Key Points

• DAVENPORT & Co LLC increased its stake in First Citizens BancShares, Inc. by 155.5%, purchasing an additional 185 shares, bringing its total to 304 shares valued at $595,000.
• Analysts have recently adjusted their price targets for First Citizens BancShares, with Goldman Sachs lowering it from $2,250 to $1,950 while maintaining a "buy" rating.
• First Citizens BancShares announced a quarterly dividend of $1.95 per share, representing an annualized rate of $7.80 and a dividend yield of 0.5%.

DAVENPORT & Co LLC grew its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 155.5% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 304 shares of the bank's stock after buying an additional 185 shares during the period. DAVENPORT & Co LLC's holdings in First Citizens BancShares were worth $595,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in FCNCA. Farther Finance Advisors LLC grew its stake in shares of First Citizens BancShares by 13.2% during the 1st quarter. Farther Finance Advisors LLC now owns 240 shares of the bank's stock valued at $438,000 after buying an additional 28 shares during the period. SG Americas Securities LLC purchased a new stake in shares of First Citizens BancShares during the 1st quarter valued at $3,933,000. Simon Quick Advisors LLC grew its stake in shares of First Citizens BancShares by 24.0% during the 1st quarter. Simon Quick Advisors LLC now owns 129 shares of the bank's stock valued at $239,000 after buying an additional 25 shares during the period. Wealth Enhancement Advisory Services LLC grew its stake in shares of First Citizens BancShares by 2.3% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 4,788 shares of the bank's stock valued at $8,878,000 after buying an additional 107 shares during the period. Finally, Dover Advisors LLC purchased a new stake in shares of First Citizens BancShares during the 1st quarter valued at $682,000. 78.01% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have recently issued reports on FCNCA. The Goldman Sachs Group lowered their price objective on shares of First Citizens BancShares from $2,250.00 to $1,950.00 and set a "buy" rating for the company in a research note on Monday, October 6th. Truist Financial reduced their target price on shares of First Citizens BancShares from $2,240.00 to $2,000.00 and set a "hold" rating on the stock in a report on Friday, October 3rd. Cowen restated a "buy" rating on shares of First Citizens BancShares in a report on Monday, July 28th. Wall Street Zen lowered shares of First Citizens BancShares from a "hold" rating to a "sell" rating in a report on Sunday, September 28th. Finally, Piper Sandler set a $2,150.00 target price on shares of First Citizens BancShares and gave the company a "neutral" rating in a report on Monday, July 28th. Nine analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, First Citizens BancShares currently has an average rating of "Moderate Buy" and a consensus target price of $2,227.69.

First Citizens BancShares Stock Performance

Shares of FCNCA stock opened at $1,701.73 on Friday. First Citizens BancShares, Inc. has a 12 month low of $1,473.62 and a 12 month high of $2,412.93. The company has a debt-to-equity ratio of 1.76, a current ratio of 1.04 and a quick ratio of 1.04. The firm has a market capitalization of $21.99 billion, a P/E ratio of 10.04 and a beta of 0.60. The company's fifty day moving average price is $1,886.23 and its two-hundred day moving average price is $1,882.01.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last issued its quarterly earnings data on Friday, July 25th. The bank reported $44.78 EPS for the quarter, topping 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 11.32%. The firm had revenue of $2.38 billion for the quarter, compared to analyst estimates of $2.21 billion. On average, research analysts anticipate that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current fiscal year.

First Citizens BancShares Announces Dividend

The business also recently announced 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 0.5%. The ex-dividend date was Friday, August 29th. First Citizens BancShares's dividend payout ratio is 4.60%.

Insider Activity

In related news, insider Hope Holding Bryant bought 409 shares of the business's stock in a transaction dated Thursday, August 7th. The shares were acquired at an average price of $1,630.00 per share, for a total transaction of $666,670.00. Following the purchase, the insider owned 1,764 shares in the company, valued at $2,875,320. This trade represents a 30.18% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, major shareholder Olivia Britton Holding bought 409 shares of the business's stock in a transaction dated Thursday, August 7th. The stock was bought at an average price of $1,630.00 per share, for a total transaction of $666,670.00. Following the purchase, the insider owned 1,764 shares in the company, valued at approximately $2,875,320. This represents a 30.18% increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 1,494 shares of company stock worth $2,485,986. 13.40% of the stock is currently owned by corporate insiders.

First Citizens BancShares 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.

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