368 Shares in First Citizens BancShares, Inc. (NASDAQ:FCNCA) Bought by Dover Advisors LLC

Dover Advisors LLC purchased a new stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 368 shares of the bank's stock, valued at approximately $682,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Norges Bank acquired a new position in First Citizens BancShares during the fourth quarter worth about $298,426,000. GAMMA Investing LLC raised its holdings in shares of First Citizens BancShares by 169,861.1% in the 1st quarter. GAMMA Investing LLC now owns 122,372 shares of the bank's stock worth $226,892,000 after purchasing an additional 122,300 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in First Citizens BancShares by 35.7% during the fourth quarter. JPMorgan Chase & Co. now owns 392,097 shares of the bank's stock valued at $828,510,000 after purchasing an additional 103,137 shares during the last quarter. Capital International Investors lifted its stake in First Citizens BancShares by 78.2% during the fourth quarter. Capital International Investors now owns 172,723 shares of the bank's stock valued at $364,967,000 after purchasing an additional 75,785 shares during the last quarter. Finally, Proficio Capital Partners LLC acquired a new position in First Citizens BancShares in the fourth quarter worth approximately $147,341,000. 78.01% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on FCNCA. Jefferies Financial Group initiated coverage on First Citizens BancShares in a research note on Wednesday, May 21st. They set a "hold" rating and a $2,050.00 price objective for the company. The Goldman Sachs Group cut their price objective on First Citizens BancShares from $2,535.00 to $2,200.00 and set a "buy" rating on the stock in a report on Tuesday, March 18th. Wall Street Zen lowered shares of First Citizens BancShares from a "hold" rating to a "sell" rating in a research note on Monday, April 28th. Piper Sandler raised shares of First Citizens BancShares from a "neutral" rating to an "overweight" rating and set a $2,250.00 target price on the stock in a research report on Tuesday, March 11th. Finally, Barclays reduced their price target on shares of First Citizens BancShares from $2,568.00 to $2,400.00 and set an "equal weight" rating for the company in a research report on Friday, April 25th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have assigned a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $2,340.33.

First Citizens BancShares Stock Up 0.6%

Shares of First Citizens BancShares stock traded up $11.35 during trading on Monday, hitting $1,830.03. 26,477 shares of the stock traded hands, compared to its average volume of 87,941. The company has a fifty day moving average price of $1,806.62 and a two-hundred day moving average price of $1,960.73. First Citizens BancShares, Inc. has a twelve month low of $1,473.62 and a twelve month high of $2,412.93. The stock has a market cap of $24.32 billion, a P/E ratio of 9.67, a PEG ratio of 0.94 and a beta of 0.64. The company has a debt-to-equity ratio of 1.68, a quick ratio of 1.08 and a current ratio of 1.08.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last posted its 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 net margin of 18.55% and a return on equity of 13.22%. The company had revenue of $2.30 billion during the quarter, compared to the consensus estimate of $2.22 billion. Equities research analysts predict that First Citizens BancShares, Inc. will post 167.59 EPS for the current fiscal year.

First Citizens BancShares Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Friday, May 30th will be given a dividend of $1.95 per share. This represents a $7.80 annualized dividend and a yield of 0.43%. The ex-dividend date of this dividend is Friday, May 30th. First Citizens BancShares's payout ratio is 4.47%.

Insiders Place Their Bets

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. purchased 350 shares of the stock in a transaction dated Friday, May 2nd. The shares were bought at an average cost of $1,610.00 per share, with a total value of $563,500.00. Following the completion of the transaction, the chief executive officer now owns 2,758 shares in the company, valued at $4,440,380. This trade represents a 14.53% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 13.40% of the company's stock.

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.