Gabelli Funds LLC Increases Holdings in First Citizens BancShares, Inc. $FCNCA

Key Points

• Gabelli Funds LLC increased its holdings in First Citizens BancShares by 3.6%, raising its ownership to 4,326 shares, valued at approximately $8,021,000.
• Analysts have varying opinions on First Citizens BancShares, with target prices ranging from $2,050.00 to $2,410.00, and an average rating of "Moderate Buy."
• The company recently announced a quarterly dividend of $1.95, with an annual yield of 0.4%, set to be paid on September 15th.

Gabelli Funds LLC lifted its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 3.6% in the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 4,326 shares of the bank's stock after purchasing an additional 150 shares during the period. Gabelli Funds LLC's holdings in First Citizens BancShares were worth $8,021,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the company. JT Stratford LLC boosted its holdings in shares of First Citizens BancShares by 0.4% in the fourth quarter. JT Stratford LLC now owns 1,247 shares of the bank's stock valued at $2,635,000 after purchasing an additional 5 shares during the period. MassMutual Private Wealth & Trust FSB boosted its holdings 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 boosted its holdings 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 boosted its holdings 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. Finally, Venturi Wealth Management LLC grew its holdings in First Citizens BancShares by 3.8% during the 1st quarter. Venturi Wealth Management LLC now owns 221 shares of the bank's stock worth $410,000 after acquiring an additional 8 shares in the last quarter. Hedge funds and other institutional investors own 78.01% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on FCNCA. Piper Sandler set a $2,150.00 target price on shares of First Citizens BancShares and gave the stock a "neutral" rating in a report on Monday, July 28th. Jefferies Financial Group began coverage on shares of First Citizens BancShares in a report on Wednesday, May 21st. They set a "hold" rating and a $2,050.00 target price on the stock. JPMorgan Chase & Co. increased their target price on shares of First Citizens BancShares from $2,100.00 to $2,250.00 and gave the stock an "overweight" rating in a report on Tuesday, July 1st. Citigroup increased their target price on shares of First Citizens BancShares from $1,900.00 to $2,050.00 and gave the stock a "neutral" rating in a report on Wednesday, July 2nd. Finally, UBS Group reiterated a "buy" rating and set a $2,410.00 target price on shares of First Citizens BancShares in a report on Wednesday, July 9th. Seven equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $2,291.17.

First Citizens BancShares Stock Up 1.7%

NASDAQ:FCNCA opened at $2,032.56 on Thursday. 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 stock has a market capitalization of $26.26 billion, a P/E ratio of 11.99 and a beta of 0.64. The company has a debt-to-equity ratio of 1.76, a quick ratio of 1.04 and a current ratio of 1.04. The company's 50-day simple moving average is $1,992.79 and its 200-day simple moving average is $1,901.18.

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

First Citizens BancShares Dividend Announcement

The business 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 $1.95 dividend. The ex-dividend date is Friday, August 29th. This represents a $7.80 dividend on an annualized basis and a yield of 0.4%. First Citizens BancShares's dividend payout ratio (DPR) is 4.60%.

Insider Buying and Selling

In related news, major shareholder Olivia Britton Holding bought 409 shares of the stock in a transaction that occurred on Thursday, August 7th. The stock was bought at an average cost of $1,630.00 per share, for a total transaction of $666,670.00. Following the purchase, the insider directly owned 1,764 shares of the company's stock, valued at approximately $2,875,320. This trade represents a 30.18% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Hope Holding Bryant bought 409 shares of the stock in a transaction that occurred on Thursday, August 7th. The stock was bought at an average price of $1,630.00 per share, with a total value of $666,670.00. Following the completion of the purchase, the insider directly owned 1,764 shares in the company, valued at $2,875,320. This represents a 30.18% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased 1,494 shares of company stock worth $2,485,986 in the last three months. Corporate insiders own 13.40% of the company's stock.

First Citizens BancShares Company 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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