GAMMA Investing LLC Increases Stock Position in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

GAMMA Investing LLC grew its holdings in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 169,861.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 122,372 shares of the bank's stock after acquiring an additional 122,300 shares during the period. GAMMA Investing LLC owned 0.90% of First Citizens BancShares worth $226,892,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. MassMutual Private Wealth & Trust FSB raised its holdings in shares of First Citizens BancShares by 54.5% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 17 shares of the bank's stock worth $32,000 after purchasing an additional 6 shares during the period. Financial Life Planners purchased a new position in First Citizens BancShares in the fourth quarter worth $33,000. Hemington Wealth Management grew its position in First Citizens BancShares by 60.0% in the fourth quarter. Hemington Wealth Management now owns 16 shares of the bank's stock worth $33,000 after acquiring an additional 6 shares in the last quarter. Duncker Streett & Co. Inc. purchased a new stake in First Citizens BancShares during the fourth quarter valued at about $36,000. Finally, Mather Group LLC. boosted its position in First Citizens BancShares by 38.5% during the fourth quarter. Mather Group LLC. now owns 18 shares of the bank's stock valued at $38,000 after buying an additional 5 shares during the period. 78.01% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Cowen started coverage on shares of First Citizens BancShares in a research note on Wednesday, May 14th. They set a "buy" rating for the company. The Goldman Sachs Group reduced their target price 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. Barclays reduced their target price on First Citizens BancShares from $2,568.00 to $2,400.00 and set an "equal weight" rating on the stock in a report on Friday, April 25th. Wall Street Zen downgraded First Citizens BancShares from a "hold" rating to a "sell" rating in a report on Monday, April 28th. Finally, TD Cowen assumed coverage on First Citizens BancShares in a report on Thursday, May 15th. They set a "buy" rating and a $2,400.00 target price on the stock. One equities 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. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $2,340.33.

Insider Buying and Selling

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. purchased 350 shares of the company's stock in a transaction dated Friday, May 2nd. The shares were acquired at an average price of $1,610.00 per share, for a total transaction of $563,500.00. Following the purchase, the chief executive officer now directly owns 2,758 shares of the company's stock, valued at $4,440,380. The trade was a 14.53% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Craig L. Nix acquired 17 shares of the firm's stock in a transaction dated Friday, March 7th. The shares were purchased at an average price of $1,881.13 per share, for a total transaction of $31,979.21. Following the completion of the transaction, the chief financial officer now directly owns 1,141 shares in the company, valued at approximately $2,146,369.33. This trade represents a 1.51% increase in their ownership of the stock. The disclosure for this purchase can be found here. 13.40% of the stock is currently owned by corporate insiders.

First Citizens BancShares Stock Down 0.8%

Shares of FCNCA traded down $14.40 on Thursday, hitting $1,814.09. 53,348 shares of the stock traded hands, compared to its average volume of 88,003. The company has a market capitalization of $24.11 billion, a PE ratio of 9.58, a P/E/G 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. The business has a 50 day simple moving average of $1,786.10 and a 200 day simple moving average of $1,984.38. First Citizens BancShares, Inc. has a one year low of $1,473.62 and a one year high of $2,412.93.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last announced its quarterly earnings results on Thursday, April 24th. The bank reported $37.79 earnings per share for the quarter, beating the consensus estimate of $37.72 by $0.07. The company had revenue of $2.30 billion during the quarter, compared to the consensus estimate of $2.22 billion. First Citizens BancShares had a net margin of 18.55% and a return on equity of 13.22%. As a group, equities analysts forecast 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, June 16th. Investors of record on Friday, May 30th will be issued a $1.95 dividend. This represents a $7.80 annualized dividend and a yield of 0.43%. The ex-dividend date is Friday, May 30th. First Citizens BancShares's dividend payout ratio is currently 4.47%.

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.