HB Wealth Management LLC Has $1.67 Million Stock Position in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Key Points

• HB Wealth Management LLC significantly increased its stake in First Citizens BancShares, Inc. by 353.8%, now holding 903 shares valued at $1.67 million.
• The bank reported $44.78 earnings per share for the last quarter, surpassing analysts' expectations of $39.08 by $5.70.
• First Citizens BancShares declared a quarterly dividend of $1.95 per share, with an annualized payout of $7.80 and a dividend yield of 0.38%.

HB Wealth Management LLC boosted its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 353.8% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 903 shares of the bank's stock after acquiring an additional 704 shares during the quarter. HB Wealth Management LLC's holdings in First Citizens BancShares were worth $1,674,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. FMR LLC increased its position in First Citizens BancShares by 10.5% in the fourth quarter. FMR LLC now owns 357,629 shares of the bank's stock worth $755,677,000 after purchasing an additional 34,097 shares during the period. Capital International Investors boosted its stake in shares of First Citizens BancShares by 78.2% in the 4th 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. Egerton Capital UK LLP grew its position in shares of First Citizens BancShares by 21.7% during the 1st quarter. Egerton Capital UK LLP now owns 124,773 shares of the bank's stock worth $231,344,000 after buying an additional 22,257 shares during the period. GAMMA Investing LLC raised its stake in shares of First Citizens BancShares by 169,861.1% during the first quarter. GAMMA Investing LLC now owns 122,372 shares of the bank's stock worth $226,892,000 after buying an additional 122,300 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of First Citizens BancShares by 83.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 107,523 shares of the bank's stock worth $227,198,000 after buying an additional 48,994 shares during the last quarter. 78.01% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. Cowen reaffirmed a "buy" rating on shares of First Citizens BancShares in a research note on Monday. Piper Sandler set a $2,150.00 price target on First Citizens BancShares and gave the stock a "neutral" rating in a research report on Monday. JPMorgan Chase & Co. lifted their price objective on First Citizens BancShares from $2,100.00 to $2,250.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 1st. Wall Street Zen downgraded First Citizens BancShares from a "hold" rating to a "sell" rating in a report on Monday, April 28th. Finally, UBS Group restated a "buy" rating and set a $2,410.00 target price on shares of First Citizens BancShares in a report on Wednesday, July 9th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, First Citizens BancShares has an average rating of "Hold" and a consensus price target of $2,291.17.

Insider Buying and Selling

In other news, major shareholder Olivia Britton Holding bought 66 shares of the stock in a transaction on Tuesday, July 29th. The stock was purchased at an average price of $1,735.00 per share, for a total transaction of $114,510.00. Following the acquisition, the insider owned 121,926 shares in the company, valued at approximately $211,541,610. This trade represents a 0.05% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 13.40% of the company's stock.

First Citizens BancShares Trading Down 3.5%

Shares of First Citizens BancShares stock traded down $69.71 during trading hours on Friday, hitting $1,925.06. The company's stock had a trading volume of 48,335 shares, compared to its average volume of 84,704. The company has a market capitalization of $25.58 billion, a PE ratio of 11.36 and a beta of 0.64. The company has a debt-to-equity ratio of 1.77, a current ratio of 1.04 and a quick ratio of 1.04. The stock has a 50 day moving average of $1,964.23 and a 200 day moving average of $1,937.84. First Citizens BancShares, Inc. has a 12 month low of $1,473.62 and a 12 month high of $2,412.93.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last issued its quarterly earnings data on Friday, July 25th. The bank reported $44.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $39.08 by $5.70. The business had revenue of $2.38 billion during the quarter, compared to analyst estimates of $2.21 billion. First Citizens BancShares had a return on equity of 11.30% and a net margin of 16.37%. Analysts predict that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current year.

First Citizens BancShares Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 29th will be given a $1.95 dividend. This represents a $7.80 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend is Friday, August 29th. First Citizens BancShares's payout ratio is currently 4.60%.

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.