Horst & Graben Wealth Management LLC Takes $226,000 Position in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Horst & Graben Wealth Management LLC purchased a new stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 122 shares of the bank's stock, valued at approximately $226,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. JPMorgan Chase & Co. raised its position in First Citizens BancShares by 35.7% in the fourth quarter. JPMorgan Chase & Co. now owns 392,097 shares of the bank's stock worth $828,510,000 after acquiring an additional 103,137 shares during the period. FMR LLC raised its stake in shares of 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 buying an additional 34,097 shares during the period. Capital International Investors raised its stake in shares of First Citizens BancShares by 78.2% in the fourth quarter. Capital International Investors now owns 172,723 shares of the bank's stock worth $364,967,000 after buying an additional 75,785 shares during the period. Norges Bank bought a new position in shares of First Citizens BancShares in the fourth quarter worth about $298,426,000. Finally, GAMMA Investing LLC raised its stake in shares of First Citizens BancShares by 169,861.1% in 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 period. 78.01% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

FCNCA has been the topic of several recent analyst reports. JPMorgan Chase & Co. lifted their target price on First Citizens BancShares from $2,100.00 to $2,250.00 and gave the company an "overweight" rating in a research note on Tuesday, July 1st. Cowen assumed coverage on shares of First Citizens BancShares in a research report on Wednesday, May 14th. They set a "buy" rating on the stock. Citigroup lifted their price objective on shares of First Citizens BancShares from $1,900.00 to $2,050.00 and gave the company a "neutral" rating in a research report on Wednesday, July 2nd. TD Cowen began coverage on shares of First Citizens BancShares in a research report on Thursday, May 15th. They set a "buy" rating and a $2,400.00 price objective on the stock. Finally, Jefferies Financial Group began coverage on shares of First Citizens BancShares in a report on Wednesday, May 21st. They issued a "hold" rating and a $2,050.00 price target on the stock. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $2,299.50.

Insiders Place Their Bets

In other news, CEO Frank B. Holding, Jr. acquired 350 shares of the business's stock in a transaction on 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 completion of the transaction, the chief executive officer directly owned 2,758 shares of the company's stock, valued at approximately $4,440,380. The trade was a 14.53% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 13.40% of the stock is owned by company insiders.

First Citizens BancShares Price Performance

Shares of First Citizens BancShares stock traded up $34.46 during trading hours on Thursday, reaching $2,131.69. The company's stock had a trading volume of 83,377 shares, compared to its average volume of 88,863. The firm has a 50 day moving average price of $1,894.28 and a 200-day moving average price of $1,940.60. First Citizens BancShares, Inc. has a one year low of $1,473.62 and a one year high of $2,412.93. 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 market cap of $28.33 billion, a P/E ratio of 12.21, a P/E/G ratio of 0.95 and a beta of 0.64.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last issued its quarterly earnings data on Thursday, April 24th. The bank reported $37.79 earnings per share for the quarter, topping the consensus estimate of $37.72 by $0.07. The company had revenue of $2.30 billion for the quarter, compared to analysts' expectations of $2.22 billion. First Citizens BancShares had a return on equity of 11.98% and a net margin of 17.10%. On average, analysts predict that First Citizens BancShares, Inc. will post 167.59 EPS for the current year.

First Citizens BancShares Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Friday, May 30th were given a dividend of $1.95 per share. This represents a $7.80 annualized dividend and a dividend yield of 0.37%. The ex-dividend date of this dividend was 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.