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

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

Several other institutional investors have also recently modified their holdings of the stock. Gamco Investors INC. ET AL raised its holdings in First Citizens BancShares by 3.3% in the 4th quarter. Gamco Investors INC. ET AL now owns 155 shares of the bank's stock valued at $328,000 after acquiring an additional 5 shares during the last quarter. JT Stratford LLC raised its holdings in First Citizens BancShares by 0.4% in the 4th quarter. JT Stratford LLC now owns 1,247 shares of the bank's stock valued at $2,635,000 after acquiring an additional 5 shares during the last quarter. MassMutual Private Wealth & Trust FSB raised its holdings in First Citizens BancShares by 54.5% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 17 shares of the bank's stock valued at $32,000 after acquiring an additional 6 shares during the last quarter. Steward Partners Investment Advisory LLC grew its stake in shares of First Citizens BancShares by 10.0% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 77 shares of the bank's stock valued at $164,000 after buying an additional 7 shares during the period. Finally, Laurion Capital Management LP grew its stake in shares of First Citizens BancShares by 0.9% during the 4th quarter. Laurion Capital Management LP now owns 986 shares of the bank's stock valued at $2,083,000 after buying an additional 9 shares during the period. 78.01% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at First Citizens BancShares

In other news, CEO Frank B. Holding, Jr. purchased 350 shares of First Citizens BancShares stock in a transaction that occurred on Friday, May 2nd. The stock was acquired at an average price of $1,610.00 per share, for a total transaction of $563,500.00. Following the transaction, the chief executive officer owned 2,758 shares in the company, valued at $4,440,380. The trade was a 14.53% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 13.19% of the company's stock.

First Citizens BancShares Price Performance

Shares of First Citizens BancShares stock traded down $10.76 on Monday, hitting $2,077.97. The company had a trading volume of 57,504 shares, compared to its average volume of 88,603. The business has a 50-day simple moving average of $1,876.34 and a 200-day simple moving average of $1,939.00. 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 company has a market cap of $27.62 billion, a PE ratio of 11.90, a PEG ratio of 0.96 and a beta of 0.64. First Citizens BancShares, Inc. has a 52 week low of $1,473.62 and a 52 week high of $2,412.93.

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

First Citizens BancShares Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Friday, May 30th were given a $1.95 dividend. The ex-dividend date of this dividend was Friday, May 30th. This represents a $7.80 annualized dividend and a dividend yield of 0.38%. First Citizens BancShares's dividend payout ratio (DPR) is presently 4.47%.

Wall Street Analyst Weigh In

FCNCA has been the subject of several research reports. Cowen initiated coverage on shares of First Citizens BancShares in a research note on Wednesday, May 14th. They set a "buy" rating for the company. TD Cowen started 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 target for the company. Piper Sandler raised shares of First Citizens BancShares from a "neutral" rating to an "overweight" rating and set a $2,250.00 price target for the company in a research report on Tuesday, March 11th. Citigroup upped their price target on shares of First Citizens BancShares from $1,900.00 to $2,050.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 2nd. Finally, Wall Street Zen cut shares of First Citizens BancShares from a "hold" rating to a "sell" rating in a research report on Monday, April 28th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, First Citizens BancShares has a consensus rating of "Moderate Buy" and an average target price of $2,323.67.

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.