First Citizens BancShares, Inc. $FCNCA Shares Acquired by Level Four Advisory Services LLC

Key Points

• Level Four Advisory Services LLC has increased its stake in First Citizens BancShares by 4.7% during the first quarter, bringing its holdings to a total value of $9.39 million.
• Several institutional investors have also increased their positions, with Mariner LLC boosting its stake by 26.8% in the fourth quarter, highlighting growing investor interest.
• The stock is currently down 1.5% and analysts have set a consensus price target of $2,291.17, indicating bullish sentiments despite recent price fluctuations.

Level Four Advisory Services LLC grew its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 4.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,065 shares of the bank's stock after buying an additional 227 shares during the quarter. Level Four Advisory Services LLC's holdings in First Citizens BancShares were worth $9,392,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. MassMutual Private Wealth & Trust FSB boosted its position in First Citizens BancShares by 54.5% during 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 in the last quarter. Community Bank N.A. purchased a new position in First Citizens BancShares in the first quarter valued at about $44,000. Wayfinding Financial LLC bought a new position in First Citizens BancShares in the first quarter worth about $64,000. Brooklyn Investment Group lifted its position in shares of First Citizens BancShares by 32.1% during the first quarter. Brooklyn Investment Group now owns 37 shares of the bank's stock valued at $67,000 after buying an additional 9 shares during the last quarter. Finally, Toth Financial Advisory Corp boosted its holdings in shares of First Citizens BancShares by 263.6% in the 1st quarter. Toth Financial Advisory Corp now owns 40 shares of the bank's stock valued at $74,000 after buying an additional 29 shares in the last quarter. Institutional investors own 78.01% of the company's stock.

Insider Activity at First Citizens BancShares

In other First Citizens BancShares news, major shareholder Olivia Britton Holding acquired 409 shares of the stock in a transaction on Thursday, August 7th. The shares were bought at an average price of $1,630.00 per share, with a total value of $666,670.00. Following the acquisition, the insider owned 1,764 shares of the company's stock, valued at $2,875,320. This trade represents a 30.18% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Frank B. Holding, Jr. purchased 600 shares of the firm's stock in a transaction that occurred on Thursday, August 7th. The stock was acquired at an average price of $1,698.75 per share, for a total transaction of $1,019,250.00. Following the completion of the purchase, the chief executive officer owned 32,300 shares of the company's stock, valued at approximately $54,869,625. This represents a 1.89% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased 1,494 shares of company stock worth $2,485,986 in the last quarter. Company insiders own 13.40% of the company's stock.

First Citizens BancShares Trading Down 0.5%

NASDAQ:FCNCA traded down $10.83 on Monday, reaching $1,977.16. 69,235 shares of the company's stock were exchanged, compared to its average volume of 91,879. The firm has a market capitalization of $25.55 billion, a price-to-earnings ratio of 11.67 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. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.76. The business has a fifty day moving average of $1,982.21 and a 200-day moving average of $1,901.33.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last released its quarterly earnings data on Friday, July 25th. The bank reported $44.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $39.08 by $5.70. First Citizens BancShares had a net margin of 16.37% and a return on equity of 11.32%. The business had revenue of $2.38 billion during the quarter, compared to analysts' expectations of $2.21 billion. As a group, analysts expect 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 declared 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 is Friday, August 29th. First Citizens BancShares's payout ratio is 4.60%.

Analysts Set New Price Targets

Several research firms recently commented on FCNCA. TD Cowen started coverage on shares of First Citizens BancShares in a research note on Thursday, May 15th. They set a "buy" rating and a $2,400.00 price objective for the company. Citigroup upped their price target on 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. JPMorgan Chase & Co. raised 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 report on Tuesday, July 1st. Cowen restated a "buy" rating on shares of First Citizens BancShares in a research note on Monday, July 28th. Finally, Wall Street Zen cut First Citizens BancShares from a "hold" rating to a "sell" rating in a research note on Monday, April 28th. Seven analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, First Citizens BancShares currently has a consensus rating of "Moderate Buy" and an average target price of $2,291.17.

First Citizens BancShares 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.