First Citizens BancShares, Inc. (NASDAQ:FCNCA) Shares Acquired by National Bank of Canada FI

National Bank of Canada FI boosted its holdings in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 59.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,463 shares of the bank's stock after buying an additional 919 shares during the period. National Bank of Canada FI's holdings in First Citizens BancShares were worth $4,566,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in FCNCA. MassMutual Private Wealth & Trust FSB raised its position in First Citizens BancShares by 54.5% during the first 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 during the first quarter valued at approximately $44,000. Wayfinding Financial LLC purchased a new position in First Citizens BancShares during the first quarter valued at approximately $64,000. Toth Financial Advisory Corp raised its position in First Citizens BancShares by 263.6% during the first quarter. Toth Financial Advisory Corp now owns 40 shares of the bank's stock valued at $74,000 after acquiring an additional 29 shares in the last quarter. Finally, Johnson Financial Group Inc. purchased a new position in First Citizens BancShares during the fourth quarter worth approximately $77,000. 78.01% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on FCNCA shares. Citigroup increased 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. Piper Sandler set a $2,150.00 target price on First Citizens BancShares and gave the stock a "neutral" rating in a research note on Monday, July 28th. Barclays cut their target price on First Citizens BancShares from $2,568.00 to $2,400.00 and set an "equal weight" rating for the company in a research note on Friday, April 25th. JPMorgan Chase & Co. lifted their price objective 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. Finally, Cowen reiterated a "buy" rating on shares of First Citizens BancShares in a report on Monday, July 28th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $2,291.17.

Insider Activity

In related news, insider Hope Holding Bryant acquired 409 shares of the firm's stock in a transaction on Thursday, August 7th. The stock was bought at an average cost of $1,630.00 per share, with a total value of $666,670.00. Following the transaction, the insider owned 1,764 shares of the company's stock, valued at $2,875,320. The trade was a 30.18% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Frank B. Holding, Jr. bought 600 shares of the business's stock in a transaction dated Thursday, August 7th. The shares were acquired at an average cost of $1,698.75 per share, with a total value of $1,019,250.00. Following the completion of the purchase, the chief executive officer owned 32,300 shares in the company, valued at approximately $54,869,625. This represents a 1.89% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders bought 1,494 shares of company stock valued at $2,485,986. Insiders own 13.40% of the company's stock.

First Citizens BancShares Stock Performance

Shares of First Citizens BancShares stock traded down $53.89 on Friday, hitting $1,871.35. The stock had a trading volume of 118,526 shares, compared to its average volume of 122,256. 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 current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.76. The stock has a market cap of $24.18 billion, a price-to-earnings ratio of 11.04 and a beta of 0.64. The company's 50 day moving average price is $1,972.91 and its 200 day moving average price is $1,911.80.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last posted its earnings results on Friday, July 25th. The bank reported $44.78 earnings per share for the quarter, beating the consensus estimate of $39.08 by $5.70. First Citizens BancShares had a return on equity of 11.32% and a net margin of 16.37%. The business had revenue of $2.38 billion during the quarter, compared to the consensus estimate of $2.21 billion. On average, research analysts anticipate that First Citizens BancShares, Inc. will post 167.59 EPS for the current year.

First Citizens BancShares Dividend Announcement

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