Peterson Wealth Services Cuts Position in First Citizens BancShares, Inc. $FCNCA

Key Points

• Peterson Wealth Services sharply cut its stake in First Citizens BancShares by 78.9% in the fourth quarter, selling 1,275 shares and leaving it with 340 shares valued at about $730,000.
• Analysts have turned a bit more cautious on FCNCA, with multiple firms trimming price targets; the stock now carries an average Hold rating and an average price target of $2,215.91.
• The bank reported better-than-expected earnings for the latest quarter, posting EPS of $44.86 versus estimates of $43.31, and also announced a quarterly dividend of $2.10 per share payable June 15.

Peterson Wealth Services reduced its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 78.9% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 340 shares of the bank's stock after selling 1,275 shares during the period. Peterson Wealth Services' holdings in First Citizens BancShares were worth $730,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the company. Allworth Financial LP grew its position in First Citizens BancShares by 21.7% in the third quarter. Allworth Financial LP now owns 28 shares of the bank's stock valued at $51,000 after purchasing an additional 5 shares in the last quarter. MBL Wealth LLC grew its position in First Citizens BancShares by 0.8% in the fourth quarter. MBL Wealth LLC now owns 622 shares of the bank's stock valued at $1,335,000 after purchasing an additional 5 shares in the last quarter. Corient Private Wealth LLC grew its position in First Citizens BancShares by 0.6% in the second quarter. Corient Private Wealth LLC now owns 1,049 shares of the bank's stock valued at $2,051,000 after purchasing an additional 6 shares in the last quarter. Fifth Third Bancorp grew its position in First Citizens BancShares by 40.0% in the third quarter. Fifth Third Bancorp now owns 21 shares of the bank's stock valued at $38,000 after purchasing an additional 6 shares in the last quarter. Finally, Alteri Wealth LLC grew its position in First Citizens BancShares by 4.1% in the third quarter. Alteri Wealth LLC now owns 154 shares of the bank's stock valued at $276,000 after purchasing an additional 6 shares in the last quarter. 78.01% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have weighed in on FCNCA. TD Cowen decreased their price target on First Citizens BancShares from $2,500.00 to $2,300.00 and set a "buy" rating for the company in a research note on Monday, April 27th. JPMorgan Chase & Co. decreased their price target on First Citizens BancShares from $2,200.00 to $2,150.00 and set a "neutral" rating for the company in a research note on Friday, April 24th. Wall Street Zen upgraded First Citizens BancShares from a "sell" rating to a "hold" rating in a research note on Sunday, May 24th. Weiss Ratings downgraded First Citizens BancShares from a "hold (c+)" rating to a "hold (c)" rating in a research note on Friday, May 22nd. Finally, Keefe, Bruyette & Woods decreased their price target on First Citizens BancShares from $2,375.00 to $2,300.00 and set an "outperform" rating for the company in a research note on Thursday, April 9th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $2,215.91.

First Citizens BancShares Stock Performance

Shares of NASDAQ FCNCA opened at $2,117.01 on Friday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.67. First Citizens BancShares, Inc. has a 12 month low of $1,623.76 and a 12 month high of $2,232.21. The stock has a 50 day moving average of $1,984.20 and a 200-day moving average of $2,007.51. The company has a market capitalization of $24.54 billion, a P/E ratio of 12.18, a P/E/G ratio of 1.61 and a beta of 0.62.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last issued its earnings results on Thursday, April 23rd. The bank reported $44.86 EPS for the quarter, topping the consensus estimate of $43.31 by $1.55. First Citizens BancShares had a return on equity of 11.48% and a net margin of 15.62%.The company had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $2.20 billion. During the same period in the previous year, the company posted $37.79 EPS. As a group, equities research analysts predict that First Citizens BancShares, Inc. will post 177.84 EPS for the current year.

First Citizens BancShares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Friday, May 29th will be paid a dividend of $2.10 per share. This represents a $8.40 annualized dividend and a dividend yield of 0.4%. The ex-dividend date is Friday, May 29th. First Citizens BancShares's payout ratio is currently 4.83%.

Insider Activity at First Citizens BancShares

In related news, CEO Frank B. Holding, Jr. bought 528 shares of First Citizens BancShares stock in a transaction that occurred on Friday, June 5th. The stock was acquired at an average price of $1,813.37 per share, with a total value of $957,459.36. Following the acquisition, the chief executive officer owned 64,100 shares of the company's stock, valued at approximately $116,237,017. This represents a 0.83% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last ninety days, insiders have bought 7,288 shares of company stock worth $12,725,768. Insiders own 14.63% of the company's stock.

First Citizens BancShares Company Profile

First Citizens BancShares, Inc is the bank holding company for First Citizens Bank, a full‑service commercial bank headquartered in Raleigh, North Carolina. The company traces its roots to a community bank founded in 1898 and has grown into a diversified financial services organization that operates through its banking subsidiary to serve retail, commercial and institutional clients.

First Citizens offers a broad suite of banking products and services, including consumer and business deposit accounts, commercial and industrial lending, real estate and mortgage lending, treasury and cash management, and specialized lending solutions.

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