Pines Wealth Management LLC Buys New Shares in First Citizens BancShares, Inc. $FCNCA

Key Points

• Pines Wealth Management LLC has acquired a new stake in First Citizens BancShares, Inc., purchasing 138 shares valued at approximately $288,000.
• A number of institutional investors have increased their holdings significantly in First Citizens BancShares, with UBS AM raising its stake by 83.7% to own over 107,000 shares valued at $227 million.
• Analysts maintain a positive outlook on First Citizens BancShares, with seven recommending a buy rating and an average target price of $2,291.17 for the stock.

Pines Wealth Management LLC bought a new position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 138 shares of the bank's stock, valued at approximately $288,000.

A number of other institutional investors also recently modified their holdings of FCNCA. JPMorgan Chase & Co. raised its stake in First Citizens BancShares by 2.3% in the first quarter. JPMorgan Chase & Co. now owns 401,167 shares of the bank's stock worth $743,815,000 after buying an additional 9,070 shares in the last quarter. Egerton Capital UK LLP increased its stake in shares of First Citizens BancShares by 21.7% during the first quarter. Egerton Capital UK LLP now owns 124,773 shares of the bank's stock valued at $231,344,000 after purchasing an additional 22,257 shares in the last quarter. GAMMA Investing LLC increased its stake in shares of First Citizens BancShares by 169,861.1% during the first quarter. GAMMA Investing LLC now owns 122,372 shares of the bank's stock valued at $226,892,000 after purchasing an additional 122,300 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of First Citizens BancShares by 13.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 121,583 shares of the bank's stock valued at $225,429,000 after purchasing an additional 14,060 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of First Citizens BancShares by 83.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 107,523 shares of the bank's stock valued at $227,198,000 after purchasing an additional 48,994 shares in the last quarter. 78.01% of the stock is currently owned by hedge funds and other institutional investors.

First Citizens BancShares Stock Performance

NASDAQ:FCNCA traded down $29.08 during trading hours on Friday, reaching $1,866.88. The company had a trading volume of 279,289 shares, compared to its average volume of 145,029. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.76. First Citizens BancShares, Inc. has a 52 week low of $1,473.62 and a 52 week high of $2,412.93. The firm has a market cap of $24.12 billion, a price-to-earnings ratio of 11.02 and a beta of 0.71. The firm's 50 day moving average price is $1,972.51 and its 200-day moving average price is $1,885.60.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last posted its earnings results on Friday, July 25th. The bank reported $44.78 EPS for the quarter, topping analysts' consensus estimates 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 the consensus estimate of $2.21 billion. On average, analysts forecast that First Citizens BancShares, Inc. will post 167.59 EPS for the current year.

First Citizens BancShares Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Friday, August 29th were given a dividend of $1.95 per share. The ex-dividend date of this dividend was Friday, August 29th. This represents a $7.80 dividend on an annualized basis and a dividend yield of 0.4%. First Citizens BancShares's payout ratio is presently 4.60%.

Insider Transactions at First Citizens BancShares

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

Analyst Upgrades and Downgrades

FCNCA has been the subject of a number of analyst reports. Piper Sandler set a $2,150.00 target price on shares of First Citizens BancShares and gave the company a "neutral" rating in a research note on Monday, July 28th. Wall Street Zen raised shares of First Citizens BancShares from a "sell" rating to a "hold" rating in a research note on Saturday. JPMorgan Chase & Co. raised their target price on shares of 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. Citigroup raised their price target 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. Finally, Cowen reissued a "buy" rating on shares of First Citizens BancShares in a research report on Monday, July 28th. Seven investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, First Citizens BancShares currently has an average rating of "Moderate Buy" and an average target price of $2,291.17.

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.