Reinhart Partners LLC. Purchases 8,478 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Reinhart Partners LLC. raised its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 14.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 66,459 shares of the bank's stock after acquiring an additional 8,478 shares during the quarter. First Citizens BancShares makes up approximately 4.5% of Reinhart Partners LLC.'s portfolio, making the stock its 2nd biggest position. Reinhart Partners LLC. owned 0.49% of First Citizens BancShares worth $123,223,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of FCNCA. MassMutual Private Wealth & Trust FSB raised its stake in shares of First Citizens BancShares by 54.5% in 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. Hemington Wealth Management raised its position in First Citizens BancShares by 60.0% in the 4th quarter. Hemington Wealth Management now owns 16 shares of the bank's stock valued at $33,000 after purchasing an additional 6 shares in the last quarter. Duncker Streett & Co. Inc. purchased a new position in shares of First Citizens BancShares in the 4th quarter valued at about $36,000. Mather Group LLC. boosted its stake in shares of First Citizens BancShares by 38.5% in the 4th quarter. Mather Group LLC. now owns 18 shares of the bank's stock valued at $38,000 after buying an additional 5 shares during the period. Finally, Asset Planning Inc acquired a new position in shares of First Citizens BancShares during the fourth quarter worth about $38,000. 78.01% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on FCNCA. Cowen initiated coverage on shares of First Citizens BancShares in a research note on Wednesday, May 14th. They issued a "buy" rating for the company. TD Cowen initiated 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 objective for the company. The Goldman Sachs Group lowered their target price on shares of First Citizens BancShares from $2,535.00 to $2,200.00 and set a "buy" rating for the company in a research note on Tuesday, March 18th. Piper Sandler upgraded First Citizens BancShares from a "neutral" rating to an "overweight" rating and set a $2,250.00 price target on the stock in a research note on Tuesday, March 11th. Finally, Barclays dropped their price objective on First Citizens BancShares from $2,568.00 to $2,400.00 and set an "equal weight" rating on the stock in a report on Friday, April 25th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $2,340.33.

First Citizens BancShares Price Performance

Shares of NASDAQ FCNCA opened at $1,856.28 on Friday. The stock has a market cap of $24.67 billion, a P/E ratio of 9.80, a P/E/G ratio of 0.94 and a beta of 0.64. First Citizens BancShares, Inc. has a twelve month low of $1,473.62 and a twelve month high of $2,412.93. The stock has a 50 day moving average of $1,786.76 and a two-hundred day moving average of $1,981.88. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.68.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last announced its earnings results on Thursday, April 24th. The bank reported $37.79 EPS for the quarter, beating analysts' consensus estimates of $37.72 by $0.07. The business had revenue of $2.30 billion for the quarter, compared to analysts' expectations of $2.22 billion. First Citizens BancShares had a net margin of 18.55% and a return on equity of 13.22%. On average, research analysts forecast that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current year.

First Citizens BancShares Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Friday, May 30th will be issued a $1.95 dividend. The ex-dividend date of this dividend is Friday, May 30th. This represents a $7.80 dividend on an annualized basis and a dividend yield of 0.42%. First Citizens BancShares's payout ratio is 4.47%.

Insider Transactions at First Citizens BancShares

In related news, CEO Frank B. Holding, Jr. purchased 350 shares of the firm's stock in a transaction that occurred on Friday, May 2nd. The stock was purchased at an average cost of $1,610.00 per share, with a total value of $563,500.00. Following the completion of the acquisition, the chief executive officer now directly owns 2,758 shares in the company, valued at $4,440,380. This trade represents a 14.53% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 13.40% of the company's stock.

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.

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