Rhumbline Advisers Lowers Stock Position in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Rhumbline Advisers trimmed its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 2.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 15,069 shares of the bank's stock after selling 438 shares during the period. Rhumbline Advisers owned about 0.11% of First Citizens BancShares worth $27,940,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. GAMMA Investing LLC grew its position in 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 buying an additional 122,300 shares during the period. MassMutual Private Wealth & Trust FSB raised its position 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 worth $32,000 after acquiring an additional 6 shares during the period. Wealth Enhancement Advisory Services LLC boosted its stake in shares of First Citizens BancShares by 1.0% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 4,681 shares of the bank's stock worth $9,892,000 after acquiring an additional 47 shares in the last quarter. Old North State Trust LLC grew its position in shares of First Citizens BancShares by 33.5% during the 4th quarter. Old North State Trust LLC now owns 371 shares of the bank's stock valued at $784,000 after acquiring an additional 93 shares during the period. Finally, Siemens Fonds Invest GmbH acquired a new stake in shares of First Citizens BancShares during the 4th quarter valued at about $49,265,000. 78.01% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CEO Frank B. Holding, Jr. bought 350 shares of the firm's stock in a transaction on Friday, May 2nd. The shares were bought at an average cost of $1,610.00 per share, for a total transaction of $563,500.00. Following the acquisition, the chief executive officer now directly owns 2,758 shares of the company's stock, valued at $4,440,380. This trade represents a 14.53% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. 13.40% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the company. The Goldman Sachs Group reduced their price target on First Citizens BancShares from $2,535.00 to $2,200.00 and set a "buy" rating for the company in a report on Tuesday, March 18th. Jefferies Financial Group started coverage on First Citizens BancShares in a research note on Wednesday, May 21st. They set a "hold" rating and a $2,050.00 target price for the company. Cowen began coverage on First Citizens BancShares in a research report on Wednesday, May 14th. They set a "buy" rating on the stock. Barclays dropped their price target on shares of First Citizens BancShares from $2,568.00 to $2,400.00 and set an "equal weight" rating on the stock in a research note on Friday, April 25th. Finally, Piper Sandler raised shares of First Citizens BancShares from a "neutral" rating to an "overweight" rating and set a $2,250.00 price objective on the stock in a report on Tuesday, March 11th. One analyst has rated the stock with a sell rating, five have given a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, First Citizens BancShares currently has a consensus rating of "Moderate Buy" and an average price target of $2,340.33.

First Citizens BancShares Price Performance

Shares of NASDAQ:FCNCA traded up $42.19 during midday trading on Friday, hitting $1,856.28. The company's stock had a trading volume of 51,036 shares, compared to its average volume of 87,810. The company has a market cap of $24.67 billion, a P/E ratio of 9.80, a price-to-earnings-growth ratio of 0.94 and a beta of 0.64. First Citizens BancShares, Inc. has a 12-month low of $1,473.62 and a 12-month high of $2,412.93. The business's 50 day simple moving average is $1,786.10 and its 200 day simple moving average is $1,984.38. The company has a debt-to-equity ratio of 1.68, a quick ratio of 1.08 and a current ratio of 1.08.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last released its quarterly earnings data on Thursday, April 24th. The bank reported $37.79 EPS for the quarter, beating analysts' consensus estimates of $37.72 by $0.07. First Citizens BancShares had a net margin of 18.55% and a return on equity of 13.22%. The company had revenue of $2.30 billion during the quarter, compared to the consensus estimate of $2.22 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 business also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Friday, May 30th will be issued a $1.95 dividend. The ex-dividend date is Friday, May 30th. This represents a $7.80 annualized dividend and a dividend yield of 0.42%. First Citizens BancShares's dividend payout ratio is presently 4.47%.

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.