SteelPeak Wealth LLC Makes New Investment in First Citizens BancShares, Inc. $FCNCA

Key Points

• SteelPeak Wealth bought 859 shares of First Citizens BancShares valued at approximately $1.77 million, while institutional investors collectively own 78.01% of the stock.
• Analysts maintain a largely neutral outlook: FCNCA has a consensus “Hold” rating and an average price target of $2,261, compared with its opening price of $2,123.74.
• First Citizens reported quarterly EPS of $57.09, far exceeding the $0.41 estimate, on revenue of $2.43 billion; it also paid a quarterly dividend of $2.10 per share, representing a 0.4% yield.

SteelPeak Wealth LLC purchased a new stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 859 shares of the bank's stock, valued at approximately $1,770,000.

Other large investors have also recently bought and sold shares of the company. Anchor Investment Management LLC lifted its stake in shares of First Citizens BancShares by 20.8% in the 2nd quarter. Anchor Investment Management LLC now owns 15,975 shares of the bank's stock valued at $33,241,000 after purchasing an additional 2,755 shares during the period. Quantitative Investment Management LLC bought a new stake in shares of First Citizens BancShares during the 2nd quarter valued at about $1,385,000. Waverly Advisors LLC grew its stake in First Citizens BancShares by 104.6% during the first quarter. Waverly Advisors LLC now owns 2,949 shares of the bank's stock worth $5,558,000 after purchasing an additional 1,508 shares during the period. Fifth Third Bancorp grew its stake in First Citizens BancShares by 6,425.0% during the first quarter. Fifth Third Bancorp now owns 1,305 shares of the bank's stock worth $2,459,000 after purchasing an additional 1,285 shares during the period. Finally, Nykredit A S acquired a new stake in First Citizens BancShares during the second quarter worth approximately $3,204,000. 78.01% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have issued reports on FCNCA. Fundamental Research set a $2,350.00 price target on First Citizens BancShares in a research note on Wednesday, July 1st. Barclays raised their price objective on shares of First Citizens BancShares from $2,346.00 to $2,376.00 and gave the stock an "equal weight" rating in a research report on Monday, July 27th. Jefferies Financial Group reiterated a "hold" rating and issued a $2,300.00 price objective on shares of First Citizens BancShares in a research note on Thursday, July 23rd. Weiss Ratings upgraded shares of First Citizens BancShares from a "buy (b-)" rating to a "buy (b)" rating in a research report on Friday. Finally, Wall Street Zen upgraded shares of First Citizens BancShares from a "sell" rating to a "hold" rating in a research report on Saturday, June 27th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and eleven have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $2,261.00.

Insiders Place Their Bets

In related news, major shareholder Olivia Britton Holding sold 7,000 shares of First Citizens BancShares stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $19.53, for a total value of $136,710.00. Following the completion of the sale, the insider owned 15,000 shares of the company's stock, valued at approximately $292,950. This trade represents a 31.82% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Diane Morais purchased 50 shares of First Citizens BancShares stock in a transaction that occurred on Wednesday, August 19th. The stock was acquired at an average cost of $2,168.11 per share, with a total value of $108,405.50. Following the transaction, the director owned 100 shares in the company, valued at $216,811. This trade represents a 100.00% increase in their position. The disclosure for this purchase is available in the SEC filing. 14.63% of the stock is owned by company insiders.

First Citizens BancShares Price Performance

FCNCA stock opened at $2,123.74 on Monday. The stock's 50 day simple moving average is $2,142.25 and its 200 day simple moving average is $2,078.83. The company has a market cap of $23.98 billion, a P/E ratio of 11.35, a price-to-earnings-growth ratio of 1.57 and a beta of 0.58. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.00 and a current ratio of 1.00. First Citizens BancShares, Inc. has a fifty-two week low of $1,645.58 and a fifty-two week high of $2,296.30.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The bank reported $57.09 EPS for the quarter, beating analysts' consensus estimates of $0.41 by $56.68. The firm had revenue of $2.43 billion during the quarter, compared to analysts' expectations of $2.16 billion. First Citizens BancShares had a return on equity of 12.07% and a net margin of 16.28%. On average, research analysts expect that First Citizens BancShares, Inc. will post 193.20 earnings per share for the current fiscal year.

First Citizens BancShares Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Monday, August 31st were issued a $2.10 dividend. This represents a $8.40 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date was Monday, August 31st. First Citizens BancShares's dividend payout ratio (DPR) is currently 4.49%.

About First Citizens BancShares

First Citizens BancShares, Inc is a bank holding company headquartered in Raleigh, North Carolina. Its principal subsidiary, First-Citizens Bank & Trust Company, provides banking and financial services to individuals, businesses, and institutions through a network of branches and digital banking channels.

The bank offers deposit accounts, consumer and residential lending, commercial and industrial loans, commercial real estate financing, equipment finance, treasury management, and payment services.

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