SummitTX Capital L.P. Invests $1.09 Million in First Citizens BancShares, Inc. $FCNCA

Key Points

• SummitTX Capital initiated a $1.09 million position in First Citizens BancShares during the first quarter, while institutional investors collectively own 78.01% of the stock.
• Analysts remain broadly neutral, with one Strong Buy, two Buy, and eleven Hold ratings; the consensus price target is $2,278.31.
• First Citizens reported quarterly EPS of $57.09 and revenue of $2.24 billion, exceeding expectations. The company also declared a quarterly dividend of $2.10 per share, for a 0.4% annualized yield.

SummitTX Capital L.P. purchased a new position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 581 shares of the bank's stock, valued at approximately $1,095,000.

Several other institutional investors have also added to or reduced their stakes in the company. MBL Wealth LLC increased its position in First Citizens BancShares by 0.8% during the 4th quarter. MBL Wealth LLC now owns 622 shares of the bank's stock worth $1,335,000 after buying an additional 5 shares during the period. Allworth Financial LP lifted its holdings in shares of First Citizens BancShares by 21.7% during the third quarter. Allworth Financial LP now owns 28 shares of the bank's stock worth $51,000 after buying an additional 5 shares in the last quarter. Venturi Wealth Management LLC boosted its position in shares of First Citizens BancShares by 2.6% in the first quarter. Venturi Wealth Management LLC now owns 233 shares of the bank's stock valued at $439,000 after acquiring an additional 6 shares during the period. Corient Private Wealth LLC boosted its position in shares of 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 acquiring an additional 6 shares during the period. Finally, Kingswood Wealth Advisors LLC grew its stake in shares of First Citizens BancShares by 3.0% in the fourth quarter. Kingswood Wealth Advisors LLC now owns 242 shares of the bank's stock valued at $519,000 after acquiring an additional 7 shares in the last quarter. 78.01% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts recently commented on FCNCA shares. Piper Sandler raised their price target on shares of First Citizens BancShares from $2,050.00 to $2,100.00 and gave the stock a "neutral" rating in a research report on Monday. JPMorgan Chase & Co. boosted their price objective on shares of First Citizens BancShares from $2,350.00 to $2,450.00 and gave the company a "neutral" rating in a report on Friday, July 24th. The Goldman Sachs Group increased their target price on shares of First Citizens BancShares from $2,100.00 to $2,340.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 7th. Wall Street Zen raised shares of First Citizens BancShares from a "sell" rating to a "hold" rating in a report on Saturday, June 27th. Finally, Barclays lifted their price target on shares of First Citizens BancShares from $2,346.00 to $2,376.00 and gave the company an "equal weight" rating in a research report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and eleven have issued a Hold rating to the company. Based on data from MarketBeat.com, First Citizens BancShares presently has an average rating of "Hold" and a consensus target price of $2,278.31.

Insider Activity

In other news, CEO Frank B. Holding, Jr. purchased 528 shares of First Citizens BancShares stock in a transaction that occurred on Friday, June 5th. The shares were acquired at an average price of $1,813.37 per share, for a total transaction of $957,459.36. Following the transaction, the chief executive officer owned 64,100 shares of the company's stock, valued at approximately $116,237,017. The trade was a 0.83% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. In the last quarter, insiders have purchased 7,190 shares of company stock worth $12,573,868. Company insiders own 14.63% of the company's stock.

First Citizens BancShares Stock Down 1.2%

Shares of NASDAQ FCNCA opened at $2,171.89 on Thursday. The company has a debt-to-equity ratio of 1.67, a quick ratio of 1.00 and a current ratio of 1.00. First Citizens BancShares, Inc. has a 52 week low of $1,623.76 and a 52 week high of $2,237.81. The stock has a market capitalization of $25.17 billion, a P/E ratio of 11.61, a PEG ratio of 1.75 and a beta of 0.62. The stock's fifty day moving average is $2,077.41 and its 200 day moving average is $2,017.01.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The bank reported $57.09 EPS for the quarter, beating analysts' consensus estimates of $0.41 by $56.68. The business had revenue of $2.24 billion during the quarter, compared to the consensus estimate of $2.16 billion. First Citizens BancShares had a return on equity of 11.98% and a net margin of 16.28%. Sell-side analysts forecast that First Citizens BancShares, Inc. will post 182.76 earnings per share for the current fiscal year.

First Citizens BancShares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Monday, August 31st will be issued a dividend of $2.10 per share. This represents a $8.40 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date of this dividend is Monday, August 31st. First Citizens BancShares's dividend payout ratio is 4.49%.

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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