Vest Financial LLC Invests $1.56 Million in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Vest Financial LLC acquired a new position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 840 shares of the bank's stock, valued at approximately $1,557,000.

Other institutional investors have also recently made changes to their positions in the company. Norges Bank purchased a new position in First Citizens BancShares in the fourth quarter worth $298,426,000. GAMMA Investing LLC boosted its holdings in shares of First Citizens BancShares by 169,861.1% in the 1st quarter. GAMMA Investing LLC now owns 122,372 shares of the bank's stock worth $226,892,000 after buying an additional 122,300 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of First Citizens BancShares by 35.7% in the 4th quarter. JPMorgan Chase & Co. now owns 392,097 shares of the bank's stock worth $828,510,000 after buying an additional 103,137 shares during the last quarter. Capital International Investors grew its position in First Citizens BancShares by 78.2% during the fourth quarter. Capital International Investors now owns 172,723 shares of the bank's stock valued at $364,967,000 after buying an additional 75,785 shares during the period. Finally, Proficio Capital Partners LLC purchased a new stake in First Citizens BancShares during the fourth quarter worth about $147,341,000. Institutional investors own 78.01% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Wall Street Zen downgraded First Citizens BancShares from a "hold" rating to a "sell" rating in a research note on Monday, April 28th. Barclays cut their target price on shares of First Citizens BancShares from $2,568.00 to $2,400.00 and set an "equal weight" rating for the company in a research report on Friday, April 25th. TD Cowen assumed coverage on shares of First Citizens BancShares in a research report on Thursday, May 15th. They issued a "buy" rating and a $2,400.00 price target on the stock. Piper Sandler raised shares of First Citizens BancShares from a "neutral" rating to an "overweight" rating and set a $2,250.00 price objective for the company in a report on Tuesday, March 11th. Finally, Jefferies Financial Group started coverage on shares of First Citizens BancShares in a research note on Wednesday, May 21st. They issued a "hold" rating and a $2,050.00 price objective for the company. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have given a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $2,340.33.

First Citizens BancShares Price Performance

FCNCA traded up $5.50 during trading on Wednesday, reaching $1,866.80. The stock had a trading volume of 56,577 shares, compared to its average volume of 87,652. The business has a 50-day moving average of $1,790.78 and a 200-day moving average of $1,973.18. First Citizens BancShares, Inc. has a one year low of $1,473.62 and a one year high of $2,412.93. The company has a debt-to-equity ratio of 1.68, a quick ratio of 1.08 and a current ratio of 1.08. The stock has a market cap of $24.81 billion, a PE ratio of 9.85, a PEG ratio of 0.94 and a beta of 0.64.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last announced its quarterly earnings results on Thursday, April 24th. The bank reported $37.79 earnings per share for the quarter, beating the consensus estimate 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 business had revenue of $2.30 billion during the quarter, compared to analysts' expectations of $2.22 billion. As a group, equities research analysts anticipate that First Citizens BancShares, Inc. will post 167.59 EPS for the current fiscal year.

First Citizens BancShares Dividend Announcement

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

Insider Buying and Selling at First Citizens BancShares

In other news, CEO Frank B. Holding, Jr. purchased 350 shares of the business's stock in a transaction on Friday, May 2nd. The stock was acquired at an average price 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 represents a 14.53% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 13.40% of the stock is owned by corporate insiders.

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.