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

Vest Financial LLC bought a new position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 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. MassMutual Private Wealth & Trust FSB grew its holdings in First Citizens BancShares by 54.5% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 17 shares of the bank's stock valued at $32,000 after buying an additional 6 shares in the last quarter. Hemington Wealth Management lifted its stake in shares of First Citizens BancShares by 60.0% during the 4th quarter. Hemington Wealth Management now owns 16 shares of the bank's stock worth $33,000 after acquiring an additional 6 shares during the last quarter. Duncker Streett & Co. Inc. bought a new stake in shares of First Citizens BancShares during the 4th quarter worth approximately $36,000. Asset Planning Inc bought a new stake in shares of First Citizens BancShares during the 4th quarter worth approximately $38,000. Finally, Mather Group LLC. raised its position in First Citizens BancShares by 38.5% during the 4th quarter. Mather Group LLC. now owns 18 shares of the bank's stock valued at $38,000 after purchasing an additional 5 shares in the last quarter. Hedge funds and other institutional investors own 78.01% of the company's stock.

Wall Street Analyst Weigh In

FCNCA has been the subject of a number of research analyst reports. Cowen assumed coverage on First Citizens BancShares in a research report on Wednesday, May 14th. They set a "buy" rating for the company. TD Cowen started coverage on First Citizens BancShares in a research note on Thursday, May 15th. They set a "buy" rating and a $2,400.00 target price on the stock. 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 price target on the stock. Wall Street Zen downgraded First Citizens BancShares from a "hold" rating to a "sell" rating in a research note on Monday, April 28th. Finally, Barclays lowered their target price on 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. One analyst has rated the stock with a sell rating, five have issued a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $2,340.33.

First Citizens BancShares Price Performance

Shares of First Citizens BancShares stock opened at $1,856.28 on Friday. The business has a 50 day simple moving average of $1,786.76 and a two-hundred day simple moving average of $1,979.96. First Citizens BancShares, Inc. has a 12 month low of $1,473.62 and a 12 month high of $2,412.93. The stock has a market capitalization of $24.67 billion, a P/E ratio of 9.80, a PEG ratio of 0.94 and a beta of 0.64. The company has a debt-to-equity ratio of 1.68, a current ratio of 1.08 and a quick ratio of 1.08.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last posted its quarterly earnings results on Thursday, April 24th. The bank reported $37.79 EPS for the quarter, beating the consensus estimate of $37.72 by $0.07. First Citizens BancShares had a return on equity of 13.22% and a net margin of 18.55%. The firm had revenue of $2.30 billion during the quarter, compared to analysts' expectations of $2.22 billion. As a group, analysts predict that First Citizens BancShares, Inc. will post 167.59 EPS for the current fiscal year.

First Citizens BancShares Dividend Announcement

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

Insider Buying and Selling

In other news, CEO Frank B. Holding, Jr. purchased 350 shares of the stock in a transaction dated Friday, May 2nd. The stock was acquired at an average cost of $1,610.00 per share, for a total transaction of $563,500.00. Following the completion of the transaction, the chief executive officer now directly owns 2,758 shares in the company, valued at approximately $4,440,380. This represents a 14.53% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link. 13.40% of the stock is currently owned by company 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.

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