First Citizens BancShares, Inc. (NASDAQ:FCNCA) Shares Sold by Victory Capital Management Inc.

Victory Capital Management Inc. lowered its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 5.6% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 4,827 shares of the bank's stock after selling 288 shares during the period. Victory Capital Management Inc.'s holdings in First Citizens BancShares were worth $8,950,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of FCNCA. MassMutual Private Wealth & Trust FSB lifted its position in First Citizens BancShares by 54.5% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 17 shares of the bank's stock worth $32,000 after buying an additional 6 shares during the period. Community Bank N.A. bought a new stake in shares of First Citizens BancShares in the 1st quarter worth about $44,000. Wayfinding Financial LLC bought a new stake in First Citizens BancShares in the first quarter valued at about $64,000. Toth Financial Advisory Corp increased its holdings in shares of First Citizens BancShares by 263.6% in the 1st quarter. Toth Financial Advisory Corp now owns 40 shares of the bank's stock valued at $74,000 after acquiring an additional 29 shares during the last quarter. Finally, Johnson Financial Group Inc. bought a new stake in shares of First Citizens BancShares in the 4th quarter valued at approximately $77,000. 78.01% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Citigroup increased their price objective on First Citizens BancShares from $1,900.00 to $2,050.00 and gave the stock a "neutral" rating in a report on Wednesday, July 2nd. JPMorgan Chase & Co. increased their target price on shares of First Citizens BancShares from $2,100.00 to $2,250.00 and gave the company an "overweight" rating in a research report on Tuesday, July 1st. Jefferies Financial Group initiated coverage on shares of First Citizens BancShares in a report on Wednesday, May 21st. They issued a "hold" rating and a $2,050.00 price objective for the company. Cowen initiated coverage on First Citizens BancShares in a research note on Wednesday, May 14th. They set a "buy" rating for the company. Finally, Barclays decreased their price target on First Citizens BancShares from $2,568.00 to $2,400.00 and set an "equal weight" rating for the company in a research note on Friday, April 25th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and eight have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $2,299.50.

Insider Activity

In other news, CEO Frank B. Holding, Jr. bought 350 shares of the stock in a transaction on Friday, May 2nd. The shares were bought at an average price of $1,610.00 per share, with a total value of $563,500.00. Following the completion of the acquisition, the chief executive officer owned 2,758 shares of the company's stock, valued at approximately $4,440,380. This trade represents a 14.53% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 13.40% of the stock is currently owned by company insiders.

First Citizens BancShares Stock Down 0.8%

Shares of FCNCA traded down $17.79 during trading hours on Friday, hitting $2,096.04. The company had a trading volume of 97,295 shares, compared to its average volume of 76,223. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.77. The company's fifty day moving average price is $1,950.28 and its two-hundred day moving average price is $1,939.67. 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 market capitalization of $27.86 billion, a PE ratio of 12.00, a price-to-earnings-growth ratio of 0.97 and a beta of 0.64.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last released its quarterly earnings data on Thursday, April 24th. The bank reported $37.79 earnings per share for the quarter, topping analysts' consensus estimates of $37.72 by $0.07. First Citizens BancShares had a return on equity of 11.98% and a net margin of 17.10%. The company had revenue of $2.30 billion for the quarter, compared to analyst estimates of $2.22 billion. As a group, equities analysts forecast that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current fiscal year.

First Citizens BancShares Profile

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.