Western Wealth Management LLC Takes $1.65 Million Position in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Western Wealth Management LLC purchased a new position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 887 shares of the bank's stock, valued at approximately $1,645,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank acquired a new stake in First Citizens BancShares in the 4th quarter valued at about $298,426,000. GAMMA Investing LLC increased its stake in shares of First Citizens BancShares by 169,861.1% during the first 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 period. JPMorgan Chase & Co. increased its stake in shares of First Citizens BancShares by 35.7% during the fourth 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 period. Capital International Investors raised its holdings in First Citizens BancShares by 78.2% in the fourth quarter. Capital International Investors now owns 172,723 shares of the bank's stock valued at $364,967,000 after acquiring an additional 75,785 shares in the last quarter. Finally, Proficio Capital Partners LLC acquired a new stake in First Citizens BancShares in the fourth quarter valued at approximately $147,341,000. Hedge funds and other institutional investors own 78.01% of the company's stock.

First Citizens BancShares Stock Performance

NASDAQ:FCNCA traded down $3.13 during mid-day trading on Friday, reaching $1,956.86. 200,789 shares of the stock were exchanged, compared to its average volume of 88,939. The stock has a market capitalization of $26.01 billion, a P/E ratio of 11.21, a P/E/G ratio of 0.89 and a beta of 0.64. First Citizens BancShares, Inc. has a 1 year low of $1,473.62 and a 1 year high of $2,412.93. The company has a 50 day simple moving average of $1,841.52 and a 200-day simple moving average of $1,943.24. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.77.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last posted its quarterly earnings data 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. The business had revenue of $2.30 billion during the quarter, compared to the consensus estimate of $2.22 billion. First Citizens BancShares had a return on equity of 11.98% and a net margin of 17.10%. Analysts anticipate that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current fiscal year.

First Citizens BancShares Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Friday, May 30th were paid a dividend of $1.95 per share. This represents a $7.80 dividend on an annualized basis and a yield of 0.40%. The ex-dividend date was Friday, May 30th. First Citizens BancShares's dividend payout ratio is currently 4.47%.

Insiders Place Their Bets

In related news, CEO Frank B. Holding, Jr. acquired 350 shares of the firm's stock in a transaction on Friday, May 2nd. The stock was bought at an average cost of $1,610.00 per share, with a total value of $563,500.00. Following the transaction, the chief executive officer now owns 2,758 shares of the company's stock, valued at $4,440,380. The trade was a 14.53% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. 13.40% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

FCNCA has been the subject of several analyst reports. The Goldman Sachs Group lowered their price target on shares of First Citizens BancShares from $2,535.00 to $2,200.00 and set a "buy" rating for the company in a report on Tuesday, March 18th. Wall Street Zen lowered First Citizens BancShares from a "hold" rating to a "sell" rating in a report on Monday, April 28th. TD Cowen initiated coverage on First Citizens BancShares in a research note on Thursday, May 15th. They issued a "buy" rating and a $2,400.00 price target on the stock. Piper Sandler raised First Citizens BancShares from a "neutral" rating to an "overweight" rating and set a $2,250.00 price objective for the company in a research report on Tuesday, March 11th. Finally, Cowen assumed coverage on First Citizens BancShares in a report on Wednesday, May 14th. They issued a "buy" rating on the stock. One analyst has rated the stock with a sell rating, five have given a hold rating and nine have issued a buy rating to the company. According to MarketBeat, First Citizens BancShares presently has an average rating of "Moderate Buy" and an average target price of $2,340.33.

First Citizens BancShares Company 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.