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

Western Wealth Management LLC bought a new position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 887 shares of the bank's stock, valued at approximately $1,645,000.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Atria Wealth Solutions Inc. increased its holdings in shares of First Citizens BancShares by 106.8% in the 4th quarter. Atria Wealth Solutions Inc. now owns 302 shares of the bank's stock valued at $637,000 after acquiring an additional 156 shares during the period. Private Advisor Group LLC grew its position in First Citizens BancShares by 3.0% during the 4th quarter. Private Advisor Group LLC now owns 172 shares of the bank's stock worth $363,000 after purchasing an additional 5 shares during the last quarter. Mn Services Vermogensbeheer B.V. grew its position in First Citizens BancShares by 2.6% during the 4th quarter. Mn Services Vermogensbeheer B.V. now owns 4,000 shares of the bank's stock worth $8,452,000 after purchasing an additional 100 shares during the last quarter. Proficio Capital Partners LLC acquired a new position in First Citizens BancShares in the fourth quarter valued at $147,341,000. Finally, QRG Capital Management Inc. purchased a new stake in shares of First Citizens BancShares in the fourth quarter valued at about $201,000. 78.01% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CEO Frank B. Holding, Jr. purchased 350 shares of First Citizens BancShares stock in a transaction dated Friday, May 2nd. The stock was bought at an average cost of $1,610.00 per share, for a total transaction of $563,500.00. Following the transaction, the chief executive officer owned 2,758 shares in the company, valued at approximately $4,440,380. The trade was a 14.53% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 13.19% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on FCNCA. TD Cowen initiated coverage on First Citizens BancShares in a report on Thursday, May 15th. They set a "buy" rating and a $2,400.00 price target on the stock. Cowen assumed coverage on First Citizens BancShares in a research report on Wednesday, May 14th. They set a "buy" rating for 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. Piper Sandler raised First Citizens BancShares from a "neutral" rating to an "overweight" rating and set a $2,250.00 target price on the stock in a report on Tuesday, March 11th. Finally, Barclays cut 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 investment analyst has rated the stock with a sell rating, five have given a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $2,340.33.

First Citizens BancShares Price Performance

FCNCA stock traded down $0.39 on Monday, reaching $1,956.47. 77,776 shares of the company's stock were exchanged, compared to its average volume of 88,707. The stock has a fifty day moving average of $1,851.76 and a 200-day moving average of $1,939.18. The firm has a market cap of $26.00 billion, a PE ratio of 11.20, a P/E/G ratio of 0.91 and a beta of 0.64. 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, Inc. has a twelve month low of $1,473.62 and a twelve month high of $2,412.93.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last posted its quarterly earnings results 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. The business had revenue of $2.30 billion for the quarter, compared to analysts' expectations of $2.22 billion. First Citizens BancShares had a net margin of 17.10% and a return on equity of 11.98%. As a group, equities analysts predict 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 was paid on Monday, June 16th. Shareholders of record on Friday, May 30th were given a dividend of $1.95 per share. The ex-dividend date was Friday, May 30th. This represents a $7.80 annualized dividend and a yield of 0.40%. First Citizens BancShares's payout ratio is currently 4.47%.

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.