Bank of America Corp DE Sells 8,440 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Bank of America Corp DE lessened its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 12.7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 58,119 shares of the bank's stock after selling 8,440 shares during the quarter. Bank of America Corp DE owned 0.42% of First Citizens BancShares worth $122,807,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Benjamin Edwards Inc. lifted its position in shares of First Citizens BancShares by 8.0% during the 4th quarter. Benjamin Edwards Inc. now owns 391 shares of the bank's stock worth $826,000 after buying an additional 29 shares during the period. BNP Paribas Financial Markets raised its position in First Citizens BancShares by 374.9% in the 4th quarter. BNP Paribas Financial Markets now owns 16,261 shares of the bank's stock valued at $34,360,000 after purchasing an additional 12,837 shares during the last quarter. Blue Rock Wealth Management LLC bought a new position in First Citizens BancShares in the 4th quarter valued at $211,000. Keel Point LLC raised its position in First Citizens BancShares by 25.0% in the 4th quarter. Keel Point LLC now owns 160 shares of the bank's stock valued at $338,000 after purchasing an additional 32 shares during the last quarter. Finally, Freestone Grove Partners LP bought a new position in First Citizens BancShares in the 4th quarter valued at $16,921,000. Institutional investors own 78.01% of the company's stock.

First Citizens BancShares Stock Up 0.3%

Shares of FCNCA stock traded up $5.63 on Friday, hitting $1,972.18. 13,220 shares of the stock were exchanged, compared to its average volume of 89,157. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.68. The firm has a market capitalization of $26.78 billion, a P/E ratio of 10.41, a price-to-earnings-growth ratio of 0.94 and a beta of 0.64. The business has a 50-day moving average of $1,780.28 and a 200 day moving average of $2,008.55. First Citizens BancShares, Inc. has a fifty-two week low of $1,473.62 and a fifty-two week high of $2,412.93.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last issued 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. Equities analysts anticipate that First Citizens BancShares, Inc. will post 167.59 EPS for the current year.

First Citizens BancShares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Friday, May 30th will be given a dividend of $1.95 per share. The ex-dividend date of this dividend is Friday, May 30th. This represents a $7.80 annualized dividend and a yield of 0.40%. First Citizens BancShares's dividend payout ratio (DPR) is presently 4.47%.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on FCNCA shares. Barclays cut their price objective on 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. The Goldman Sachs Group cut their price objective on First Citizens BancShares from $2,535.00 to $2,200.00 and set a "buy" rating for the company in a research report on Tuesday, March 18th. Truist Financial lifted their price objective on First Citizens BancShares from $2,303.00 to $2,384.00 and gave the company a "hold" rating in a research report on Wednesday, January 29th. Keefe, Bruyette & Woods lifted their price objective on First Citizens BancShares from $2,500.00 to $2,600.00 and gave the company an "outperform" rating in a research report on Monday, January 27th. Finally, TD Cowen initiated coverage on First Citizens BancShares in a research report on Thursday. They issued a "buy" rating and a $2,400.00 price objective for the company. One analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have assigned a buy rating to the company's stock. According to data from MarketBeat.com, First Citizens BancShares has a consensus rating of "Moderate Buy" and a consensus price target of $2,336.58.

Insider Activity at First Citizens BancShares

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. acquired 350 shares of the company's stock in a transaction on Friday, May 2nd. The shares were purchased at an average price of $1,610.00 per share, for a total transaction of $563,500.00. Following the completion of the purchase, the chief executive officer now directly owns 2,758 shares of the company's stock, valued at approximately $4,440,380. This represents a 14.53% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Craig L. Nix acquired 17 shares of the company's stock in a transaction on Friday, March 7th. The stock was acquired at an average price of $1,881.13 per share, for a total transaction of $31,979.21. Following the purchase, the chief financial officer now directly owns 1,141 shares of the company's stock, valued at approximately $2,146,369.33. This trade represents a 1.51% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 13.40% of the company's stock.

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.