Cresset Asset Management LLC Sells 548 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Cresset Asset Management LLC decreased its holdings in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 77.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 157 shares of the bank's stock after selling 548 shares during the quarter. Cresset Asset Management LLC's holdings in First Citizens BancShares were worth $332,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in FCNCA. Financial Life Planners acquired a new position in First Citizens BancShares in the fourth quarter worth about $33,000. Hemington Wealth Management raised its holdings in shares of First Citizens BancShares by 60.0% in the fourth quarter. Hemington Wealth Management now owns 16 shares of the bank's stock valued at $33,000 after buying an additional 6 shares during the last quarter. Duncker Streett & Co. Inc. bought a new stake in shares of First Citizens BancShares during the fourth quarter valued at approximately $36,000. Mather Group LLC. lifted its stake in shares of First Citizens BancShares by 38.5% during the fourth quarter. Mather Group LLC. now owns 18 shares of the bank's stock valued at $38,000 after acquiring an additional 5 shares during the period. Finally, Asset Planning Inc acquired a new stake in shares of First Citizens BancShares during the 4th quarter worth approximately $38,000. Institutional investors own 78.01% of the company's stock.

First Citizens BancShares Stock Down 0.0%

NASDAQ:FCNCA traded down $0.69 on Thursday, hitting $1,841.08. The stock had a trading volume of 7,470 shares, compared to its average volume of 88,853. First Citizens BancShares, Inc. has a 1 year low of $1,473.62 and a 1 year high of $2,412.93. The firm's fifty day simple moving average is $1,792.69 and its two-hundred day simple moving average is $2,007.66. The company has a debt-to-equity ratio of 1.68, a quick ratio of 1.08 and a current ratio of 1.08. The stock has a market cap of $24.47 billion, a P/E ratio of 9.70, a price-to-earnings-growth ratio of 0.94 and a beta of 0.64.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last issued its earnings results on Thursday, April 24th. The bank reported $37.79 earnings per share (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 for the quarter, compared to analyst estimates of $2.22 billion. Analysts predict that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current year.

First Citizens BancShares Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Friday, May 30th will be paid a dividend of $1.95 per share. 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 dividend payout ratio is currently 4.47%.

Insider Buying and Selling

In related news, CEO Frank B. Holding, Jr. bought 350 shares of the company's stock in a transaction that occurred on 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 acquisition, the chief executive officer now directly owns 2,758 shares of the company's stock, valued at $4,440,380. The trade was a 14.53% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Craig L. Nix acquired 17 shares of the firm's stock in a transaction on Friday, March 7th. The stock was purchased at an average price of $1,881.13 per share, for a total transaction of $31,979.21. Following the transaction, 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 position. The disclosure for this purchase can be found here. 13.40% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

FCNCA has been the subject of a number of analyst reports. Keefe, Bruyette & Woods boosted their price objective on shares of First Citizens BancShares from $2,500.00 to $2,600.00 and gave the company an "outperform" rating in a report on Monday, January 27th. 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. Cowen assumed coverage on First Citizens BancShares in a research report on Wednesday, May 14th. They set a "buy" rating on the stock. Piper Sandler upgraded First Citizens BancShares from a "neutral" rating to an "overweight" rating and set a $2,250.00 price target for the company in a research note on Tuesday, March 11th. Finally, Truist Financial increased their price objective on First Citizens BancShares from $2,303.00 to $2,384.00 and gave the stock a "hold" rating in a research report on Wednesday, January 29th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and nine have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $2,340.33.

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.