Lighthouse Investment Partners LLC Makes New Investment in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Lighthouse Investment Partners LLC bought a new position in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 907 shares of the bank's stock, valued at approximately $1,917,000.

A number of other institutional investors have also added to or reduced their stakes in FCNCA. Financial Life Planners bought a new position in shares of First Citizens BancShares during the 4th quarter valued at about $33,000. Hemington Wealth Management increased its position in shares of First Citizens BancShares by 60.0% during the 4th quarter. Hemington Wealth Management now owns 16 shares of the bank's stock valued at $33,000 after purchasing an additional 6 shares during the last quarter. Duncker Streett & Co. Inc. bought a new position in shares of First Citizens BancShares during the 4th quarter valued at about $36,000. Mather Group LLC. increased its position in shares of First Citizens BancShares by 38.5% during the 4th quarter. Mather Group LLC. now owns 18 shares of the bank's stock valued at $38,000 after purchasing an additional 5 shares during the last quarter. Finally, Asset Planning Inc bought a new position in shares of First Citizens BancShares during the 4th quarter valued at about $38,000. 78.01% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on FCNCA shares. Keefe, Bruyette & Woods raised their price target on First Citizens BancShares from $2,500.00 to $2,600.00 and gave the stock an "outperform" rating in a research report on Monday, January 27th. Barclays reduced their price target on First Citizens BancShares from $2,568.00 to $2,400.00 and set an "equal weight" rating on the stock in a research report on Friday, April 25th. Piper Sandler upgraded First Citizens BancShares from a "neutral" rating to an "overweight" rating and set a $2,250.00 price target on the stock in a research report on Tuesday, March 11th. The Goldman Sachs Group reduced their price target on First Citizens BancShares from $2,535.00 to $2,200.00 and set a "buy" rating on the stock in a research report on Tuesday, March 18th. Finally, StockNews.com lowered First Citizens BancShares from a "hold" rating to a "sell" rating in a research report on Monday, April 28th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $2,330.82.

Insider Activity

In related news, CEO Frank B. Holding, Jr. acquired 350 shares of the stock in a transaction on Friday, May 2nd. The stock was acquired 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 owns 2,758 shares of the company's stock, valued at $4,440,380. This represents a 14.53% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Craig L. Nix acquired 17 shares of the stock in a transaction on Friday, March 7th. The shares were bought at an average price of $1,881.13 per share, with a total value of $31,979.21. Following the purchase, the chief financial officer now directly owns 1,141 shares of the company's stock, valued at $2,146,369.33. The trade was 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 company insiders.

First Citizens BancShares Trading Up 0.8%

NASDAQ FCNCA opened at $1,955.12 on Wednesday. First Citizens BancShares, Inc. has a fifty-two week low of $1,473.62 and a fifty-two week high of $2,412.93. 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 50 day simple moving average of $1,773.72 and a two-hundred day simple moving average of $2,008.58. The stock has a market cap of $26.54 billion, a P/E ratio of 10.32, a price-to-earnings-growth ratio of 0.94 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 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 business had revenue of $2.30 billion during the quarter, compared to analysts' expectations of $2.22 billion. On average, analysts forecast that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current year.

First Citizens BancShares Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Friday, May 30th will be paid a $1.95 dividend. This represents a $7.80 dividend on an annualized basis and a dividend yield of 0.40%. The ex-dividend date is Friday, May 30th. First Citizens BancShares's payout ratio is presently 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.

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