AdvisorShares Investments LLC Acquires Shares of 232 First Citizens BancShares, Inc. $FCNCA

AdvisorShares Investments LLC bought a new stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) in the third quarter, Holdings Channel reports. The firm bought 232 shares of the bank’s stock, valued at approximately $415,000.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Norges Bank purchased a new stake in shares of First Citizens BancShares during the second quarter worth $177,604,000. Orion Porfolio Solutions LLC grew its stake in First Citizens BancShares by 2,057.4% in the second quarter. Orion Porfolio Solutions LLC now owns 47,506 shares of the bank’s stock valued at $92,944,000 after purchasing an additional 45,304 shares in the last quarter. Allspring Global Investments Holdings LLC increased its position in First Citizens BancShares by 390.2% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 48,299 shares of the bank’s stock worth $84,995,000 after purchasing an additional 38,446 shares during the last quarter. Rakuten Investment Management Inc. acquired a new position in First Citizens BancShares in the 3rd quarter worth about $46,540,000. Finally, JPMorgan Chase & Co. raised its stake in shares of First Citizens BancShares by 4.0% during the 2nd quarter. JPMorgan Chase & Co. now owns 417,088 shares of the bank’s stock worth $816,022,000 after purchasing an additional 15,921 shares in the last quarter. 78.01% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Raymond James Financial raised First Citizens BancShares from an “outperform” rating to a “strong-buy” rating and boosted their price target for the company from $2,100.00 to $2,200.00 in a research note on Thursday, November 20th. Keefe, Bruyette & Woods dropped their price target on shares of First Citizens BancShares from $2,100.00 to $2,050.00 and set an “outperform” rating on the stock in a research note on Friday, October 24th. Barclays cut their price target on shares of First Citizens BancShares from $2,456.00 to $2,346.00 and set an “equal weight” rating on the stock in a report on Monday, January 26th. Citigroup reiterated a “buy” rating on shares of First Citizens BancShares in a report on Monday, January 26th. Finally, The Goldman Sachs Group lowered First Citizens BancShares from a “buy” rating to a “hold” rating and set a $2,300.00 target price on the stock. in a report on Tuesday, January 6th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $2,238.27.

Insider Activity

In other news, CEO Frank B. Holding, Jr. purchased 135 shares of the stock in a transaction that occurred on Wednesday, November 26th. The shares were purchased at an average cost of $1,629.67 per share, for a total transaction of $220,005.45. Following the completion of the purchase, the chief executive officer directly owned 2,527 shares of the company’s stock, valued at approximately $4,118,176.09. The trade was a 5.64% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Ellen R. Alemany purchased 300 shares of the business’s stock in a transaction on Thursday, November 13th. The stock was purchased at an average cost of $1,000.00 per share, with a total value of $300,000.00. Following the acquisition, the director owned 300 shares in the company, valued at approximately $300,000. This represents a ∞ increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders own 13.19% of the company’s stock.

First Citizens BancShares Stock Performance

FCNCA opened at $2,160.99 on Monday. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.81. The stock’s 50 day moving average price is $2,101.44 and its two-hundred day moving average price is $1,947.82. The firm has a market capitalization of $26.88 billion, a P/E ratio of 13.04 and a beta of 0.70. First Citizens BancShares, Inc. has a 12-month low of $1,473.62 and a 12-month high of $2,237.50.

First Citizens BancShares (NASDAQ:FCNCA) last posted its quarterly earnings data on Friday, January 23rd. The bank reported $51.27 earnings per share for the quarter, beating the consensus estimate of $44.24 by $7.03. The company had revenue of $2.25 billion during the quarter, compared to analysts’ expectations of $2.24 billion. First Citizens BancShares had a return on equity of 11.12% and a net margin of 15.21%. On average, equities analysts forecast that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current year.

First Citizens BancShares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 16th. Shareholders of record on Friday, February 27th will be given a $2.10 dividend. This represents a $8.40 annualized dividend and a yield of 0.4%. The ex-dividend date is Friday, February 27th. First Citizens BancShares’s dividend payout ratio (DPR) is currently 5.07%.

First Citizens BancShares Company Profile

First Citizens BancShares, Inc is the bank holding company for First Citizens Bank, a full‑service commercial bank headquartered in Raleigh, North Carolina. The company traces its roots to a community bank founded in 1898 and has grown into a diversified financial services organization that operates through its banking subsidiary to serve retail, commercial and institutional clients.

First Citizens offers a broad suite of banking products and services, including consumer and business deposit accounts, commercial and industrial lending, real estate and mortgage lending, treasury and cash management, and specialized lending solutions.