ABN Amro Investment Solutions Takes $661,000 Position in First Citizens BancShares, Inc. $FCNCA

ABN Amro Investment Solutions purchased a new stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA) during the fourth quarter, HoldingsChannel reports. The institutional investor purchased 308 shares of the bank’s stock, valued at approximately $661,000.

A number of other institutional investors also recently modified their holdings of the company. Midwest Professional Planners LTD. lifted its holdings in shares of First Citizens BancShares by 8.5% in the fourth quarter. Midwest Professional Planners LTD. now owns 969 shares of the bank’s stock valued at $2,080,000 after purchasing an additional 76 shares in the last quarter. Covestor Ltd lifted its holdings in shares of First Citizens BancShares by 30.5% in the fourth quarter. Covestor Ltd now owns 124 shares of the bank’s stock valued at $267,000 after purchasing an additional 29 shares in the last quarter. PNC Financial Services Group Inc. lifted its holdings in shares of First Citizens BancShares by 181.4% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,438 shares of the bank’s stock valued at $3,087,000 after purchasing an additional 927 shares in the last quarter. Mullooly Asset Management Inc. bought a new stake in shares of First Citizens BancShares in the fourth quarter valued at about $215,000. Finally, HighTower Advisors LLC lifted its holdings in shares of First Citizens BancShares by 32.5% in the fourth quarter. HighTower Advisors LLC now owns 608 shares of the bank’s stock valued at $1,304,000 after purchasing an additional 149 shares in the last quarter. 78.01% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts have recently commented on FCNCA shares. Wall Street Zen upgraded First Citizens BancShares from a “sell” rating to a “hold” rating in a report on Sunday. Citigroup restated a “neutral” rating on shares of First Citizens BancShares in a report on Friday, April 24th. JPMorgan Chase & Co. cut their price target on First Citizens BancShares from $2,200.00 to $2,150.00 and set a “neutral” rating on the stock in a report on Friday, April 24th. Zacks Research upgraded First Citizens BancShares from a “strong sell” rating to a “hold” rating in a report on Monday, March 30th. Finally, Piper Sandler set a $2,050.00 target price on First Citizens BancShares in a report on Friday, April 24th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and nine have given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $2,215.91.

First Citizens BancShares Price Performance

Shares of NASDAQ FCNCA opened at $1,991.55 on Monday. The business’s 50 day moving average price is $1,928.22 and its two-hundred day moving average price is $1,986.87. The company has a market cap of $23.08 billion, a PE ratio of 11.45, a price-to-earnings-growth ratio of 1.52 and a beta of 0.63. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.67. First Citizens BancShares, Inc. has a twelve month low of $1,623.76 and a twelve month high of $2,232.21.

First Citizens BancShares (NASDAQ:FCNCA) last announced its quarterly earnings results on Thursday, April 23rd. The bank reported $44.86 earnings per share for the quarter, topping analysts’ consensus estimates of $43.31 by $1.55. The firm had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $2.20 billion. First Citizens BancShares had a return on equity of 11.48% and a net margin of 15.62%.During the same quarter in the previous year, the business earned $37.79 earnings per share. On average, analysts predict that First Citizens BancShares, Inc. will post 177.84 EPS for the current year.

First Citizens BancShares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Friday, May 29th will be given a dividend of $2.10 per share. This represents a $8.40 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend is Friday, May 29th. First Citizens BancShares’s payout ratio is 4.83%.

Insiders Place Their Bets

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. purchased 5,940 shares of the stock in a transaction on Tuesday, May 12th. The shares were purchased at an average price of $1,726.82 per share, with a total value of $10,257,310.80. Following the completion of the transaction, the chief executive officer directly owned 38,111 shares in the company, valued at $65,810,837.02. This represents a 18.46% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders purchased a total of 6,198 shares of company stock worth $10,661,547 over the last 90 days. 14.63% of the stock is owned by insiders.

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.