Bank of New York Mellon Corp Sells 11,464 Shares of First Citizens BancShares, Inc. $FCNCA

Bank of New York Mellon Corp lowered its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 21.6% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 41,554 shares of the bank’s stock after selling 11,464 shares during the quarter. Bank of New York Mellon Corp’s holdings in First Citizens BancShares were worth $78,315,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in FCNCA. Hilton Head Capital Partners LLC bought a new position in shares of First Citizens BancShares during the fourth quarter valued at $26,000. Harbor Investment Advisory LLC lifted its holdings in shares of First Citizens BancShares by 150.0% during the fourth quarter. Harbor Investment Advisory LLC now owns 15 shares of the bank’s stock worth $32,000 after purchasing an additional 9 shares during the period. Reflection Asset Management bought a new stake in shares of First Citizens BancShares in the fourth quarter worth $45,000. Global Assets Advisory LLC bought a new stake in shares of First Citizens BancShares in the first quarter worth $45,000. Finally, Allworth Financial LP increased its holdings in First Citizens BancShares by 21.7% in the third quarter. Allworth Financial LP now owns 28 shares of the bank’s stock valued at $51,000 after purchasing an additional 5 shares during the period. Institutional investors own 78.01% of the company’s stock.

Analyst Ratings Changes

FCNCA has been the subject of several analyst reports. Fundamental Research set a $2,350.00 target price on First Citizens BancShares in a research report on Wednesday, July 1st. Wall Street Zen upgraded First Citizens BancShares from a “sell” rating to a “hold” rating in a research report on Saturday, June 27th. Deutsche Bank Aktiengesellschaft cut First Citizens BancShares from a “buy” rating to a “hold” rating and set a $2,154.00 price target for the company. in a research note on Wednesday, April 8th. Piper Sandler set a $2,050.00 price objective on First Citizens BancShares in a research report on Friday, April 24th. Finally, The Goldman Sachs Group lifted their price objective on First Citizens BancShares from $2,100.00 to $2,340.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 7th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and ten have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $2,247.08.

First Citizens BancShares Stock Performance

FCNCA opened at $2,071.16 on Wednesday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.67. The company’s fifty day moving average price is $2,050.59 and its two-hundred day moving average price is $2,017.46. First Citizens BancShares, Inc. has a 1-year low of $1,623.76 and a 1-year high of $2,232.21. The company has a market cap of $24.00 billion, a price-to-earnings ratio of 11.91, a PEG ratio of 1.57 and a beta of 0.62.

First Citizens BancShares (NASDAQ:FCNCA) last issued its quarterly earnings data on Thursday, April 23rd. The bank reported $44.86 EPS for the quarter, topping the consensus estimate of $43.31 by $1.55. The firm had revenue of $2.14 billion during 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 period in the prior year, the business posted $37.79 earnings per share. On average, analysts expect that First Citizens BancShares, Inc. will post 177.18 EPS for the current fiscal year.

Insider Activity

In related news, CEO Frank B. Holding, Jr. bought 528 shares of First Citizens BancShares stock in a transaction dated Friday, June 5th. The stock was purchased at an average cost of $1,813.37 per share, with a total value of $957,459.36. Following the transaction, the chief executive officer directly owned 64,100 shares of the company’s stock, valued at approximately $116,237,017. The trade was a 0.83% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last ninety days, insiders acquired 7,190 shares of company stock worth $12,573,868. Company insiders own 14.63% of the company’s stock.

About First Citizens BancShares

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.