Fifth Third Bancorp Purchases 1,285 Shares of First Citizens BancShares, Inc. $FCNCA

Fifth Third Bancorp increased its position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 6,425.0% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 1,305 shares of the bank’s stock after purchasing an additional 1,285 shares during the period. Fifth Third Bancorp’s holdings in First Citizens BancShares were worth $2,459,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Hilton Head Capital Partners LLC purchased a new stake in First Citizens BancShares in the fourth quarter worth about $26,000. Harbor Investment Advisory LLC increased its position in First Citizens BancShares by 150.0% during the 4th quarter. Harbor Investment Advisory LLC now owns 15 shares of the bank’s stock valued at $32,000 after purchasing an additional 9 shares during the period. Reflection Asset Management purchased a new position in First Citizens BancShares during the 4th quarter valued at about $45,000. Allworth Financial LP raised its holdings in shares of First Citizens BancShares by 21.7% in the 3rd quarter. Allworth Financial LP now owns 28 shares of the bank’s stock valued at $51,000 after purchasing an additional 5 shares in the last quarter. Finally, UMB Bank n.a. raised its holdings in shares of First Citizens BancShares by 50.0% in the 4th quarter. UMB Bank n.a. now owns 24 shares of the bank’s stock valued at $52,000 after purchasing an additional 8 shares in the last quarter. 78.01% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on FCNCA shares. TD Cowen lowered their price target on shares of First Citizens BancShares from $2,500.00 to $2,300.00 and set a “buy” rating for the company in a research report on Monday, April 27th. JPMorgan Chase & Co. lifted their price objective on shares of First Citizens BancShares from $2,150.00 to $2,350.00 and gave the company a “neutral” rating in a report on Wednesday, July 1st. Piper Sandler set a $2,050.00 price objective on shares of First Citizens BancShares in a research note 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, Weiss Ratings raised First Citizens BancShares from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday, July 8th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and ten have assigned a Hold rating to the 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 Price Performance

NASDAQ FCNCA opened at $2,071.16 on Wednesday. The firm’s fifty day simple moving average is $2,050.59 and its two-hundred day simple moving average is $2,017.46. The firm has a market capitalization of $24.00 billion, a P/E ratio of 11.91, a P/E/G ratio of 1.57 and a beta of 0.62. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.67. First Citizens BancShares, Inc. has a 12-month low of $1,623.76 and a 12-month high of $2,232.21.

First Citizens BancShares (NASDAQ:FCNCA) last posted its quarterly earnings data 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. First Citizens BancShares had a return on equity of 11.48% and a net margin of 15.62%.The firm had revenue of $2.14 billion during the quarter, compared to analysts’ expectations of $2.20 billion. During the same quarter last year, the firm earned $37.79 EPS. Analysts forecast that First Citizens BancShares, Inc. will post 177.18 EPS for the current fiscal year.

Insiders Place Their Bets

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. purchased 528 shares of the stock in a transaction on Friday, June 5th. The stock was acquired at an average price of $1,813.37 per share, with a total value of $957,459.36. Following the completion of the acquisition, the chief executive officer owned 64,100 shares in the company, valued at $116,237,017. The trade was a 0.83% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Insiders bought a total of 7,190 shares of company stock valued at $12,573,868 over the last three months. 14.63% of the stock is currently owned by company insiders.

First Citizens BancShares 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.