Frank Holding, Jr. Acquires 135 Shares of First Citizens BancShares (NASDAQ:FCNCA) Stock

First Citizens BancShares, Inc. (NASDAQ:FCNCA) CEO Frank Holding, Jr. bought 135 shares of the stock in a transaction dated 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 transaction, the chief executive officer directly owned 2,527 shares of the company’s stock, valued at $4,118,176.09. This trade represents a 5.64% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

First Citizens BancShares Stock Up 0.2%

FCNCA stock opened at $1,905.02 on Wednesday. The firm has a market capitalization of $23.70 billion, a PE ratio of 11.26 and a beta of 0.71. The stock’s 50 day moving average is $1,799.22 and its 200-day moving average is $1,892.75. First Citizens BancShares, Inc. has a twelve month low of $1,473.62 and a twelve month high of $2,412.93. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.81.

First Citizens BancShares (NASDAQ:FCNCA) last issued its quarterly earnings results on Thursday, October 23rd. The bank reported $44.62 EPS for the quarter, beating analysts’ consensus estimates of $41.51 by $3.11. The company had revenue of $2.25 billion during the quarter, compared to the consensus estimate of $2.21 billion. First Citizens BancShares had a return on equity of 11.09% and a net margin of 15.99%. Sell-side analysts expect that First Citizens BancShares, Inc. will post 167.59 EPS for the current fiscal year.

First Citizens BancShares Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Friday, November 28th will be given a dividend of $2.10 per share. This is a boost from First Citizens BancShares’s previous quarterly dividend of $1.95. This represents a $8.40 annualized dividend and a dividend yield of 0.4%. The ex-dividend date is Friday, November 28th. First Citizens BancShares’s dividend payout ratio (DPR) is currently 4.97%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on FCNCA shares. Raymond James Financial upgraded First Citizens BancShares from an “outperform” rating to a “strong-buy” rating and upped their target price for the stock from $2,100.00 to $2,200.00 in a research note on Thursday, November 20th. Citigroup decreased their target price on shares of First Citizens BancShares from $2,250.00 to $2,000.00 and set a “neutral” rating for the company in a report on Monday, October 27th. Keefe, Bruyette & Woods reduced their price target on shares of First Citizens BancShares from $2,100.00 to $2,050.00 and set an “outperform” rating for the company in a research report on Friday, October 24th. Piper Sandler dropped their price objective on First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating on the stock in a research report on Friday, October 24th. Finally, Weiss Ratings lowered shares of First Citizens BancShares from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Saturday, October 25th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $2,165.83.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in FCNCA. SBI Securities Co. Ltd. bought a new position in shares of First Citizens BancShares in the third quarter worth approximately $27,000. UMB Bank n.a. grew its position in shares of First Citizens BancShares by 100.0% during the third quarter. UMB Bank n.a. now owns 16 shares of the bank’s stock worth $29,000 after purchasing an additional 8 shares in the last quarter. MAI Capital Management raised its stake in First Citizens BancShares by 500.0% during the 2nd quarter. MAI Capital Management now owns 18 shares of the bank’s stock valued at $35,000 after purchasing an additional 15 shares during the period. Steph & Co. bought a new position in shares of First Citizens BancShares during the third quarter worth $32,000. Finally, Root Financial Partners LLC bought a new stake in First Citizens BancShares in the 3rd quarter valued at $32,000. 78.01% of the stock is owned by hedge funds and other institutional investors.

About First Citizens BancShares

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.