Allstate Corp Buys 275 Shares of First Citizens BancShares, Inc. $FCNCA

Allstate Corp grew its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 88.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 587 shares of the bank’s stock after acquiring an additional 275 shares during the period. Allstate Corp’s holdings in First Citizens BancShares were worth $1,260,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of the business. SBI Securities Co. Ltd. bought a new position in First Citizens BancShares in the third quarter valued at approximately $27,000. Harbor Investment Advisory LLC raised its position in 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 acquiring an additional 9 shares in the last quarter. UMB Bank n.a. raised its position in 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 acquiring an additional 8 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in First Citizens BancShares by 280.0% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 19 shares of the bank’s stock worth $34,000 after acquiring an additional 14 shares in the last quarter. Finally, Fifth Third Bancorp raised its position in First Citizens BancShares by 40.0% during the third quarter. Fifth Third Bancorp now owns 21 shares of the bank’s stock worth $38,000 after acquiring an additional 6 shares in the last quarter. Institutional investors and hedge funds own 78.01% of the company’s stock.

Insider Transactions at First Citizens BancShares

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. sold 5,346 shares of First Citizens BancShares stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $1,918.69, for a total value of $10,257,316.74. Following the sale, the chief executive officer owned 100,654 shares of the company’s stock, valued at $193,123,823.26. The trade was a 5.04% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Over the last 90 days, insiders purchased 6,198 shares of company stock valued at $10,661,547. Insiders own 14.63% of the company’s stock.

First Citizens BancShares Stock Down 0.9%

FCNCA stock opened at $1,990.51 on Friday. First Citizens BancShares, Inc. has a twelve month low of $1,623.76 and a twelve month high of $2,232.21. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.67. The stock has a market cap of $23.06 billion, a P/E ratio of 11.45, a PEG ratio of 1.53 and a beta of 0.63. The business’s 50-day moving average price is $1,949.40 and its 200-day moving average price is $1,992.23.

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, beating analysts’ consensus estimates of $43.31 by $1.55. The firm had revenue of $2.14 billion for the quarter, compared to analysts’ expectations 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 previous year, the firm earned $37.79 EPS. On average, equities research analysts forecast that First Citizens BancShares, Inc. will post 177.84 EPS for the current year.

First Citizens BancShares Announces Dividend

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

Analyst Upgrades and Downgrades

Several analysts have issued reports on FCNCA shares. Piper Sandler set a $2,050.00 price target on shares of First Citizens BancShares in a research report on Friday, April 24th. Deutsche Bank Aktiengesellschaft downgraded shares of First Citizens BancShares from a “buy” rating to a “hold” rating and set a $2,154.00 price objective on the stock. in a report on Wednesday, April 8th. Zacks Research upgraded shares of First Citizens BancShares from a “strong sell” rating to a “hold” rating in a report on Monday, March 30th. UBS Group set a $2,325.00 price objective on shares of First Citizens BancShares in a research note on Wednesday, February 4th. Finally, Wall Street Zen upgraded shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a research note on Sunday, May 24th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $2,215.91.

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.