MassMutual Private Wealth & Trust FSB Increases Stock Position in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

MassMutual Private Wealth & Trust FSB boosted its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 54.5% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 17 shares of the bank’s stock after acquiring an additional 6 shares during the quarter. MassMutual Private Wealth & Trust FSB’s holdings in First Citizens BancShares were worth $32,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the stock. Wealth Enhancement Advisory Services LLC boosted its stake in shares of First Citizens BancShares by 1.0% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 4,681 shares of the bank’s stock valued at $9,892,000 after purchasing an additional 47 shares during the period. Old North State Trust LLC raised its holdings in First Citizens BancShares by 33.5% in the fourth quarter. Old North State Trust LLC now owns 371 shares of the bank’s stock valued at $784,000 after acquiring an additional 93 shares in the last quarter. Siemens Fonds Invest GmbH acquired a new stake in First Citizens BancShares in the fourth quarter valued at approximately $49,265,000. Carolinas Wealth Consulting LLC raised its holdings in First Citizens BancShares by 1,456.3% in the fourth quarter. Carolinas Wealth Consulting LLC now owns 249 shares of the bank’s stock valued at $524,000 after acquiring an additional 233 shares in the last quarter. Finally, Yoffe Investment Management LLC acquired a new stake in First Citizens BancShares in the fourth quarter valued at approximately $270,000. Hedge funds and other institutional investors own 78.01% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on FCNCA shares. Cowen started coverage on shares of First Citizens BancShares in a report on Wednesday, May 14th. They issued a “buy” rating on the stock. TD Cowen started coverage on shares of First Citizens BancShares in a report on Thursday, May 15th. They issued a “buy” rating and a $2,400.00 target price on the stock. Wall Street Zen cut shares of First Citizens BancShares from a “hold” rating to a “sell” rating in a report on Monday, April 28th. The Goldman Sachs Group cut their price objective on shares of First Citizens BancShares from $2,535.00 to $2,200.00 and set a “buy” rating on the stock in a report on Tuesday, March 18th. Finally, Barclays cut their price objective on shares of First Citizens BancShares from $2,568.00 to $2,400.00 and set an “equal weight” rating on the stock in a report on Friday, April 25th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $2,340.33.

Insider Activity

In other First Citizens BancShares news, CFO Craig L. Nix bought 17 shares of the company’s stock in a transaction that occurred on Friday, March 7th. The stock was purchased at an average price of $1,881.13 per share, with a total value of $31,979.21. Following the transaction, the chief financial officer now owns 1,141 shares in the company, valued at $2,146,369.33. This trade represents a 1.51% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Frank B. Holding, Jr. bought 350 shares of the company’s stock in a transaction that occurred on Friday, May 2nd. The shares were acquired at an average cost of $1,610.00 per share, with a total value of $563,500.00. Following the transaction, the chief executive officer now owns 2,758 shares in the company, valued at approximately $4,440,380. This represents a 14.53% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 13.40% of the company’s stock.

First Citizens BancShares Trading Up 2.4%

NASDAQ FCNCA opened at $1,842.86 on Wednesday. First Citizens BancShares, Inc. has a 12 month low of $1,473.62 and a 12 month high of $2,412.93. The company has a 50-day moving average of $1,787.03 and a 200-day moving average of $1,988.10. The company has a debt-to-equity ratio of 1.68, a current ratio of 1.08 and a quick ratio of 1.08. The company has a market cap of $24.49 billion, a P/E ratio of 9.73, a P/E/G ratio of 0.94 and a beta of 0.64.

First Citizens BancShares (NASDAQ:FCNCA) last posted its quarterly earnings data on Thursday, April 24th. The bank reported $37.79 EPS for the quarter, beating analysts’ consensus estimates of $37.72 by $0.07. First Citizens BancShares had a net margin of 18.55% and a return on equity of 13.22%. The company had revenue of $2.30 billion during the quarter, compared to the consensus estimate of $2.22 billion. As a group, equities analysts predict that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current year.

First Citizens BancShares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Friday, May 30th will be paid a dividend of $1.95 per share. This represents a $7.80 dividend on an annualized basis and a dividend yield of 0.42%. The ex-dividend date of this dividend is Friday, May 30th. First Citizens BancShares’s dividend payout ratio is currently 4.47%.

First Citizens BancShares Company Profile

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.