Insider Buying: First Citizens BancShares, Inc. (NASDAQ:FCNCA) CEO Purchases 600 Shares of Stock

First Citizens BancShares, Inc. (NASDAQ:FCNCA) CEO Frank B. Holding, Jr. acquired 600 shares of the company’s stock in a transaction on Thursday, August 7th. The stock was acquired at an average price of $1,698.75 per share, with a total value of $1,019,250.00. Following the acquisition, the chief executive officer owned 32,300 shares in the company, valued at approximately $54,869,625. This trade represents a 1.89% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

First Citizens BancShares Stock Up 1.1%

FCNCA stock opened at $1,848.93 on Tuesday. 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 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.77. The firm has a market cap of $24.57 billion, a PE ratio of 10.91 and a beta of 0.64. The business has a 50 day moving average of $1,968.06 and a 200 day moving average of $1,918.01.

First Citizens BancShares (NASDAQ:FCNCA) last issued its earnings results on Friday, July 25th. The bank reported $44.78 EPS for the quarter, beating the consensus estimate of $39.08 by $5.70. First Citizens BancShares had a return on equity of 11.30% and a net margin of 16.37%. The business had revenue of $2.38 billion for the quarter, compared to the consensus estimate of $2.21 billion. On average, research analysts forecast that First Citizens BancShares, Inc. will post 167.59 EPS for the current fiscal year.

First Citizens BancShares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 29th will be paid a dividend of $1.95 per share. This represents a $7.80 annualized dividend and a yield of 0.4%. The ex-dividend date is Friday, August 29th. First Citizens BancShares’s dividend payout ratio (DPR) is currently 4.60%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on FCNCA shares. JPMorgan Chase & Co. increased their price objective on First Citizens BancShares from $2,100.00 to $2,250.00 and gave the stock an “overweight” rating in a report on Tuesday, July 1st. Citigroup increased their target price on First Citizens BancShares from $1,900.00 to $2,050.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 2nd. Piper Sandler set a $2,150.00 target price on First Citizens BancShares and gave the stock a “neutral” rating in a research report on Monday, July 28th. Jefferies Financial Group initiated coverage on First Citizens BancShares in a research report on Wednesday, May 21st. They issued a “hold” rating and a $2,050.00 target price for the company. Finally, Wall Street Zen lowered First Citizens BancShares from a “hold” rating to a “sell” rating in a research report on Monday, April 28th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $2,291.17.

Institutional Trading of First Citizens BancShares

Institutional investors have recently added to or reduced their stakes in the business. MassMutual Private Wealth & Trust FSB boosted its stake in shares of First Citizens BancShares by 54.5% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 17 shares of the bank’s stock worth $32,000 after buying an additional 6 shares during the last quarter. SVB Wealth LLC purchased a new position in shares of First Citizens BancShares in the 1st quarter worth $35,000. Creekmur Asset Management LLC purchased a new position in shares of First Citizens BancShares in the 2nd quarter worth $39,000. Community Bank N.A. purchased a new position in shares of First Citizens BancShares in the 1st quarter worth $44,000. Finally, Allworth Financial LP boosted its stake in shares of First Citizens BancShares by 35.3% in the 2nd quarter. Allworth Financial LP now owns 23 shares of the bank’s stock worth $45,000 after buying an additional 6 shares during the last quarter. 78.01% of the stock is currently 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.