Inspire Investing LLC Sells 363 Shares of First Citizens BancShares, Inc. $FCNCA

Inspire Investing LLC lessened its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 20.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,378 shares of the bank’s stock after selling 363 shares during the period. Inspire Investing LLC’s holdings in First Citizens BancShares were worth $2,555,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the business. JT Stratford LLC raised its stake in First Citizens BancShares by 0.4% in the 4th quarter. JT Stratford LLC now owns 1,247 shares of the bank’s stock valued at $2,635,000 after acquiring an additional 5 shares during the period. MassMutual Private Wealth & Trust FSB raised its stake in First Citizens BancShares by 54.5% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 17 shares of the bank’s stock valued at $32,000 after acquiring an additional 6 shares during the period. Cresset Asset Management LLC raised its stake in First Citizens BancShares by 3.8% in the 1st quarter. Cresset Asset Management LLC now owns 163 shares of the bank’s stock valued at $302,000 after acquiring an additional 6 shares during the period. M&T Bank Corp raised its stake in First Citizens BancShares by 1.3% in the 1st quarter. M&T Bank Corp now owns 632 shares of the bank’s stock valued at $1,172,000 after acquiring an additional 8 shares during the period. Finally, Venturi Wealth Management LLC raised its stake in First Citizens BancShares by 3.8% in the 1st quarter. Venturi Wealth Management LLC now owns 221 shares of the bank’s stock valued at $410,000 after acquiring an additional 8 shares during the period. Institutional investors own 78.01% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Piper Sandler set a $2,150.00 price target on First Citizens BancShares and gave the company a “neutral” rating in a research note on Monday, July 28th. Cowen reaffirmed a “buy” rating on shares of First Citizens BancShares in a report on Monday, July 28th. Jefferies Financial Group initiated coverage on First Citizens BancShares in a report on Wednesday, May 21st. They issued a “hold” rating and a $2,050.00 price objective on the stock. Citigroup upped their price objective on First Citizens BancShares from $1,900.00 to $2,050.00 and gave the company a “neutral” rating in a report on Wednesday, July 2nd. Finally, UBS Group reaffirmed a “buy” rating and issued a $2,410.00 price objective on shares of First Citizens BancShares in a report on Wednesday, July 9th. Seven equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $2,291.17.

First Citizens BancShares Stock Performance

NASDAQ:FCNCA opened at $1,964.43 on Friday. The stock has a fifty day moving average price of $1,996.27 and a 200-day moving average price of $1,889.75. The company has a market cap of $25.38 billion, a price-to-earnings ratio of 11.59 and a beta of 0.71. The company has a debt-to-equity ratio of 1.76, a quick ratio of 1.04 and a current ratio of 1.04. First Citizens BancShares, Inc. has a fifty-two week low of $1,473.62 and a fifty-two week high of $2,412.93.

First Citizens BancShares (NASDAQ:FCNCA) last released its earnings results on Friday, July 25th. The bank reported $44.78 earnings per share for the quarter, beating analysts’ consensus estimates of $39.08 by $5.70. The firm had revenue of $2.38 billion during the quarter, compared to the consensus estimate of $2.21 billion. First Citizens BancShares had a return on equity of 11.32% and a net margin of 16.37%. As a group, equities analysts anticipate that First Citizens BancShares, Inc. will post 167.59 EPS for the current fiscal year.

First Citizens BancShares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 29th will be given a dividend of $1.95 per share. This represents a $7.80 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date is Friday, August 29th. First Citizens BancShares’s dividend payout ratio is presently 4.60%.

Insider Activity

In related news, major shareholder Olivia Britton Holding bought 409 shares of the business’s stock in a transaction dated Thursday, August 7th. The stock was purchased at an average cost of $1,630.00 per share, for a total transaction of $666,670.00. Following the transaction, the insider owned 1,764 shares in the company, valued at $2,875,320. The trade was a 30.18% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Hope Holding Bryant bought 409 shares of the business’s stock in a transaction dated Thursday, August 7th. The shares were bought at an average price of $1,630.00 per share, with a total value of $666,670.00. Following the completion of the transaction, the insider owned 1,764 shares in the company, valued at approximately $2,875,320. This trade represents a 30.18% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders purchased 1,494 shares of company stock worth $2,485,986. 13.40% of the stock is currently owned by company insiders.

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.