Focus Partners Advisor Solutions LLC Makes New $1.10 Million Investment in First Citizens BancShares, Inc. $FCNCA

Focus Partners Advisor Solutions LLC purchased a new position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 560 shares of the bank’s stock, valued at approximately $1,096,000.

Other institutional investors have also modified their holdings of the company. Teacher Retirement System of Texas acquired a new stake in shares of First Citizens BancShares in the first quarter valued at $2,642,000. Bank of New York Mellon Corp lifted its holdings in shares of First Citizens BancShares by 1.9% in the first quarter. Bank of New York Mellon Corp now owns 40,553 shares of the bank’s stock valued at $75,190,000 after buying an additional 772 shares during the period. Cambridge Investment Research Advisors Inc. lifted its holdings in shares of First Citizens BancShares by 16.6% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 190 shares of the bank’s stock valued at $352,000 after buying an additional 27 shares during the period. DAVENPORT & Co LLC acquired a new stake in shares of First Citizens BancShares in the first quarter valued at $221,000. Finally, Malaga Cove Capital LLC acquired a new stake in shares of First Citizens BancShares in the first quarter valued at $714,000. Institutional investors and hedge funds own 78.01% of the company’s stock.

Insider Buying and Selling at First Citizens BancShares

In other First Citizens BancShares news, insider Hope Holding Bryant bought 409 shares of the stock in a transaction on 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 purchase, the insider directly 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 document filed with the SEC, which can be accessed through the SEC website. Also, CEO Frank B. Holding, Jr. bought 600 shares of the stock in a transaction on Thursday, August 7th. The shares were acquired at an average cost of $1,698.75 per share, for a total transaction of $1,019,250.00. Following the purchase, the chief executive officer owned 32,300 shares in the company, valued at approximately $54,869,625. This represents a 1.89% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired a total of 1,428 shares of company stock valued at $2,371,476 in the last 90 days. 13.40% of the stock is currently owned by corporate insiders.

First Citizens BancShares Stock Up 0.6%

Shares of First Citizens BancShares stock opened at $1,786.10 on Tuesday. First Citizens BancShares, Inc. has a 1 year low of $1,473.62 and a 1 year high of $2,412.93. The company has a market cap of $23.08 billion, a P/E ratio of 10.56 and a beta of 0.60. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.76. The stock has a 50-day moving average price of $1,857.30 and a 200 day moving average price of $1,884.71.

First Citizens BancShares (NASDAQ:FCNCA) last released its earnings results on Thursday, October 23rd. The bank reported $44.62 earnings per share for the quarter, beating the consensus estimate of $41.51 by $3.11. First Citizens BancShares had a return on equity of 11.06% and a net margin of 15.99%.The company had revenue of $2.25 billion for the quarter, compared to analysts’ expectations of $2.21 billion. As a group, analysts expect that First Citizens BancShares, Inc. will post 167.59 EPS for the current fiscal year.

First Citizens BancShares Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Friday, November 28th will be paid a dividend of $2.10 per share. This is a boost from First Citizens BancShares’s previous quarterly dividend of $1.95. The ex-dividend date of this dividend is Friday, November 28th. This represents a $8.40 annualized dividend and a yield of 0.5%. First Citizens BancShares’s dividend payout ratio (DPR) is presently 4.97%.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on FCNCA shares. Raymond James Financial set a $2,100.00 price objective on First Citizens BancShares in a report on Tuesday, October 7th. Citigroup cut their price objective on First Citizens BancShares from $2,250.00 to $2,000.00 and set a “neutral” rating for the company in a report on Monday. Keefe, Bruyette & Woods cut their price objective on First Citizens BancShares from $2,100.00 to $2,050.00 and set an “outperform” rating for the company in a report on Friday. UBS Group reaffirmed a “buy” rating and set a $2,410.00 target price on shares of First Citizens BancShares in a research report on Wednesday, July 9th. Finally, Truist Financial cut their target price on First Citizens BancShares from $2,240.00 to $2,000.00 and set a “hold” rating on the stock in a research report on Friday, October 3rd. Seven analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $2,166.67.

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.