M&T Bank Corp Buys 38,241 Shares of First Citizens BancShares, Inc. $FCNCA

M&T Bank Corp boosted its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 13,512.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 38,524 shares of the bank’s stock after buying an additional 38,241 shares during the period. M&T Bank Corp owned approximately 0.31% of First Citizens BancShares worth $82,679,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in FCNCA. SBI Securities Co. Ltd. bought a new position in First Citizens BancShares during the 3rd quarter valued at approximately $27,000. UMB Bank n.a. increased its position in First Citizens BancShares by 100.0% during the 3rd quarter. UMB Bank n.a. now owns 16 shares of the bank’s stock valued at $29,000 after buying an additional 8 shares in the last quarter. Root Financial Partners LLC bought a new position in First Citizens BancShares during the 3rd quarter valued at approximately $32,000. Harbor Investment Advisory LLC increased its position in First Citizens BancShares by 150.0% during the 4th quarter. Harbor Investment Advisory LLC now owns 15 shares of the bank’s stock valued at $32,000 after buying an additional 9 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its position in First Citizens BancShares by 280.0% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 19 shares of the bank’s stock valued at $34,000 after buying an additional 14 shares in the last quarter. Institutional investors own 78.01% of the company’s stock.

First Citizens BancShares Stock Performance

Shares of FCNCA opened at $2,053.90 on Wednesday. The company has a debt-to-equity ratio of 1.72, a current ratio of 1.03 and a quick ratio of 1.03. First Citizens BancShares, Inc. has a one year low of $1,623.76 and a one year high of $2,232.21. The firm has a market capitalization of $24.52 billion, a P/E ratio of 12.39, a PEG ratio of 1.53 and a beta of 0.65. The business has a fifty day moving average of $1,933.78 and a 200 day moving average of $1,956.51.

First Citizens BancShares (NASDAQ:FCNCA) last issued its quarterly earnings data on Friday, January 23rd. The bank reported $51.27 EPS for the quarter, topping the consensus estimate of $44.24 by $7.03. First Citizens BancShares had a return on equity of 11.18% and a net margin of 15.21%.The company had revenue of $2.44 billion during the quarter, compared to analyst estimates of $2.24 billion. As a group, sell-side analysts anticipate that First Citizens BancShares, Inc. will post 178.89 EPS for the current year.

Insider Activity at First Citizens BancShares

In other news, CEO Frank B. Holding, Jr. acquired 92 shares of the business’s stock in a transaction that occurred on Thursday, March 19th. The stock was bought at an average price of $1,550.00 per share, with a total value of $142,600.00. Following the completion of the acquisition, the chief executive officer directly owned 2,841 shares of the company’s stock, valued at approximately $4,403,550. The trade was a 3.35% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders acquired a total of 258 shares of company stock valued at $404,236 over the last three months. Insiders own 14.63% of the company’s stock.

Analysts Set New Price Targets

FCNCA has been the subject of a number of research analyst reports. Zacks Research raised First Citizens BancShares from a “strong sell” rating to a “hold” rating in a report on Monday, March 30th. Deutsche Bank Aktiengesellschaft lowered First Citizens BancShares from a “buy” rating to a “hold” rating and set a $2,154.00 target price for the company. in a report on Wednesday, April 8th. Wall Street Zen raised First Citizens BancShares from a “sell” rating to a “hold” rating in a report on Saturday, February 28th. Citigroup reissued an “outperform” rating on shares of First Citizens BancShares in a report on Thursday, April 9th. Finally, Truist Financial lifted their target price on First Citizens BancShares from $2,050.00 to $2,150.00 and gave the stock a “hold” rating in a report on Monday, January 26th. Two research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $2,227.08.

First Citizens BancShares Company Profile

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.