First Citizens BancShares, Inc. (NASDAQ:FCNCA) Shares Sold by Burney Co.

Burney Co. cut its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 7.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 267 shares of the bank’s stock after selling 21 shares during the period. Burney Co.’s holdings in First Citizens BancShares were worth $495,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Gamco Investors INC. ET AL grew its holdings in shares of First Citizens BancShares by 3.3% during the fourth quarter. Gamco Investors INC. ET AL now owns 155 shares of the bank’s stock worth $328,000 after purchasing an additional 5 shares during the last quarter. JT Stratford LLC increased its position 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 increased its position 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. M&T Bank Corp increased its position 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 increased its position in First Citizens BancShares by 3.8% during the 1st quarter. Venturi Wealth Management LLC now owns 221 shares of the bank’s stock worth $410,000 after purchasing an additional 8 shares during the period. 78.01% of the stock is currently owned by hedge funds and other institutional investors.

First Citizens BancShares Stock Down 0.8%

Shares of First Citizens BancShares stock opened at $2,096.04 on Friday. 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 $27.86 billion, a P/E ratio of 12.00, a P/E/G ratio of 0.97 and a beta of 0.64. First Citizens BancShares, Inc. has a fifty-two week low of $1,473.62 and a fifty-two week high of $2,412.93. The business has a 50-day moving average price of $1,953.13 and a 200 day moving average price of $1,939.52.

First Citizens BancShares (NASDAQ:FCNCA) last issued its earnings results on Thursday, April 24th. The bank reported $37.79 EPS for the quarter, beating analysts’ consensus estimates of $37.72 by $0.07. The company had revenue of $2.30 billion during the quarter, compared to the consensus estimate of $2.22 billion. First Citizens BancShares had a return on equity of 11.98% and a net margin of 17.10%. On average, sell-side analysts forecast that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on FCNCA. Citigroup boosted 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. Barclays reduced their target price on First Citizens BancShares from $2,568.00 to $2,400.00 and set an “equal weight” rating on the stock in a research note on Friday, April 25th. JPMorgan Chase & Co. upped their target price on First Citizens BancShares from $2,100.00 to $2,250.00 and gave the company an “overweight” rating in a research note on Tuesday, July 1st. TD Cowen assumed coverage on First Citizens BancShares in a report on Thursday, May 15th. They set a “buy” rating and a $2,400.00 price objective on the stock. Finally, UBS Group reaffirmed a “buy” rating and issued a $2,410.00 target price on shares of First Citizens BancShares in a research report on Wednesday, July 9th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $2,299.50.

Insider Buying and Selling

In other news, 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 purchased at an average price of $1,610.00 per share, with a total value of $563,500.00. Following the completion of the acquisition, the chief executive officer directly owned 2,758 shares in the company, valued at approximately $4,440,380. This trade represents a 14.53% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 13.40% of the stock is currently owned by insiders.

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.