Harvest Portfolios Group Inc. Decreases Position in First Citizens BancShares, Inc. $FCNCA

Harvest Portfolios Group Inc. lessened its holdings in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 9.4% in the 4th quarter, HoldingsChannel.com reports. The firm owned 2,983 shares of the bank’s stock after selling 309 shares during the quarter. Harvest Portfolios Group Inc.’s holdings in First Citizens BancShares were worth $6,402,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. SBI Securities Co. Ltd. purchased a new stake in shares of First Citizens BancShares during the 3rd quarter valued at $27,000. UMB Bank n.a. lifted its holdings in shares of 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 purchasing an additional 8 shares during the last quarter. Root Financial Partners LLC purchased a new stake in shares of First Citizens BancShares during the 3rd quarter valued at $32,000. Harbor Investment Advisory LLC lifted its holdings in shares of 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 purchasing an additional 9 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of 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 purchasing an additional 14 shares during the last quarter. Hedge funds and other institutional investors own 78.01% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on FCNCA shares. Piper Sandler set a $2,050.00 price objective on First Citizens BancShares in a report on Friday, April 24th. JPMorgan Chase & Co. decreased their price objective on First Citizens BancShares from $2,200.00 to $2,150.00 and set a “neutral” rating for the company in a report on Friday, April 24th. Wall Street Zen lowered First Citizens BancShares from a “hold” rating to a “sell” rating in a report on Saturday. Keefe, Bruyette & Woods decreased their price objective on First Citizens BancShares from $2,375.00 to $2,300.00 and set an “outperform” rating for the company in a report on Thursday, April 9th. Finally, 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 research note on Wednesday, April 8th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $2,202.08.

First Citizens BancShares Stock Performance

Shares of FCNCA stock opened at $1,926.74 on Wednesday. The firm has a market capitalization of $22.33 billion, a price-to-earnings ratio of 11.08, a price-to-earnings-growth ratio of 1.48 and a beta of 0.63. The company has a debt-to-equity ratio of 1.67, a current ratio of 1.00 and a quick ratio of 1.00. The business has a fifty day moving average of $1,922.72 and a 200 day moving average of $1,983.15. First Citizens BancShares, Inc. has a 1 year low of $1,623.76 and a 1 year high of $2,232.21.

First Citizens BancShares (NASDAQ:FCNCA) last issued its earnings results on Thursday, April 23rd. The bank reported $44.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $43.31 by $1.55. The company had revenue of $2.14 billion during the quarter, compared to analyst estimates of $2.20 billion. First Citizens BancShares had a return on equity of 11.48% and a net margin of 15.62%.During the same quarter last year, the business posted $37.79 EPS. As a group, research analysts expect that First Citizens BancShares, Inc. will post 177.84 earnings per share for the current year.

First Citizens BancShares Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Friday, May 29th will be paid a $2.10 dividend. The ex-dividend date is Friday, May 29th. This represents a $8.40 dividend on an annualized basis and a yield of 0.4%. First Citizens BancShares’s dividend payout ratio (DPR) is 4.83%.

Insider Transactions at First Citizens BancShares

In related news, CEO Frank B. Holding, Jr. purchased 5,940 shares of the business’s stock in a transaction on Tuesday, May 12th. The shares were bought at an average cost of $1,726.82 per share, with a total value of $10,257,310.80. Following the transaction, the chief executive officer owned 38,111 shares of the company’s stock, valued at approximately $65,810,837.02. This trade represents a 18.46% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last ninety days, insiders acquired 6,198 shares of company stock valued at $10,661,547. Company insiders own 14.63% of the company’s stock.

About First Citizens BancShares

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.