Insider Buying: First Citizens BancShares (NASDAQ:FCNCA) Director Purchases 50 Shares

First Citizens BancShares, Inc. (NASDAQ:FCNCA) Director Diane Morais purchased 50 shares of First Citizens BancShares stock in a transaction on Wednesday, August 19th. The stock was bought at an average price of $2,168.11 per share, with a total value of $108,405.50. Following the completion of the acquisition, the director directly owned 100 shares of the company’s stock, valued at approximately $216,811. This trade represents a 100.00% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

First Citizens BancShares Stock Up 0.0%

Shares of NASDAQ FCNCA traded up $0.84 during trading on Thursday, hitting $2,171.56. 16,236 shares of the company traded hands, compared to its average volume of 86,549. The business’s fifty day moving average is $2,140.94 and its 200 day moving average is $2,029.16. First Citizens BancShares, Inc. has a fifty-two week low of $1,623.76 and a fifty-two week high of $2,296.30. The firm has a market capitalization of $24.52 billion, a price-to-earnings ratio of 11.61, a P/E/G ratio of 1.69 and a beta of 0.62. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.00 and a current ratio of 1.00.

First Citizens BancShares (NASDAQ:FCNCA) last issued its earnings results on Thursday, July 23rd. The bank reported $57.09 EPS for the quarter, beating the consensus estimate of $0.41 by $56.68. First Citizens BancShares had a return on equity of 12.07% and a net margin of 16.28%.The company had revenue of $2.43 billion during the quarter, compared to the consensus estimate of $2.16 billion. Equities research analysts predict that First Citizens BancShares, Inc. will post 190.06 earnings per share for the current fiscal year.

First Citizens BancShares Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Monday, August 31st will be issued a $2.10 dividend. The ex-dividend date is Monday, August 31st. This represents a $8.40 annualized dividend and a yield of 0.4%. First Citizens BancShares’s dividend payout ratio is presently 4.49%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Hiddenite Capital Partners LP bought a new position in shares of First Citizens BancShares during the fourth quarter valued at about $6,868,000. Check Capital Management Inc. CA grew its position in First Citizens BancShares by 21.0% in the 4th quarter. Check Capital Management Inc. CA now owns 42,788 shares of the bank’s stock worth $91,831,000 after purchasing an additional 7,424 shares in the last quarter. Barr E S & Co. increased its stake in First Citizens BancShares by 33.2% in the 4th quarter. Barr E S & Co. now owns 5,995 shares of the bank’s stock valued at $12,866,000 after buying an additional 1,495 shares during the last quarter. PNC Financial Services Group Inc. increased its stake in First Citizens BancShares by 181.4% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,438 shares of the bank’s stock valued at $3,087,000 after buying an additional 927 shares during the last quarter. Finally, United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund bought a new position in shares of First Citizens BancShares during the 4th quarter worth approximately $5,226,000. Hedge funds and other institutional investors own 78.01% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on FCNCA. Wall Street Zen raised First Citizens BancShares from a “sell” rating to a “hold” rating in a research report on Saturday, June 27th. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $2,300.00 price target on shares of First Citizens BancShares in a research report on Thursday, July 9th. Citigroup restated a “neutral” rating on shares of First Citizens BancShares in a research note on Friday, July 24th. Truist Financial upped their price objective on shares of First Citizens BancShares from $2,150.00 to $2,323.00 and gave the stock a “hold” rating in a report on Tuesday, July 28th. Finally, Jefferies Financial Group reiterated a “hold” rating and set a $2,300.00 price objective on shares of First Citizens BancShares in a report on Thursday, July 23rd. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $2,278.31.

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.