Advisors Asset Management Inc. Purchases Shares of 199 First Citizens BancShares, Inc. $FCNCA

Advisors Asset Management Inc. purchased a new stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 199 shares of the bank’s stock, valued at approximately $369,000.

Other hedge funds have also bought and sold shares of the company. Teacher Retirement System of Texas acquired a new stake in First Citizens BancShares in the 1st quarter valued at $2,642,000. Bank of New York Mellon Corp increased its position in shares of First Citizens BancShares by 1.9% during the first quarter. Bank of New York Mellon Corp now owns 40,553 shares of the bank’s stock worth $75,190,000 after acquiring an additional 772 shares in the last quarter. Cambridge Investment Research Advisors Inc. raised its holdings in shares of First Citizens BancShares by 16.6% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 190 shares of the bank’s stock worth $352,000 after acquiring an additional 27 shares during the last quarter. Kingswood Wealth Advisors LLC acquired a new stake in shares of First Citizens BancShares in the 1st quarter worth about $439,000. Finally, DAVENPORT & Co LLC acquired a new stake in shares of First Citizens BancShares in the 1st quarter worth about $221,000. Institutional investors and hedge funds own 78.01% of the company’s stock.

Insider Activity

In related news, CEO Frank B. Holding, Jr. bought 600 shares of First Citizens BancShares stock in a transaction dated Thursday, August 7th. The stock was purchased at an average cost of $1,698.75 per share, with a total value of $1,019,250.00. Following the transaction, the chief executive officer directly owned 32,300 shares of the company’s stock, valued at approximately $54,869,625. The trade was a 1.89% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Olivia Britton Holding bought 409 shares of First Citizens BancShares stock in a transaction dated Thursday, August 7th. The shares were bought at an average cost of $1,630.00 per share, with a total value of $666,670.00. Following the completion of the transaction, the insider directly owned 1,764 shares in the company, valued at approximately $2,875,320. This trade represents a 30.18% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased 1,494 shares of company stock valued at $2,485,986 in the last three months. Company insiders own 13.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on FCNCA. Citigroup upped their target price on shares of First Citizens BancShares from $1,900.00 to $2,050.00 and gave the stock a “neutral” rating in a report on Wednesday, July 2nd. Cowen restated a “buy” rating on shares of First Citizens BancShares in a report on Monday, July 28th. UBS Group restated a “buy” rating and issued a $2,410.00 target price on shares of First Citizens BancShares in a report on Wednesday, July 9th. TD Cowen began coverage on shares of First Citizens BancShares in a report on Thursday, May 15th. They issued a “buy” rating and a $2,400.00 target price on the stock. Finally, JPMorgan Chase & Co. upped their target price on shares of First Citizens BancShares from $2,100.00 to $2,250.00 and gave the stock an “overweight” rating in a report on Tuesday, July 1st. Seven equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $2,291.17.

First Citizens BancShares Trading Up 0.9%

NASDAQ FCNCA opened at $1,964.43 on Friday. First Citizens BancShares, Inc. has a one year low of $1,473.62 and a one year high of $2,412.93. The business’s fifty day moving average is $1,996.27 and its 200-day moving average is $1,889.75. The stock has a market capitalization of $25.38 billion, a price-to-earnings ratio of 11.59 and a beta of 0.71. The company has a debt-to-equity ratio of 1.76, a current ratio of 1.04 and a quick ratio of 1.04.

First Citizens BancShares (NASDAQ:FCNCA) last released its earnings results on Friday, July 25th. The bank reported $44.78 earnings per share for the quarter, beating analysts’ consensus estimates of $39.08 by $5.70. First Citizens BancShares had a net margin of 16.37% and a return on equity of 11.32%. The firm had revenue of $2.38 billion during the quarter, compared to the consensus estimate of $2.21 billion. Equities research analysts predict that First Citizens BancShares, Inc. will post 167.59 EPS for the current year.

First Citizens BancShares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 29th will be given a dividend of $1.95 per share. This represents a $7.80 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date of this dividend is Friday, August 29th. First Citizens BancShares’s dividend payout ratio is currently 4.60%.

First Citizens BancShares 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.