HB Wealth Management LLC Has $1.43 Million Stock Holdings in First Citizens BancShares, Inc. $FCNCA

HB Wealth Management LLC cut its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 18.8% during the second quarter, Holdings Channel reports. The firm owned 733 shares of the bank’s stock after selling 170 shares during the quarter. HB Wealth Management LLC’s holdings in First Citizens BancShares were worth $1,434,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of FCNCA. Triangle Securities Wealth Management raised its position in shares of First Citizens BancShares by 19.0% during the first quarter. Triangle Securities Wealth Management now owns 282 shares of the bank’s stock worth $523,000 after purchasing an additional 45 shares during the period. Vest Financial LLC acquired a new stake in shares of First Citizens BancShares during the first quarter worth $1,557,000. Affinity Wealth Management LLC raised its position in shares of First Citizens BancShares by 6.3% during the first quarter. Affinity Wealth Management LLC now owns 508 shares of the bank’s stock worth $942,000 after purchasing an additional 30 shares during the period. Reinhart Partners LLC. raised its position in shares of First Citizens BancShares by 14.6% during the first quarter. Reinhart Partners LLC. now owns 66,459 shares of the bank’s stock worth $123,223,000 after purchasing an additional 8,478 shares during the period. Finally, Princeton Global Asset Management LLC raised its position in shares of First Citizens BancShares by 5.2% during the first quarter. Princeton Global Asset Management LLC now owns 650 shares of the bank’s stock worth $1,205,000 after purchasing an additional 32 shares during the period. 78.01% of the stock is owned by institutional investors and hedge funds.

First Citizens BancShares Stock Performance

Shares of NASDAQ FCNCA opened at $1,742.68 on Friday. The business’s 50-day moving average price is $1,917.77 and its two-hundred day moving average price is $1,886.55. 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, Inc. has a one year low of $1,473.62 and a one year high of $2,412.93. The company has a market capitalization of $22.52 billion, a P/E ratio of 10.28 and a beta of 0.60.

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

First Citizens BancShares Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Friday, August 29th were paid a $1.95 dividend. The ex-dividend date was Friday, August 29th. This represents a $7.80 dividend on an annualized basis and a yield of 0.4%. First Citizens BancShares’s payout ratio is 4.60%.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on FCNCA. Wall Street Zen downgraded First Citizens BancShares from a “hold” rating to a “sell” rating in a report on Sunday, September 28th. Piper Sandler set a $2,150.00 price target on First Citizens BancShares and gave the company a “neutral” rating in a report on Monday, July 28th. Cowen reiterated a “buy” rating on shares of First Citizens BancShares in a report on Monday, July 28th. JPMorgan Chase & Co. lifted their price target on First Citizens BancShares from $2,100.00 to $2,250.00 and gave the company an “overweight” rating in a report on Tuesday, July 1st. Finally, UBS Group reiterated a “buy” rating and set a $2,410.00 price target on shares of First Citizens BancShares in a report on Wednesday, July 9th. Seven research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $2,291.17.

Insider Transactions at First Citizens BancShares

In related news, major shareholder Olivia Britton Holding acquired 409 shares of the stock in a transaction dated Thursday, August 7th. The shares were acquired at an average price of $1,630.00 per share, with a total value of $666,670.00. Following the acquisition, the insider owned 1,764 shares in the company, valued at approximately $2,875,320. The trade was a 30.18% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Frank B. Holding, Jr. acquired 600 shares of the stock in a transaction dated Thursday, August 7th. The shares were bought at an average cost of $1,698.75 per share, for a total transaction of $1,019,250.00. Following the acquisition, the chief executive officer owned 32,300 shares in the company, valued at $54,869,625. The trade was a 1.89% increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 1,494 shares of company stock worth $2,485,986. 13.40% of the stock is owned by corporate insiders.

First Citizens BancShares Company 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.