First Citizens BancShares, Inc. (NASDAQ:FCNCA) Shares Sold by Summit X LLC

Summit X LLC reduced its holdings in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 1.4% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,152 shares of the bank’s stock after selling 16 shares during the quarter. Summit X LLC’s holdings in First Citizens BancShares were worth $2,434,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also made changes to their positions in FCNCA. FMR LLC lifted its holdings in shares of First Citizens BancShares by 11.6% in the 3rd quarter. FMR LLC now owns 323,532 shares of the bank’s stock valued at $595,607,000 after purchasing an additional 33,713 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of First Citizens BancShares by 6.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 288,960 shares of the bank’s stock valued at $531,961,000 after purchasing an additional 18,501 shares during the last quarter. Proficio Capital Partners LLC purchased a new stake in First Citizens BancShares during the 4th quarter valued at approximately $147,341,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in First Citizens BancShares by 15.0% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 58,529 shares of the bank’s stock valued at $107,749,000 after acquiring an additional 7,613 shares during the last quarter. Finally, Reinhart Partners LLC. raised its stake in First Citizens BancShares by 2.1% during the 4th quarter. Reinhart Partners LLC. now owns 57,981 shares of the bank’s stock valued at $122,516,000 after acquiring an additional 1,183 shares during the last quarter. 78.01% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CFO Craig L. Nix bought 17 shares of the stock in a transaction on Friday, March 7th. The shares were purchased at an average price of $1,881.13 per share, for a total transaction of $31,979.21. Following the acquisition, the chief financial officer now owns 1,141 shares in the company, valued at $2,146,369.33. This represents a 1.51 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 13.40% of the company’s stock.

First Citizens BancShares Stock Performance

FCNCA opened at $1,728.36 on Wednesday. The stock has a market cap of $23.47 billion, a P/E ratio of 9.12, a P/E/G ratio of 0.94 and a beta of 0.81. The company has a debt-to-equity ratio of 1.68, a current ratio of 1.08 and a quick ratio of 1.08. The stock’s 50 day simple moving average is $2,107.06 and its 200 day simple moving average is $2,067.45. First Citizens BancShares, Inc. has a 1-year low of $1,505.73 and a 1-year high of $2,412.93.

First Citizens BancShares (NASDAQ:FCNCA) last released its quarterly earnings results on Friday, January 24th. The bank reported $45.10 earnings per share for the quarter, topping analysts’ consensus estimates of $39.32 by $5.78. First Citizens BancShares had a return on equity of 13.22% and a net margin of 18.55%. As a group, equities analysts anticipate that First Citizens BancShares, Inc. will post 167.59 EPS for the current fiscal year.

First Citizens BancShares Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Friday, February 28th will be issued a $1.95 dividend. This represents a $7.80 dividend on an annualized basis and a dividend yield of 0.45%. The ex-dividend date of this dividend is Friday, February 28th. First Citizens BancShares’s dividend payout ratio is currently 4.12%.

Analyst Ratings Changes

Several analysts have commented on FCNCA shares. JPMorgan Chase & Co. upped their price objective on First Citizens BancShares from $2,550.00 to $2,600.00 and gave the company an “overweight” rating in a research note on Tuesday, January 7th. Piper Sandler raised First Citizens BancShares from a “neutral” rating to an “overweight” rating and set a $2,250.00 price objective for the company in a research note on Tuesday. Truist Financial upped their price objective on First Citizens BancShares from $2,303.00 to $2,384.00 and gave the company a “hold” rating in a research note on Wednesday, January 29th. Citigroup downgraded First Citizens BancShares from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 17th. Finally, Barclays upped their price objective on First Citizens BancShares from $2,456.00 to $2,568.00 and gave the company an “equal weight” rating in a research note on Monday, January 27th. Six investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $2,323.50.

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.