First Citizens BancShares, Inc. $FCNCA is Cortland Associates Inc. MO’s 5th Largest Position

Cortland Associates Inc. MO decreased its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 0.2% in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 27,922 shares of the bank’s stock after selling 68 shares during the period. First Citizens BancShares makes up about 6.4% of Cortland Associates Inc. MO’s holdings, making the stock its 5th biggest holding. Cortland Associates Inc. MO’s holdings in First Citizens BancShares were worth $54,628,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. SVB Wealth LLC purchased a new stake in shares of First Citizens BancShares in the 1st quarter valued at $35,000. Community Bank N.A. purchased a new stake in shares of First Citizens BancShares in the 1st quarter valued at $44,000. Wayfinding Financial LLC purchased a new stake in shares of First Citizens BancShares in the 1st quarter valued at $64,000. Brooklyn Investment Group raised its holdings in First Citizens BancShares by 32.1% during the 1st quarter. Brooklyn Investment Group now owns 37 shares of the bank’s stock valued at $67,000 after buying an additional 9 shares during the last quarter. Finally, Toth Financial Advisory Corp raised its holdings in First Citizens BancShares by 263.6% during the 1st quarter. Toth Financial Advisory Corp now owns 40 shares of the bank’s stock valued at $74,000 after buying an additional 29 shares during the last quarter. Hedge funds and other institutional investors own 78.01% of the company’s stock.

Insider Activity at First Citizens BancShares

In other news, CEO Frank B. Holding, Jr. acquired 600 shares of the business’s stock in a transaction that occurred on Thursday, August 7th. The shares were bought 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 owned 32,300 shares of the company’s stock, valued at $54,869,625. This trade represents a 1.89% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Olivia Britton Holding acquired 409 shares of the business’s stock in a transaction that occurred on Thursday, August 7th. The shares were purchased at an average cost of $1,630.00 per share, for a total transaction of $666,670.00. Following the completion of the transaction, the insider directly owned 1,764 shares in the company, valued at $2,875,320. The trade was a 30.18% increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders have bought 1,494 shares of company stock valued at $2,485,986. 13.19% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research firms recently commented on FCNCA. 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. Truist Financial lowered their price target on shares of First Citizens BancShares from $2,240.00 to $2,000.00 and set a “hold” rating for the company in a report on Friday. Cowen reiterated a “buy” rating on shares of First Citizens BancShares in a report on Monday, July 28th. Wall Street Zen lowered shares of First Citizens BancShares from a “hold” rating to a “sell” rating in a report on Sunday, September 28th. Finally, The Goldman Sachs Group dropped their target price on shares of First Citizens BancShares from $2,250.00 to $1,950.00 and set a “buy” rating for the company in a research report on Monday. Nine research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, First Citizens BancShares presently has a consensus rating of “Moderate Buy” and a consensus price target of $2,227.69.

First Citizens BancShares Stock Up 0.5%

Shares of First Citizens BancShares stock opened at $1,768.43 on Wednesday. The company has a debt-to-equity ratio of 1.76, a current ratio of 1.04 and a quick ratio of 1.04. The company has a 50-day moving average of $1,900.03 and a 200 day moving average of $1,884.92. The firm has a market cap of $22.85 billion, a price-to-earnings ratio of 10.44 and a beta of 0.60. First Citizens BancShares, Inc. has a 1 year low of $1,473.62 and a 1 year high of $2,412.93.

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

First Citizens BancShares Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Friday, August 29th were paid a $1.95 dividend. This represents a $7.80 annualized dividend and a dividend yield of 0.4%. The ex-dividend date was Friday, August 29th. First Citizens BancShares’s dividend payout ratio (DPR) is presently 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.