First Citizens BancShares, Inc. $FCNCA Shares Sold by TD Asset Management Inc

TD Asset Management Inc cut its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 8.8% in the second quarter, HoldingsChannel reports. The institutional investor owned 1,695 shares of the bank’s stock after selling 164 shares during the period. TD Asset Management Inc’s holdings in First Citizens BancShares were worth $3,316,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. SVB Wealth LLC acquired a new position in First Citizens BancShares during the 1st quarter worth $35,000. Wayfinding Financial LLC acquired a new position in First Citizens BancShares during the 1st quarter worth $64,000. Brooklyn Investment Group lifted 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 worth $67,000 after buying an additional 9 shares during the last quarter. Toth Financial Advisory Corp lifted its holdings in First Citizens BancShares by 32.5% during the 2nd quarter. Toth Financial Advisory Corp now owns 53 shares of the bank’s stock worth $104,000 after buying an additional 13 shares during the last quarter. Finally, State of Wyoming lifted its holdings in First Citizens BancShares by 15.8% during the 1st quarter. State of Wyoming now owns 66 shares of the bank’s stock worth $122,000 after buying an additional 9 shares during the last quarter. 78.01% of the stock is owned by institutional investors and hedge funds.

First Citizens BancShares Stock Up 3.0%

First Citizens BancShares stock opened at $1,746.03 on Tuesday. First Citizens BancShares, Inc. has a fifty-two week low of $1,473.62 and a fifty-two week high of $2,412.93. The company has a debt-to-equity ratio of 1.76, a quick ratio of 1.04 and a current ratio of 1.04. The company has a market capitalization of $22.56 billion, a P/E ratio of 10.30 and a beta of 0.60. The stock has a 50-day simple moving average of $1,871.32 and a 200-day simple moving average of $1,880.43.

First Citizens BancShares (NASDAQ:FCNCA) last posted its earnings results on Friday, July 25th. The bank reported $44.78 earnings per share for the quarter, beating the consensus estimate 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 business had revenue of $2.38 billion during the quarter, compared to the consensus estimate of $2.21 billion. Equities research analysts expect that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Truist Financial decreased their price target on First Citizens BancShares from $2,240.00 to $2,000.00 and set a “hold” rating for the company in a report on Friday, October 3rd. UBS Group reaffirmed a “buy” rating and set a $2,410.00 price target on shares of First Citizens BancShares in a report on Wednesday, July 9th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of First Citizens BancShares in a report on Wednesday, October 8th. JPMorgan Chase & Co. lifted their price target on 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. Finally, The Goldman Sachs Group decreased their price target on First Citizens BancShares from $2,250.00 to $1,950.00 and set a “buy” rating for the company in a report on Monday, October 6th. Nine equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $2,227.69.

Insider Buying and Selling at First Citizens BancShares

In related news, major shareholder Olivia Britton Holding acquired 409 shares of First Citizens BancShares stock in a transaction on Thursday, August 7th. The stock was purchased at an average cost of $1,630.00 per share, with a total value of $666,670.00. Following the purchase, the insider directly owned 1,764 shares in the company, valued at approximately $2,875,320. The trade was a 30.18% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Hope Holding Bryant acquired 409 shares of First Citizens BancShares stock in a transaction on 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 purchase, the insider owned 1,764 shares in the company, valued at $2,875,320. The trade was a 30.18% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased a total of 1,494 shares of company stock valued at $2,485,986 in the last ninety days. Insiders own 13.19% of the company’s stock.

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.