Ground Swell Capital LLC Makes New $300,000 Investment in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Ground Swell Capital LLC bought a new position in First Citizens BancShares, Inc. (NASDAQ:FCNCA) during the fourth quarter, Holdings Channel.com reports. The institutional investor bought 142 shares of the bank’s stock, valued at approximately $300,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Norges Bank bought a new position in First Citizens BancShares in the fourth quarter valued at $298,426,000. JPMorgan Chase & Co. increased its position in shares of First Citizens BancShares by 35.7% during the 4th quarter. JPMorgan Chase & Co. now owns 392,097 shares of the bank’s stock valued at $828,510,000 after purchasing an additional 103,137 shares during the last quarter. Capital International Investors raised its holdings in shares of First Citizens BancShares by 78.2% during the 4th quarter. Capital International Investors now owns 172,723 shares of the bank’s stock valued at $364,967,000 after buying an additional 75,785 shares in the last quarter. Proficio Capital Partners LLC bought a new stake in First Citizens BancShares in the 4th quarter worth approximately $147,341,000. Finally, AMF Tjanstepension AB purchased a new stake in First Citizens BancShares in the fourth quarter worth approximately $99,818,000. Hedge funds and other institutional investors own 78.01% of the company’s stock.

Insider Buying and Selling

In other news, CEO Frank B. Holding, Jr. acquired 350 shares of the firm’s stock in a transaction on Friday, May 2nd. The stock was acquired at an average price of $1,610.00 per share, for a total transaction of $563,500.00. Following the completion of the acquisition, the chief executive officer now owns 2,758 shares in the company, valued at $4,440,380. This trade represents a 14.53 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Craig L. Nix acquired 17 shares of the stock in a transaction on Friday, March 7th. The shares were purchased at an average cost of $1,881.13 per share, with a total value of $31,979.21. Following the transaction, the chief financial officer now directly owns 1,141 shares of the company’s stock, valued at approximately $2,146,369.33. This trade represents a 1.51 % increase in their position. The disclosure for this purchase can be found here. 13.40% of the stock is owned by insiders.

Analyst Ratings Changes

Several research analysts have commented on the stock. StockNews.com downgraded shares of First Citizens BancShares from a “hold” rating to a “sell” rating in a research note on Monday, April 28th. The Goldman Sachs Group lowered their price target on shares of First Citizens BancShares from $2,535.00 to $2,200.00 and set a “buy” rating for the company in a research note on Tuesday, March 18th. Barclays reduced their price objective on First Citizens BancShares from $2,568.00 to $2,400.00 and set an “equal weight” rating on the stock in a research note on Friday, April 25th. Truist Financial boosted their target price 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. Finally, Keefe, Bruyette & Woods raised their price target on First Citizens BancShares from $2,500.00 to $2,600.00 and gave the stock an “outperform” rating in a research report on Monday, January 27th. One research analyst has rated the stock with a sell rating, four have given a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, First Citizens BancShares has an average rating of “Moderate Buy” and an average target price of $2,330.82.

First Citizens BancShares Price Performance

Shares of FCNCA stock opened at $1,841.60 on Friday. The company has a debt-to-equity ratio of 1.68, a quick ratio of 1.08 and a current ratio of 1.08. 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 firm has a market cap of $25.00 billion, a P/E ratio of 9.72, a P/E/G ratio of 0.94 and a beta of 0.64. The business’s 50 day moving average price is $1,770.60 and its 200-day moving average price is $2,008.17.

First Citizens BancShares (NASDAQ:FCNCA) last released its quarterly earnings results on Thursday, April 24th. The bank reported $37.79 earnings per share for the quarter, beating the consensus estimate of $37.72 by $0.07. The business had revenue of $2.30 billion for the quarter, compared to analysts’ expectations of $2.22 billion. First Citizens BancShares had a net margin of 18.55% and a return on equity of 13.22%. On average, equities research analysts anticipate that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current year.

First Citizens BancShares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Friday, May 30th will be given a dividend of $1.95 per share. This represents a $7.80 annualized dividend and a dividend yield of 0.42%. The ex-dividend date is Friday, May 30th. First Citizens BancShares’s dividend payout ratio is currently 4.47%.

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.