First Citizens Bank & Trust Co. cut its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA – Free Report) by 2.3% in the first quarter, HoldingsChannel.com reports. The fund owned 76,638 shares of the bank’s stock after selling 1,824 shares during the period. First Citizens BancShares makes up 2.5% of First Citizens Bank & Trust Co.’s investment portfolio, making the stock its 8th largest position. First Citizens Bank & Trust Co.’s holdings in First Citizens BancShares were worth $144,437,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also bought and sold shares of the company. Hilton Head Capital Partners LLC acquired a new position in First Citizens BancShares during the fourth quarter valued at approximately $26,000. Harbor Investment Advisory LLC raised its holdings in First Citizens BancShares by 150.0% in the fourth quarter. Harbor Investment Advisory LLC now owns 15 shares of the bank’s stock worth $32,000 after purchasing an additional 9 shares during the period. Reflection Asset Management bought a new position in shares of First Citizens BancShares during the fourth quarter worth $45,000. Global Assets Advisory LLC bought a new position in shares of First Citizens BancShares during the first quarter worth $45,000. Finally, Allworth Financial LP boosted its position in shares of First Citizens BancShares by 21.7% during the third quarter. Allworth Financial LP now owns 28 shares of the bank’s stock worth $51,000 after purchasing an additional 5 shares in the last quarter. Institutional investors own 78.01% of the company’s stock.
Insider Activity
In other news, CEO Frank B. Holding, Jr. acquired 5,940 shares of the firm’s stock in a transaction that occurred on Tuesday, May 12th. The stock was acquired at an average cost of $1,726.82 per share, for a total transaction of $10,257,310.80. Following the completion of the acquisition, the chief executive officer owned 38,111 shares in the company, valued at $65,810,837.02. This represents a 18.46% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders bought 7,190 shares of company stock worth $12,573,868 in the last ninety days. 14.63% of the stock is currently owned by company insiders.
First Citizens BancShares Price Performance
First Citizens BancShares (NASDAQ:FCNCA – Get Free Report) last released its quarterly earnings results on Thursday, April 23rd. The bank reported $44.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $43.31 by $1.55. The firm had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $2.20 billion. First Citizens BancShares had a return on equity of 11.48% and a net margin of 15.62%.During the same quarter last year, the business posted $37.79 EPS. Research analysts predict that First Citizens BancShares, Inc. will post 177.18 earnings per share for the current fiscal year.
Analyst Ratings Changes
A number of research firms recently commented on FCNCA. Wall Street Zen upgraded shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a research report on Saturday, June 27th. The Goldman Sachs Group lifted their target price on First Citizens BancShares from $2,100.00 to $2,340.00 and gave the stock a “neutral” rating in a report on Tuesday, July 7th. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $2,300.00 target price on shares of First Citizens BancShares in a research note on Thursday, July 9th. Fundamental Research set a $2,350.00 target price on First Citizens BancShares in a research note on Wednesday, July 1st. Finally, Zacks Research upgraded First Citizens BancShares from a “strong sell” rating to a “hold” rating in a report on Monday, March 30th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat.com, First Citizens BancShares currently has a consensus rating of “Hold” and an average target price of $2,247.08.
Check Out Our Latest Report on First Citizens BancShares
First Citizens BancShares Profile
First Citizens BancShares, Inc is the bank holding company for First Citizens Bank, a full‑service commercial bank headquartered in Raleigh, North Carolina. The company traces its roots to a community bank founded in 1898 and has grown into a diversified financial services organization that operates through its banking subsidiary to serve retail, commercial and institutional clients.
First Citizens offers a broad suite of banking products and services, including consumer and business deposit accounts, commercial and industrial lending, real estate and mortgage lending, treasury and cash management, and specialized lending solutions.
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