Oak Thistle LLC Invests $1.70 Million in First Citizens BancShares, Inc. $FCNCA

Oak Thistle LLC acquired a new stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA) in the third quarter, HoldingsChannel.com reports. The institutional investor acquired 950 shares of the bank’s stock, valued at approximately $1,700,000.

Other hedge funds have also added to or reduced their stakes in the company. Norges Bank acquired a new position in First Citizens BancShares in the second quarter valued at about $177,604,000. Orion Porfolio Solutions LLC raised its position in shares of First Citizens BancShares by 2,057.4% during the second quarter. Orion Porfolio Solutions LLC now owns 47,506 shares of the bank’s stock worth $92,944,000 after purchasing an additional 45,304 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of First Citizens BancShares by 4.0% during the 2nd quarter. JPMorgan Chase & Co. now owns 417,088 shares of the bank’s stock valued at $816,022,000 after purchasing an additional 15,921 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of First Citizens BancShares by 13.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 121,583 shares of the bank’s stock valued at $225,429,000 after purchasing an additional 14,060 shares during the period. Finally, Worldquant Millennium Advisors LLC bought a new stake in First Citizens BancShares during the 2nd quarter worth approximately $18,743,000. Institutional investors and hedge funds own 78.01% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. JPMorgan Chase & Co. lifted their price target on shares of First Citizens BancShares from $2,300.00 to $2,500.00 and gave the company an “overweight” rating in a research note on Tuesday. Piper Sandler cut their price objective on shares of First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating on the stock in a research report on Friday, October 24th. Raymond James Financial raised shares of First Citizens BancShares from an “outperform” rating to a “strong-buy” rating and upped their target price for the stock from $2,100.00 to $2,200.00 in a research note on Thursday, November 20th. Citigroup reiterated an “overweight” rating on shares of First Citizens BancShares in a report on Tuesday. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of First Citizens BancShares in a report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $2,149.09.

First Citizens BancShares Stock Up 0.9%

Shares of FCNCA stock opened at $2,111.59 on Thursday. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.81. First Citizens BancShares, Inc. has a 1 year low of $1,473.62 and a 1 year high of $2,412.93. The firm’s fifty day moving average price is $1,851.20 and its two-hundred day moving average price is $1,905.61. The firm has a market capitalization of $26.27 billion, a P/E ratio of 12.49 and a beta of 0.71.

First Citizens BancShares (NASDAQ:FCNCA) last posted its quarterly earnings data on Thursday, October 23rd. The bank reported $44.62 EPS for the quarter, topping analysts’ consensus estimates of $41.51 by $3.11. The company had revenue of $2.25 billion during the quarter, compared to the consensus estimate of $2.21 billion. First Citizens BancShares had a net margin of 15.99% and a return on equity of 11.09%. On average, equities analysts predict that First Citizens BancShares, Inc. will post 167.59 EPS for the current fiscal year.

First Citizens BancShares Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Friday, November 28th were paid a $2.10 dividend. This is a positive change from First Citizens BancShares’s previous quarterly dividend of $1.95. This represents a $8.40 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date was Friday, November 28th. First Citizens BancShares’s dividend payout ratio is 4.97%.

Insider Activity at First Citizens BancShares

In related news, Director Ellen R. Alemany acquired 300 shares of the company’s stock in a transaction dated Thursday, November 13th. The shares were bought at an average price of $1,000.00 per share, for a total transaction of $300,000.00. Following the purchase, the director directly owned 300 shares in the company, valued at approximately $300,000. This trade represents a ? increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Frank B. Holding, Jr. acquired 135 shares of the business’s stock in a transaction dated Wednesday, November 26th. The stock was bought at an average cost of $1,629.67 per share, with a total value of $220,005.45. Following the acquisition, the chief executive officer owned 2,527 shares in the company, valued at $4,118,176.09. The trade was a 5.64% increase in their position. The disclosure for this purchase is available in the SEC filing. 13.40% of the stock is owned by insiders.

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.