Sheets Smith Wealth Management Acquires 1,037 Shares of First Citizens BancShares, Inc. $FCNCA

Sheets Smith Wealth Management boosted its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 71.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,484 shares of the bank’s stock after buying an additional 1,037 shares during the period. Sheets Smith Wealth Management’s holdings in First Citizens BancShares were worth $4,444,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Steph & Co. bought a new position in shares of First Citizens BancShares in the 3rd quarter worth $32,000. SVB Wealth LLC purchased a new position in First Citizens BancShares in the first quarter valued at about $35,000. MAI Capital Management raised its holdings in First Citizens BancShares by 500.0% in the second quarter. MAI Capital Management now owns 18 shares of the bank’s stock worth $35,000 after purchasing an additional 15 shares in the last quarter. Creekmur Asset Management LLC bought a new position in First Citizens BancShares in the second quarter worth about $39,000. Finally, Allworth Financial LP lifted its position in shares of First Citizens BancShares by 35.3% during the second quarter. Allworth Financial LP now owns 23 shares of the bank’s stock valued at $45,000 after buying an additional 6 shares during the last quarter. 78.01% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at First Citizens BancShares

In other news, Director Ellen R. Alemany acquired 300 shares of First Citizens BancShares stock in a transaction dated Thursday, November 13th. The stock was purchased at an average cost of $1,000.00 per share, for a total transaction of $300,000.00. Following the completion of the purchase, the director directly owned 300 shares in the company, valued at $300,000. This trade represents a ? increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Frank B. Holding, Jr. bought 135 shares of the firm’s stock in a transaction that occurred on Wednesday, November 26th. The shares were purchased 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 directly owned 2,527 shares of the company’s stock, valued at approximately $4,118,176.09. This trade represents a 5.64% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders own 13.40% of the company’s stock.

First Citizens BancShares Stock Up 1.6%

NASDAQ:FCNCA opened at $2,203.68 on Friday. 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 twelve month low of $1,473.62 and a twelve month high of $2,412.93. The company has a market cap of $27.41 billion, a PE ratio of 13.03 and a beta of 0.71. The company’s 50 day moving average is $1,903.19 and its two-hundred day moving average is $1,919.07.

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

First Citizens BancShares Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 15th. Investors 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. The ex-dividend date was Friday, November 28th. This represents a $8.40 dividend on an annualized basis and a yield of 0.4%. First Citizens BancShares’s dividend payout ratio (DPR) is 4.97%.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Keefe, Bruyette & Woods cut their price objective on shares of First Citizens BancShares from $2,100.00 to $2,050.00 and set an “outperform” rating on the stock in a research report on Friday, October 24th. Wall Street Zen downgraded shares of First Citizens BancShares from a “hold” rating to a “sell” rating in a research note on Sunday, September 28th. Citigroup reaffirmed an “overweight” rating on shares of First Citizens BancShares in a report on Tuesday, December 16th. Truist Financial increased their price objective on First Citizens BancShares from $2,000.00 to $2,050.00 and gave the company a “hold” rating in a report on Tuesday, October 28th. Finally, Barclays lowered their price objective on First Citizens BancShares from $2,400.00 to $2,190.00 and set an “equal weight” rating for the company in a research report on Friday, October 24th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $2,149.09.

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.