Brown Advisory Inc. Sells 6,059 Shares of First Citizens BancShares, Inc. $FCNCA

Brown Advisory Inc. lowered its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 6.1% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 93,619 shares of the bank’s stock after selling 6,059 shares during the quarter. Brown Advisory Inc.’s holdings in First Citizens BancShares were worth $200,925,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Allworth Financial LP lifted its position in First Citizens BancShares by 21.7% in the third quarter. Allworth Financial LP now owns 28 shares of the bank’s stock valued at $51,000 after purchasing an additional 5 shares during the last quarter. MBL Wealth LLC lifted its position in First Citizens BancShares by 0.8% in the fourth quarter. MBL Wealth LLC now owns 622 shares of the bank’s stock valued at $1,335,000 after purchasing an additional 5 shares during the last quarter. Alteri Wealth LLC lifted its position in First Citizens BancShares by 4.1% in the third quarter. Alteri Wealth LLC now owns 154 shares of the bank’s stock valued at $276,000 after purchasing an additional 6 shares during the last quarter. Fifth Third Bancorp lifted its position in First Citizens BancShares by 40.0% in the third quarter. Fifth Third Bancorp now owns 21 shares of the bank’s stock valued at $38,000 after purchasing an additional 6 shares during the last quarter. Finally, Corient Private Wealth LLC lifted its position in First Citizens BancShares by 0.6% in the second quarter. Corient Private Wealth LLC now owns 1,049 shares of the bank’s stock valued at $2,051,000 after purchasing an additional 6 shares during the last quarter. Institutional investors own 78.01% of the company’s stock.

Analyst Upgrades and Downgrades

FCNCA has been the subject of several recent research reports. Deutsche Bank Aktiengesellschaft downgraded First Citizens BancShares from a “buy” rating to a “hold” rating and set a $2,154.00 price objective for the company. in a research report on Wednesday, April 8th. Piper Sandler set a $2,050.00 target price on First Citizens BancShares in a research note on Friday, April 24th. Zacks Research raised First Citizens BancShares from a “strong sell” rating to a “hold” rating in a research note on Monday, March 30th. Citigroup reissued a “neutral” rating on shares of First Citizens BancShares in a research note on Friday, April 24th. Finally, JPMorgan Chase & Co. reduced their target price on First Citizens BancShares from $2,200.00 to $2,150.00 and set a “neutral” rating on the stock in a research note on Friday, April 24th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and nine have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $2,215.91.

Insiders Place Their Bets

In other news, CEO Frank B. Holding, Jr. purchased 528 shares of First Citizens BancShares stock in a transaction that occurred on Friday, June 5th. The shares were bought at an average cost of $1,813.37 per share, with a total value of $957,459.36. Following the completion of the purchase, the chief executive officer directly owned 64,100 shares in the company, valued at approximately $116,237,017. This trade represents a 0.83% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders acquired 7,288 shares of company stock valued at $12,725,768 over the last 90 days. 14.63% of the stock is owned by corporate insiders.

First Citizens BancShares Price Performance

FCNCA opened at $2,108.61 on Friday. The company has a debt-to-equity ratio of 1.67, a quick ratio of 1.00 and a current ratio of 1.00. First Citizens BancShares, Inc. has a 52-week low of $1,623.76 and a 52-week high of $2,232.21. The stock has a market capitalization of $24.43 billion, a PE ratio of 12.13, a price-to-earnings-growth ratio of 1.61 and a beta of 0.62. The stock’s 50 day moving average price is $1,988.48 and its 200-day moving average price is $2,008.21.

First Citizens BancShares (NASDAQ:FCNCA) last posted its 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. First Citizens BancShares had a return on equity of 11.48% and a net margin of 15.62%.The firm had revenue of $2.14 billion for the quarter, compared to analysts’ expectations of $2.20 billion. During the same period in the previous year, the firm earned $37.79 earnings per share. On average, equities research analysts predict that First Citizens BancShares, Inc. will post 177.84 EPS for the current year.

First Citizens BancShares Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Friday, May 29th will be paid a $2.10 dividend. This represents a $8.40 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend is Friday, May 29th. First Citizens BancShares’s dividend payout ratio is presently 4.83%.

About First Citizens BancShares

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.