Driehaus Capital Management LLC Acquires 63 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Driehaus Capital Management LLC raised its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 10.5% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 661 shares of the bank’s stock after acquiring an additional 63 shares during the quarter. Driehaus Capital Management LLC’s holdings in First Citizens BancShares were worth $1,397,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Cetera Investment Advisers raised its holdings in First Citizens BancShares by 20.1% in the 4th quarter. Cetera Investment Advisers now owns 1,453 shares of the bank’s stock worth $3,069,000 after acquiring an additional 243 shares during the period. Capstone Investment Advisors LLC bought a new position in shares of First Citizens BancShares in the fourth quarter worth about $205,000. Cary Street Partners Financial LLC acquired a new position in shares of First Citizens BancShares during the 4th quarter worth about $323,000. Castlekeep Investment Advisors LLC bought a new stake in First Citizens BancShares during the 4th quarter valued at approximately $66,972,000. Finally, Chapman Financial Group LLC acquired a new stake in First Citizens BancShares in the 4th quarter valued at approximately $317,000. 78.01% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on FCNCA shares. Barclays reduced their price objective on First Citizens BancShares from $2,568.00 to $2,400.00 and set an “equal weight” rating for the company in a research report on Friday, April 25th. Piper Sandler upgraded shares of First Citizens BancShares from a “neutral” rating to an “overweight” rating and set a $2,250.00 price target on the stock in a research report on Tuesday, March 11th. Keefe, Bruyette & Woods upped their price objective on shares of First Citizens BancShares from $2,500.00 to $2,600.00 and gave the company an “outperform” rating in a research report on Monday, January 27th. The Goldman Sachs Group decreased their target price on First Citizens BancShares from $2,535.00 to $2,200.00 and set a “buy” rating on the stock in a research report on Tuesday, March 18th. Finally, Truist Financial upped their price target on First Citizens BancShares from $2,303.00 to $2,384.00 and gave the company a “hold” rating in a report on Wednesday, January 29th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $2,330.82.

First Citizens BancShares Stock Performance

First Citizens BancShares stock opened at $1,841.60 on Friday. The stock has a fifty day moving average price of $1,770.60 and a two-hundred day moving average price of $2,008.17. The company has a debt-to-equity ratio of 1.68, a current ratio of 1.08 and a quick ratio of 1.08. First Citizens BancShares, Inc. has a 52-week low of $1,473.62 and a 52-week high of $2,412.93. The firm has a market capitalization 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.

First Citizens BancShares (NASDAQ:FCNCA) last issued its quarterly earnings data on Thursday, April 24th. The bank reported $37.79 earnings per share for the quarter, topping the consensus estimate of $37.72 by $0.07. First Citizens BancShares had a net margin of 18.55% and a return on equity of 13.22%. The firm had revenue of $2.30 billion for the quarter, compared to analysts’ expectations of $2.22 billion. As a group, analysts anticipate that First Citizens BancShares, Inc. will post 167.59 EPS for the current fiscal year.

First Citizens BancShares Dividend Announcement

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

Insiders Place Their Bets

In related news, CEO Frank B. Holding, Jr. bought 350 shares of First Citizens BancShares stock in a transaction on Friday, May 2nd. The shares were purchased 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 approximately $4,440,380. This 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 is available at this hyperlink. Also, CFO Craig L. Nix bought 17 shares of the firm’s stock in a transaction dated Friday, March 7th. The shares were bought at an average price of $1,881.13 per share, with a total value of $31,979.21. Following the completion of the transaction, the chief financial officer now directly owns 1,141 shares in the company, 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. Insiders own 13.40% of the company’s stock.

First Citizens BancShares 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.