First Citizens BancShares, Inc. $FCNCA Shares Bought by Covey Capital Advisors LLC

Covey Capital Advisors LLC increased its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 212.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 985 shares of the bank’s stock after acquiring an additional 670 shares during the period. First Citizens BancShares makes up approximately 2.1% of Covey Capital Advisors LLC’s investment portfolio, making the stock its 15th biggest position. Covey Capital Advisors LLC’s holdings in First Citizens BancShares were worth $1,927,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in FCNCA. Simon Quick Advisors LLC boosted its stake in shares of First Citizens BancShares by 120.9% during the 2nd quarter. Simon Quick Advisors LLC now owns 285 shares of the bank’s stock valued at $558,000 after buying an additional 156 shares during the period. Strs Ohio grew its position in First Citizens BancShares by 66.0% in the 2nd quarter. Strs Ohio now owns 961 shares of the bank’s stock worth $1,880,000 after purchasing an additional 382 shares during the last quarter. Atria Investments Inc boosted its position in shares of First Citizens BancShares by 6.9% during the 2nd quarter. Atria Investments Inc now owns 325 shares of the bank’s stock valued at $635,000 after acquiring an additional 21 shares in the last quarter. Live Oak Private Wealth LLC raised its stake in First Citizens BancShares by 30.1% during the second quarter. Live Oak Private Wealth LLC now owns 2,086 shares of the bank’s stock worth $4,081,000 after acquiring an additional 483 shares in the last quarter. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its position in First Citizens BancShares by 2.6% in the second quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 3,915 shares of the bank’s stock valued at $7,660,000 after buying an additional 100 shares in the last quarter. 78.01% of the stock is currently owned by institutional investors.

First Citizens BancShares Stock Down 0.4%

Shares of FCNCA stock opened at $1,778.50 on Friday. The company has a market capitalization of $22.98 billion, a price-to-earnings ratio of 10.52 and a beta of 0.60. First Citizens BancShares, Inc. has a 12-month low of $1,473.62 and a 12-month high of $2,412.93. The firm has a fifty day moving average of $1,848.30 and a 200-day moving average of $1,885.68. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.76.

First Citizens BancShares (NASDAQ:FCNCA) last posted its quarterly earnings results on Thursday, October 23rd. The bank reported $44.62 earnings per share for the quarter, topping the consensus estimate of $41.51 by $3.11. First Citizens BancShares had a return on equity of 11.06% and a net margin of 15.99%.The firm had revenue of $2.25 billion for the quarter, compared to analyst estimates of $2.21 billion. As a group, equities research analysts predict that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current fiscal year.

First Citizens BancShares Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Friday, November 28th will be issued a $2.10 dividend. The ex-dividend date of this dividend is Friday, November 28th. This represents a $8.40 dividend on an annualized basis and a yield of 0.5%. This is an increase from First Citizens BancShares’s previous quarterly dividend of $1.95. First Citizens BancShares’s payout ratio is presently 4.97%.

Insider Activity at First Citizens BancShares

In other First Citizens BancShares news, major shareholder Olivia Britton Holding acquired 409 shares of the company’s stock in a transaction that occurred on Thursday, August 7th. The stock was acquired at an average cost of $1,630.00 per share, for a total transaction of $666,670.00. Following the transaction, the insider directly owned 1,764 shares in the company, valued at $2,875,320. This represents a 30.18% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Hope Holding Bryant acquired 409 shares of the stock in a transaction that occurred on Thursday, August 7th. The shares were bought at an average price of $1,630.00 per share, with a total value of $666,670.00. Following the completion of the transaction, the insider owned 1,764 shares in the company, valued at $2,875,320. This represents a 30.18% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders purchased 1,428 shares of company stock worth $2,371,476. Company insiders own 13.40% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have commented on FCNCA shares. Raymond James Financial set a $2,100.00 price target on shares of First Citizens BancShares in a research report on Tuesday, October 7th. The Goldman Sachs Group reduced their target price on shares of First Citizens BancShares from $2,250.00 to $1,950.00 and set a “buy” rating on the stock in a research report on Monday, October 6th. Keefe, Bruyette & Woods lowered their price objective on First Citizens BancShares from $2,100.00 to $2,050.00 and set an “outperform” rating for the company in a research report on Friday, October 24th. Wall Street Zen lowered First Citizens BancShares from a “hold” rating to a “sell” rating in a research report on Sunday, September 28th. Finally, Piper Sandler lowered their price objective on First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating for the company in a research report on Friday, October 24th. Seven research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $2,170.83.

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.