First Citizens BancShares, Inc. $FCNCA Shares Sold by Ritholtz Wealth Management

Ritholtz Wealth Management cut its position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 13.6% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 236 shares of the bank’s stock after selling 37 shares during the quarter. Ritholtz Wealth Management’s holdings in First Citizens BancShares were worth $462,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Teacher Retirement System of Texas acquired a new stake in First Citizens BancShares during the first quarter worth about $2,642,000. Bank of New York Mellon Corp increased its stake in First Citizens BancShares by 1.9% during the first quarter. Bank of New York Mellon Corp now owns 40,553 shares of the bank’s stock worth $75,190,000 after acquiring an additional 772 shares during the last quarter. Cambridge Investment Research Advisors Inc. increased its stake in First Citizens BancShares by 16.6% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 190 shares of the bank’s stock worth $352,000 after acquiring an additional 27 shares during the last quarter. Kingswood Wealth Advisors LLC acquired a new stake in First Citizens BancShares during the first quarter worth about $439,000. Finally, DAVENPORT & Co LLC acquired a new stake in First Citizens BancShares during the first quarter worth about $221,000. 78.01% of the stock is currently owned by institutional investors and hedge funds.

First Citizens BancShares Trading Up 3.4%

Shares of FCNCA opened at $1,695.00 on Monday. The company has a market capitalization of $21.90 billion, a P/E ratio of 10.00 and a beta of 0.60. First Citizens BancShares, Inc. has a one year low of $1,473.62 and a one year high of $2,412.93. The company has a debt-to-equity ratio of 1.76, a quick ratio of 1.04 and a current ratio of 1.04. The stock has a 50-day moving average price of $1,873.38 and a 200 day moving average price of $1,879.21.

First Citizens BancShares (NASDAQ:FCNCA) last issued its quarterly earnings results on Friday, July 25th. The bank reported $44.78 EPS for the quarter, beating analysts’ consensus estimates of $39.08 by $5.70. The firm had revenue of $2.38 billion during the quarter, compared to the consensus estimate of $2.21 billion. First Citizens BancShares had a return on equity of 11.32% and a net margin of 16.37%. Sell-side analysts forecast that First Citizens BancShares, Inc. will post 167.59 EPS for the current fiscal year.

First Citizens BancShares Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Friday, August 29th were issued a $1.95 dividend. The ex-dividend date of this dividend was Friday, August 29th. This represents a $7.80 dividend on an annualized basis and a yield of 0.5%. First Citizens BancShares’s dividend payout ratio is currently 4.60%.

Insider Activity at First Citizens BancShares

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. purchased 600 shares of First Citizens BancShares stock in a transaction that occurred on Thursday, August 7th. The stock was purchased at an average price of $1,698.75 per share, with a total value of $1,019,250.00. Following the completion of the acquisition, the chief executive officer owned 32,300 shares of the company’s stock, valued at approximately $54,869,625. This trade represents a 1.89% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Hope Holding Bryant purchased 409 shares of First Citizens BancShares stock in a transaction that occurred on Thursday, August 7th. The stock was acquired at an average cost of $1,630.00 per share, with a total value of $666,670.00. Following the acquisition, the insider directly owned 1,764 shares of the company’s stock, valued at $2,875,320. The trade was a 30.18% increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 1,494 shares of company stock valued at $2,485,986. Insiders own 13.19% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on FCNCA. Piper Sandler set a $2,150.00 target price on First Citizens BancShares and gave the company a “neutral” rating in a research note on Monday, July 28th. Cowen reiterated a “buy” rating on shares of First Citizens BancShares in a research note on Monday, July 28th. Weiss Ratings reiterated a “buy (b-)” rating on shares of First Citizens BancShares in a research note on Wednesday, October 8th. Raymond James Financial set a $2,100.00 target price on First Citizens BancShares in a research note on Tuesday, October 7th. Finally, The Goldman Sachs Group lowered their target price on First Citizens BancShares from $2,250.00 to $1,950.00 and set a “buy” rating for the company in a research note on Monday, October 6th. Nine analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $2,227.69.

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.