M&T Bank Corp Purchases 38,241 Shares of First Citizens BancShares, Inc. $FCNCA

M&T Bank Corp increased its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 13,512.7% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 38,524 shares of the bank’s stock after acquiring an additional 38,241 shares during the period. M&T Bank Corp’s holdings in First Citizens BancShares were worth $82,679,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently bought and sold shares of FCNCA. Goldman Sachs Group Inc. grew its holdings in First Citizens BancShares by 1.9% during the first quarter. Goldman Sachs Group Inc. now owns 37,389 shares of the bank’s stock valued at $69,324,000 after purchasing an additional 681 shares during the period. Empowered Funds LLC grew its holdings in First Citizens BancShares by 71.9% during the first quarter. Empowered Funds LLC now owns 392 shares of the bank’s stock valued at $727,000 after purchasing an additional 164 shares during the period. Focus Partners Wealth grew its holdings in First Citizens BancShares by 5.2% during the first quarter. Focus Partners Wealth now owns 241 shares of the bank’s stock valued at $447,000 after purchasing an additional 12 shares during the period. EverSource Wealth Advisors LLC grew its holdings in First Citizens BancShares by 31.3% during the second quarter. EverSource Wealth Advisors LLC now owns 88 shares of the bank’s stock valued at $172,000 after purchasing an additional 21 shares during the period. Finally, Flow Traders U.S. LLC bought a new stake in First Citizens BancShares during the second quarter valued at about $260,000. 78.01% of the stock is currently owned by hedge funds and other institutional investors.

First Citizens BancShares Price Performance

Shares of First Citizens BancShares stock opened at $2,053.90 on Wednesday. The stock’s 50-day simple moving average is $1,933.78 and its 200-day simple moving average is $1,956.51. First Citizens BancShares, Inc. has a 52 week low of $1,623.76 and a 52 week high of $2,232.21. The company has a market capitalization of $24.52 billion, a price-to-earnings ratio of 12.39, a PEG ratio of 1.53 and a beta of 0.65. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.72.

First Citizens BancShares (NASDAQ:FCNCA) last announced its quarterly earnings data on Friday, January 23rd. The bank reported $51.27 EPS for the quarter, beating the consensus estimate of $44.24 by $7.03. First Citizens BancShares had a return on equity of 11.18% and a net margin of 15.21%.The business had revenue of $2.44 billion for the quarter, compared to the consensus estimate of $2.24 billion. As a group, analysts expect that First Citizens BancShares, Inc. will post 178.89 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Truist Financial boosted their price target on First Citizens BancShares from $2,050.00 to $2,150.00 and gave the company a “hold” rating in a report on Monday, January 26th. Citigroup reissued an “outperform” rating on shares of First Citizens BancShares in a report on Thursday, April 9th. Piper Sandler boosted their price target on First Citizens BancShares from $2,000.00 to $2,100.00 and gave the company a “neutral” rating in a report on Thursday, January 29th. Wall Street Zen raised First Citizens BancShares from a “sell” rating to a “hold” rating in a report on Saturday, February 28th. Finally, Barclays cut their price target on First Citizens BancShares from $2,456.00 to $2,346.00 and set an “equal weight” rating for the company in a report on Monday, January 26th. Two equities research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $2,227.08.

Insider Activity at First Citizens BancShares

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. acquired 134 shares of the stock in a transaction dated Friday, March 13th. The shares were acquired at an average cost of $1,550.00 per share, for a total transaction of $207,700.00. Following the completion of the transaction, the chief executive officer directly owned 2,749 shares of the company’s stock, valued at approximately $4,260,950. The trade was a 5.12% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders bought 258 shares of company stock valued at $404,236 in the last quarter. 14.63% of the stock is owned by insiders.

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.