SummitTX Capital L.P. Buys Shares of 581 First Citizens BancShares, Inc. $FCNCA

SummitTX Capital L.P. bought a new position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) in the 1st quarter, HoldingsChannel.com reports. The fund bought 581 shares of the bank’s stock, valued at approximately $1,095,000.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Hilton Head Capital Partners LLC acquired a new stake in shares of First Citizens BancShares in the 4th quarter valued at approximately $26,000. Reflection Asset Management acquired a new position in First Citizens BancShares during the 4th quarter worth approximately $45,000. Global Assets Advisory LLC acquired a new position in First Citizens BancShares during the 1st quarter worth approximately $45,000. Allworth Financial LP boosted 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 buying an additional 5 shares in the last quarter. Finally, UMB Bank n.a. boosted its position in First Citizens BancShares by 50.0% in the fourth quarter. UMB Bank n.a. now owns 24 shares of the bank’s stock valued at $52,000 after buying an additional 8 shares in the last quarter. Institutional investors own 78.01% of the company’s stock.

First Citizens BancShares Stock Performance

Shares of FCNCA opened at $2,171.89 on Thursday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.67. The stock has a market capitalization of $25.17 billion, a P/E ratio of 11.61, a price-to-earnings-growth ratio of 1.75 and a beta of 0.62. The firm’s fifty day simple moving average is $2,077.41 and its two-hundred day simple moving average is $2,017.01. First Citizens BancShares, Inc. has a 12 month low of $1,623.76 and a 12 month high of $2,237.81.

First Citizens BancShares (NASDAQ:FCNCA) last released its quarterly earnings data on Thursday, July 23rd. The bank reported $57.09 earnings per share for the quarter, beating the consensus estimate of $0.41 by $56.68. First Citizens BancShares had a net margin of 16.28% and a return on equity of 11.98%. The company had revenue of $2.24 billion during the quarter, compared to analyst estimates of $2.16 billion. As a group, analysts predict that First Citizens BancShares, Inc. will post 182.76 EPS for the current year.

First Citizens BancShares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Monday, August 31st will be paid a dividend of $2.10 per share. The ex-dividend date is Monday, August 31st. This represents a $8.40 dividend on an annualized basis and a yield of 0.4%. First Citizens BancShares’s payout ratio is 4.49%.

Analyst Ratings Changes

FCNCA has been the topic of a number of research reports. TD Cowen decreased their target price on shares of First Citizens BancShares from $2,500.00 to $2,300.00 and set a “buy” rating on the stock in a research note on Monday, April 27th. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $2,300.00 price objective on shares of First Citizens BancShares in a report on Thursday, July 9th. Citigroup restated a “neutral” rating on shares of First Citizens BancShares in a research report on Friday, July 24th. Wall Street Zen raised First Citizens BancShares from a “sell” rating to a “hold” rating in a report on Saturday, June 27th. Finally, Truist Financial upped their target price on First Citizens BancShares from $2,150.00 to $2,323.00 and gave the stock a “hold” rating in a report on Tuesday. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and eleven have given a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $2,278.31.

Insider Buying and Selling

In related news, CEO Frank B. Holding, Jr. bought 528 shares of the business’s stock in a transaction that occurred on Friday, June 5th. The shares were bought at an average price of $1,813.37 per share, with a total value of $957,459.36. Following the completion of the transaction, the chief executive officer directly owned 64,100 shares in the company, valued at approximately $116,237,017. This represents a 0.83% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Over the last three months, insiders purchased 7,190 shares of company stock worth $12,573,868. Insiders own 14.63% of the company’s stock.

First Citizens BancShares Company 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.