Synovus Financial Corp Has $1.52 Million Stock Position in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Synovus Financial Corp lessened its holdings in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 2.8% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 720 shares of the bank’s stock after selling 21 shares during the quarter. Synovus Financial Corp’s holdings in First Citizens BancShares were worth $1,521,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of FCNCA. Norges Bank bought a new stake in shares of First Citizens BancShares during the 4th quarter worth about $298,426,000. JPMorgan Chase & Co. lifted its position in First Citizens BancShares by 35.7% during the fourth quarter. JPMorgan Chase & Co. now owns 392,097 shares of the bank’s stock worth $828,510,000 after acquiring an additional 103,137 shares during the last quarter. Proficio Capital Partners LLC bought a new stake in shares of First Citizens BancShares during the fourth quarter worth approximately $147,341,000. AMF Tjanstepension AB acquired a new position in shares of First Citizens BancShares in the fourth quarter valued at approximately $99,818,000. Finally, FMR LLC increased its stake in shares of First Citizens BancShares by 10.5% during the fourth quarter. FMR LLC now owns 357,629 shares of the bank’s stock worth $755,677,000 after purchasing an additional 34,097 shares during the period. Institutional investors own 78.01% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on FCNCA shares. Truist Financial upped their price objective 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. Keefe, Bruyette & Woods upped their price target on shares of First Citizens BancShares from $2,500.00 to $2,600.00 and gave the company an “outperform” rating in a research note on Monday, January 27th. UBS Group began coverage on shares of First Citizens BancShares in a research note on Tuesday, December 17th. They issued a “buy” rating and a $2,700.00 price objective for the company. JPMorgan Chase & Co. increased their target price on shares of First Citizens BancShares from $2,550.00 to $2,600.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 7th. Finally, Barclays raised their target price on shares of First Citizens BancShares from $2,456.00 to $2,568.00 and gave the stock an “equal weight” rating in a report on Monday, January 27th. Five analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $2,346.09.

Insider Activity at First Citizens BancShares

In other news, CFO Craig L. Nix acquired 17 shares of the business’s stock in a transaction that occurred on 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 acquisition, the chief financial officer now directly owns 1,141 shares in the company, valued at $2,146,369.33. The trade was a 1.51 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. 13.40% of the stock is currently owned by insiders.

First Citizens BancShares Stock Up 1.5 %

NASDAQ FCNCA opened at $1,697.92 on Wednesday. The business has a fifty day moving average price of $1,883.02 and a two-hundred day moving average price of $2,033.87. The stock has a market capitalization of $23.05 billion, a PE ratio of 8.96, a PEG ratio of 0.94 and a beta of 0.66. First Citizens BancShares, Inc. has a fifty-two week low of $1,473.62 and a fifty-two week high of $2,412.93. 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 (NASDAQ:FCNCA) last released its quarterly earnings data on Friday, January 24th. The bank reported $45.10 earnings per share for the quarter, beating the consensus estimate of $39.32 by $5.78. First Citizens BancShares had a return on equity of 13.22% and a net margin of 18.55%. Equities analysts expect that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current fiscal year.

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.