First Citizens BancShares, Inc. $FCNCA Shares Purchased by M&T Bank Corp

M&T Bank Corp increased its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 137.5% in the 4th quarter, Holdings Channel reports. The firm owned 672 shares of the bank’s stock after purchasing an additional 389 shares during the period. M&T Bank Corp’s holdings in First Citizens BancShares were worth $1,442,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of FCNCA. JPMorgan Chase & Co. raised its holdings in First Citizens BancShares by 4.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 435,278 shares of the bank’s stock valued at $778,785,000 after acquiring an additional 18,190 shares during the last quarter. Alliancebernstein L.P. raised its holdings in First Citizens BancShares by 16.3% in the 3rd quarter. Alliancebernstein L.P. now owns 78,310 shares of the bank’s stock valued at $140,109,000 after acquiring an additional 10,948 shares during the last quarter. Allspring Global Investments Holdings LLC raised its holdings in First Citizens BancShares by 57.5% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 76,088 shares of the bank’s stock valued at $164,247,000 after acquiring an additional 27,789 shares during the last quarter. Reinhart Partners LLC. raised its holdings in First Citizens BancShares by 1.4% in the 3rd quarter. Reinhart Partners LLC. now owns 70,248 shares of the bank’s stock valued at $125,715,000 after acquiring an additional 969 shares during the last quarter. Finally, UBS Group AG raised its holdings in First Citizens BancShares by 96.7% in the 4th quarter. UBS Group AG now owns 69,551 shares of the bank’s stock valued at $149,269,000 after acquiring an additional 34,184 shares during the last quarter. Institutional investors and hedge funds own 78.01% of the company’s stock.

Insider Transactions at First Citizens BancShares

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. bought 92 shares of First Citizens BancShares stock in a transaction on Thursday, March 19th. The shares were bought at an average cost of $1,550.00 per share, for a total transaction of $142,600.00. Following the acquisition, the chief executive officer directly owned 2,841 shares in the company, valued at $4,403,550. This represents a 3.35% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In the last quarter, insiders have purchased 258 shares of company stock worth $404,236. 14.63% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have commented on FCNCA shares. Piper Sandler set a $2,050.00 price objective on shares of First Citizens BancShares in a report on Friday, April 24th. JPMorgan Chase & Co. cut their price objective on shares of First Citizens BancShares from $2,200.00 to $2,150.00 and set a “neutral” rating for the company in a report on Friday, April 24th. Keefe, Bruyette & Woods cut their price objective on shares of First Citizens BancShares from $2,375.00 to $2,300.00 and set an “outperform” rating for the company in a report on Thursday, April 9th. Truist Financial increased their price objective on shares of 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. Finally, Wall Street Zen raised shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a research note on Saturday, February 28th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and nine have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $2,202.08.

First Citizens BancShares Stock Performance

NASDAQ:FCNCA opened at $1,951.93 on Friday. The company has a debt-to-equity ratio of 1.72, a quick ratio of 1.03 and a current ratio of 1.03. The stock has a market capitalization of $23.31 billion, a P/E ratio of 11.23, a PEG ratio of 1.50 and a beta of 0.63. The company has a 50 day moving average price of $1,926.53 and a 200 day moving average price of $1,973.76. First Citizens BancShares, Inc. has a fifty-two week low of $1,623.76 and a fifty-two week high of $2,232.21.

First Citizens BancShares (NASDAQ:FCNCA) last posted its quarterly earnings data on Thursday, April 23rd. The bank reported $44.86 earnings per share for the quarter, topping analysts’ consensus estimates of $43.31 by $1.55. The firm had revenue of $2.14 billion during the quarter, compared to analysts’ expectations of $2.20 billion. First Citizens BancShares had a net margin of 15.62% and a return on equity of 11.37%. During the same quarter last year, the company posted $37.79 EPS. Equities research analysts forecast that First Citizens BancShares, Inc. will post 176.04 EPS for the current year.

First Citizens BancShares Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Friday, May 29th will be issued a dividend of $2.10 per share. The ex-dividend date is Friday, May 29th. This represents a $8.40 dividend on an annualized basis and a yield of 0.4%. First Citizens BancShares’s dividend payout ratio is 4.83%.

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.