Empowered Funds LLC Has $1.51 Million Position in First Citizens BancShares, Inc. $FCNCA

Empowered Funds LLC cut its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 60.2% in the first quarter, HoldingsChannel.com reports. The fund owned 802 shares of the bank’s stock after selling 1,211 shares during the period. Empowered Funds LLC’s holdings in First Citizens BancShares were worth $1,511,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Northwestern Mutual Wealth Management Co. increased its stake in First Citizens BancShares by 117,518.9% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 205,833 shares of the bank’s stock valued at $441,755,000 after purchasing an additional 205,658 shares in the last quarter. Norges Bank acquired a new position in shares of First Citizens BancShares in the 4th quarter valued at $116,565,000. River Road Asset Management LLC grew its holdings in shares of First Citizens BancShares by 574.0% in the 4th quarter. River Road Asset Management LLC now owns 55,402 shares of the bank’s stock valued at $118,903,000 after buying an additional 47,182 shares during the period. Orion Porfolio Solutions LLC increased its position in shares of First Citizens BancShares by 2,057.4% in the 2nd quarter. Orion Porfolio Solutions LLC now owns 47,506 shares of the bank’s stock valued at $92,944,000 after buying an additional 45,304 shares in the last quarter. Finally, M&T Bank Corp increased its position in shares of First Citizens BancShares by 13,512.7% in the 4th quarter. M&T Bank Corp now owns 38,524 shares of the bank’s stock valued at $82,679,000 after buying an additional 38,241 shares in the last quarter. 78.01% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

FCNCA has been the topic of several recent analyst reports. TD Cowen reduced their target price on First Citizens BancShares from $2,500.00 to $2,300.00 and set a “buy” rating on the stock in a report on Monday, April 27th. Truist Financial increased their price target on First Citizens BancShares from $2,150.00 to $2,323.00 and gave the stock a “hold” rating in a report on Tuesday, July 28th. Piper Sandler raised their price target on First Citizens BancShares from $2,050.00 to $2,100.00 and gave the stock a “neutral” rating in a research report on Monday, July 27th. Weiss Ratings upgraded First Citizens BancShares from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday, July 8th. Finally, Barclays lifted their price objective on First Citizens BancShares from $2,346.00 to $2,376.00 and gave the company an “equal weight” rating in a report on Monday, July 27th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and eleven have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $2,278.31.

Insider Activity

In other news, CEO Frank B. Holding, Jr. acquired 5,940 shares of the firm’s stock in a transaction that occurred on Tuesday, May 12th. The stock was acquired at an average cost of $1,726.82 per share, for a total transaction of $10,257,310.80. Following the completion of the acquisition, the chief executive officer owned 38,111 shares in the company, valued at $65,810,837.02. This represents a 18.46% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders bought 7,190 shares of company stock worth $12,573,868 in the last ninety days. 14.63% of the stock is currently owned by company insiders.

First Citizens BancShares Trading Down 0.9%

FCNCA opened at $2,218.49 on Friday. The stock has a market capitalization of $25.71 billion, a P/E ratio of 11.86, a P/E/G ratio of 1.71 and a beta of 0.62. First Citizens BancShares, Inc. has a 12 month low of $1,623.76 and a 12 month high of $2,289.99. The firm’s fifty day simple moving average is $2,108.09 and its 200 day simple moving average is $2,020.43. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.67.

First Citizens BancShares (NASDAQ:FCNCA) last released its earnings results on Thursday, July 23rd. The bank reported $57.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $56.68. First Citizens BancShares had a return on equity of 11.98% and a net margin of 16.28%.The firm had revenue of $2.43 billion during the quarter, compared to analysts’ expectations of $2.16 billion. As a group, research analysts anticipate that First Citizens BancShares, Inc. will post 190.06 EPS for the current fiscal year.

First Citizens BancShares Dividend Announcement

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

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.