Merrion Investment Management Co LLC Has $1.57 Million Stock Position in First Citizens BancShares, Inc. $FCNCA

Merrion Investment Management Co LLC boosted its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 271.2% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 876 shares of the bank’s stock after acquiring an additional 640 shares during the quarter. First Citizens BancShares makes up approximately 0.9% of Merrion Investment Management Co LLC’s holdings, making the stock its 27th biggest holding. Merrion Investment Management Co LLC’s holdings in First Citizens BancShares were worth $1,567,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Cresset Asset Management LLC lifted its holdings in shares of First Citizens BancShares by 3.8% in the first quarter. Cresset Asset Management LLC now owns 163 shares of the bank’s stock worth $302,000 after acquiring an additional 6 shares during the last quarter. 1832 Asset Management L.P. increased its position in First Citizens BancShares by 11.7% during the 1st quarter. 1832 Asset Management L.P. now owns 937 shares of the bank’s stock worth $1,737,000 after purchasing an additional 98 shares in the last quarter. SVB Wealth LLC acquired a new position in First Citizens BancShares during the 1st quarter worth approximately $35,000. Quantitative Investment Management LLC bought a new position in First Citizens BancShares in the 1st quarter valued at approximately $272,000. Finally, Harvest Portfolios Group Inc. boosted its position in First Citizens BancShares by 14.0% in the first quarter. Harvest Portfolios Group Inc. now owns 3,193 shares of the bank’s stock valued at $5,920,000 after buying an additional 392 shares in the last quarter. Institutional investors and hedge funds own 78.01% of the company’s stock.

First Citizens BancShares Trading Up 0.1%

NASDAQ FCNCA opened at $2,168.13 on Wednesday. The firm has a market capitalization of $26.97 billion, a PE ratio of 12.82 and a beta of 0.71. The business’s 50-day moving average price is $1,882.74 and its two-hundred day moving average price is $1,915.06. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.81. First Citizens BancShares, Inc. has a 12 month low of $1,473.62 and a 12 month high of $2,412.93.

First Citizens BancShares (NASDAQ:FCNCA) last issued its quarterly earnings data on Thursday, October 23rd. The bank reported $44.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $41.51 by $3.11. First Citizens BancShares had a return on equity of 11.09% and a net margin of 15.99%.The company had revenue of $2.25 billion during the quarter, compared to the consensus estimate of $2.21 billion. On average, analysts expect that First Citizens BancShares, Inc. will post 167.59 EPS for the current year.

First Citizens BancShares Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 15th. Investors of record on Friday, November 28th were issued a $2.10 dividend. The ex-dividend date was Friday, November 28th. This is a positive change from First Citizens BancShares’s previous quarterly dividend of $1.95. This represents a $8.40 annualized dividend and a yield of 0.4%. First Citizens BancShares’s dividend payout ratio (DPR) is presently 4.97%.

Insider Activity

In other First Citizens BancShares news, Director Ellen R. Alemany bought 300 shares of the business’s stock in a transaction that occurred on Thursday, November 13th. The shares were bought at an average price of $1,000.00 per share, for a total transaction of $300,000.00. Following the transaction, the director directly owned 300 shares in the company, valued at approximately $300,000. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Frank B. Holding, Jr. purchased 135 shares of the company’s stock in a transaction on Wednesday, November 26th. The stock was acquired at an average cost of $1,629.67 per share, for a total transaction of $220,005.45. Following the completion of the purchase, the chief executive officer owned 2,527 shares of the company’s stock, valued at approximately $4,118,176.09. This trade represents a 5.64% increase in their position. The SEC filing for this purchase provides additional information. Company insiders own 13.19% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. The Goldman Sachs Group lowered their price target on shares of First Citizens BancShares from $2,250.00 to $1,950.00 and set a “buy” rating for the company in a report on Monday, October 6th. Raymond James Financial upgraded First Citizens BancShares from an “outperform” rating to a “strong-buy” rating and boosted their price objective for the stock from $2,100.00 to $2,200.00 in a research report on Thursday, November 20th. Wall Street Zen downgraded First Citizens BancShares from a “hold” rating to a “sell” rating in a research report on Sunday, September 28th. JPMorgan Chase & Co. boosted their price target on First Citizens BancShares from $2,300.00 to $2,500.00 and gave the stock an “overweight” rating in a report on Tuesday, December 16th. Finally, Barclays dropped their price objective on shares of First Citizens BancShares from $2,400.00 to $2,190.00 and set an “equal weight” rating for the company in a report on Friday, October 24th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $2,149.09.

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.