Sheets Smith Wealth Management Increases Stake in First Citizens BancShares, Inc. $FCNCA

Sheets Smith Wealth Management grew its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 71.7% during the 3rd quarter, HoldingsChannel reports. The firm owned 2,484 shares of the bank’s stock after buying an additional 1,037 shares during the quarter. Sheets Smith Wealth Management’s holdings in First Citizens BancShares were worth $4,444,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Royal Bank of Canada grew its position in First Citizens BancShares by 14.2% during the first quarter. Royal Bank of Canada now owns 5,465 shares of the bank’s stock valued at $10,134,000 after buying an additional 680 shares during the period. Generate Investment Management Ltd acquired a new position in shares of First Citizens BancShares in the second quarter worth about $6,584,000. Sculptor Capital LP boosted its stake in shares of First Citizens BancShares by 16.0% during the 1st quarter. Sculptor Capital LP now owns 41,463 shares of the bank’s stock worth $76,877,000 after acquiring an additional 5,730 shares in the last quarter. Strs Ohio acquired a new stake in shares of First Citizens BancShares during the 1st quarter valued at about $1,074,000. Finally, Alberta Investment Management Corp grew its position in shares of First Citizens BancShares by 0.7% during the 2nd quarter. Alberta Investment Management Corp now owns 28,376 shares of the bank’s stock valued at $55,517,000 after acquiring an additional 200 shares during the period. 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, Director Ellen R. Alemany purchased 300 shares of the firm’s stock in a transaction dated Thursday, November 13th. The shares were purchased at an average cost of $1,000.00 per share, with a total value of $300,000.00. Following the completion of the purchase, the director owned 300 shares in the company, valued at approximately $300,000. This represents a ∞ increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Frank B. Holding, Jr. purchased 135 shares of the stock in a transaction that occurred on Wednesday, November 26th. The shares were acquired at an average price of $1,629.67 per share, for a total transaction of $220,005.45. Following the completion of the transaction, the chief executive officer directly owned 2,527 shares of the company’s stock, valued at $4,118,176.09. The trade was a 5.64% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 13.40% of the stock is owned by corporate insiders.

First Citizens BancShares Stock Performance

NASDAQ FCNCA opened at $2,203.68 on Friday. The company has a debt-to-equity ratio of 1.81, a current ratio of 1.03 and a quick ratio of 1.03. The stock’s 50 day simple moving average is $1,903.19 and its 200-day simple moving average is $1,919.07. The company has a market cap of $27.41 billion, a PE ratio of 13.03 and a beta of 0.71. First Citizens BancShares, Inc. has a 1-year low of $1,473.62 and a 1-year high of $2,412.93.

First Citizens BancShares (NASDAQ:FCNCA) last issued its quarterly earnings results on Thursday, October 23rd. The bank reported $44.62 EPS for the quarter, topping the consensus estimate 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 firm had revenue of $2.25 billion during the quarter, compared to analysts’ expectations of $2.21 billion. As a group, equities research analysts anticipate that First Citizens BancShares, Inc. will post 167.59 EPS for the current fiscal year.

First Citizens BancShares Increases Dividend

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

Wall Street Analyst Weigh In

A number of research firms recently weighed in on FCNCA. JPMorgan Chase & Co. upped 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. Citigroup restated an “overweight” rating on shares of First Citizens BancShares in a research report on Tuesday, December 16th. Wall Street Zen lowered First Citizens BancShares from a “hold” rating to a “sell” rating in a research report on Sunday, September 28th. The Goldman Sachs Group dropped their price target on shares of First Citizens BancShares from $2,250.00 to $1,950.00 and set a “buy” rating on the stock in a research note on Monday, October 6th. Finally, Keefe, Bruyette & Woods reduced their price objective on shares of First Citizens BancShares from $2,100.00 to $2,050.00 and set an “outperform” rating for the company in a research report on Friday, October 24th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, First Citizens BancShares presently has a consensus rating of “Moderate Buy” and an average target price of $2,149.09.

About First Citizens BancShares

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.