Generate Investment Management Ltd Purchases 2,135 Shares of First Citizens BancShares, Inc. $FCNCA

Generate Investment Management Ltd raised its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 63.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,500 shares of the bank’s stock after buying an additional 2,135 shares during the period. Generate Investment Management Ltd’s holdings in First Citizens BancShares were worth $9,840,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Steph & Co. purchased a new stake in shares of First Citizens BancShares in the third quarter valued at about $32,000. MAI Capital Management boosted its position in First Citizens BancShares by 500.0% during the second quarter. MAI Capital Management now owns 18 shares of the bank’s stock worth $35,000 after purchasing an additional 15 shares during the period. Creekmur Asset Management LLC purchased a new position in First Citizens BancShares in the 2nd quarter valued at approximately $39,000. Allworth Financial LP boosted its holdings in shares of First Citizens BancShares by 35.3% in the second quarter. Allworth Financial LP now owns 23 shares of the bank’s stock worth $45,000 after acquiring an additional 6 shares during the period. Finally, Bronte Capital Management Pty Ltd. raised its stake in shares of First Citizens BancShares by 13.5% during the 2nd quarter. Bronte Capital Management Pty Ltd. now owns 24,198 shares of the bank’s stock valued at $47,000 after purchasing an additional 2,887 shares during the period. Hedge funds and other institutional investors own 78.01% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Frank B. Holding, Jr. acquired 135 shares of the firm’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 acquisition, the chief executive officer owned 2,527 shares of the company’s stock, valued at $4,118,176.09. This trade represents a 5.64% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Ellen R. Alemany bought 300 shares of the company’s stock in a transaction dated Thursday, November 13th. The stock was bought at an average cost of $1,000.00 per share, with a total value of $300,000.00. Following the completion of the transaction, the director owned 300 shares in the company, valued at approximately $300,000. This trade represents a ∞ increase in their position. The disclosure for this purchase is available in the SEC filing. 13.19% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages have commented on FCNCA. The Goldman Sachs Group cut 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. Piper Sandler reduced their target price on First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating for the company in a research report on Friday, October 24th. UBS Group raised their price target on First Citizens BancShares from $2,200.00 to $2,250.00 and gave the company a “buy” rating in a report on Wednesday, November 5th. Keefe, Bruyette & Woods cut their price objective on First Citizens BancShares from $2,100.00 to $2,050.00 and set an “outperform” rating for the company in a report on Friday, October 24th. Finally, Raymond James Financial raised shares of First Citizens BancShares from an “outperform” rating to a “strong-buy” rating and raised their target price for the company from $2,100.00 to $2,200.00 in a research note on Thursday, November 20th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $2,171.82.

First Citizens BancShares Stock Down 0.2%

NASDAQ FCNCA opened at $2,160.26 on Wednesday. First Citizens BancShares, Inc. has a 1 year low of $1,473.62 and a 1 year high of $2,412.93. The stock has a market capitalization of $26.87 billion, a PE ratio of 12.77 and a beta of 0.71. 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 business’s 50-day moving average is $1,929.29 and its 200 day moving average is $1,926.95.

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

First Citizens BancShares Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 15th. Investors of record on Friday, November 28th were issued a $2.10 dividend. This represents a $8.40 annualized dividend and a yield of 0.4%. This is an increase 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 presently 4.97%.

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.