Insider Buying: First Citizens BancShares (NASDAQ:FCNCA) CEO Buys 134 Shares of Stock

First Citizens BancShares, Inc. (NASDAQ:FCNCA) CEO Frank Holding, Jr. purchased 134 shares of the company’s stock in a transaction on Friday, March 13th. The stock was bought at an average cost of $1,550.00 per share, for a total transaction of $207,700.00. Following the acquisition, the chief executive officer directly owned 2,749 shares of the company’s stock, valued at $4,260,950. This represents a 5.12% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

First Citizens BancShares Price Performance

Shares of FCNCA traded up $22.27 during trading hours on Tuesday, hitting $1,788.28. 82,415 shares of the company were exchanged, compared to its average volume of 108,418. The company has a debt-to-equity ratio of 1.72, a current ratio of 1.03 and a quick ratio of 1.03. The company has a market capitalization of $21.35 billion, a PE ratio of 10.79 and a beta of 0.68. The firm has a fifty day simple moving average of $2,040.13 and a 200-day simple moving average of $1,951.78. First Citizens BancShares, Inc. has a one year low of $1,473.62 and a one year high of $2,232.21.

First Citizens BancShares (NASDAQ:FCNCA) last announced its earnings results on Friday, January 23rd. The bank reported $51.27 EPS for the quarter, beating the consensus estimate of $44.24 by $7.03. First Citizens BancShares had a return on equity of 11.18% and a net margin of 15.21%.The business had revenue of $2.44 billion during the quarter, compared to the consensus estimate of $2.24 billion. As a group, sell-side analysts predict that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current year.

First Citizens BancShares Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 16th. Investors of record on Friday, February 27th were paid a $2.10 dividend. The ex-dividend date of this dividend was Friday, February 27th. This represents a $8.40 dividend on an annualized basis and a yield of 0.5%. First Citizens BancShares’s dividend payout ratio (DPR) is currently 5.07%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Hilton Head Capital Partners LLC bought a new stake in shares of First Citizens BancShares during the 4th quarter worth about $26,000. SBI Securities Co. Ltd. acquired a new position in First Citizens BancShares during the 3rd quarter worth $27,000. UMB Bank n.a. grew its position in shares of First Citizens BancShares by 100.0% in the third quarter. UMB Bank n.a. now owns 16 shares of the bank’s stock valued at $29,000 after purchasing an additional 8 shares during the last quarter. Steph & Co. bought a new position in shares of First Citizens BancShares in the third quarter worth about $32,000. Finally, Root Financial Partners LLC bought a new stake in First Citizens BancShares in the 3rd quarter valued at $32,000. Institutional investors own 78.01% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Raymond James Financial raised First Citizens BancShares from an “outperform” rating to a “strong-buy” rating and raised their target price for the stock from $2,100.00 to $2,200.00 in a research report on Thursday, November 20th. Piper Sandler upped their target price on First Citizens BancShares from $2,000.00 to $2,100.00 and gave the company a “neutral” rating in a report on Thursday, January 29th. Zacks Research cut shares of First Citizens BancShares from a “hold” rating to a “strong sell” rating in a report on Monday, February 16th. Weiss Ratings reiterated a “buy (b-)” rating on shares of First Citizens BancShares in a research report on Monday, December 29th. Finally, TD Cowen lowered their price target on shares of First Citizens BancShares from $2,600.00 to $2,500.00 and set a “buy” rating on the stock in a report on Monday, January 26th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $2,238.27.

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.