Insider Buying: First Citizens BancShares (NASDAQ:FCNCA) CEO Buys $394,188.75 in Stock

First Citizens BancShares, Inc. (NASDAQ:FCNCA) CEO Frank Holding, Jr. bought 225 shares of the firm’s stock in a transaction dated Thursday, June 4th. The shares were acquired at an average cost of $1,751.95 per share, with a total value of $394,188.75. Following the completion of the transaction, the chief executive officer owned 63,547 shares of the company’s stock, valued at $111,331,166.65. This represents a 0.36% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link.

First Citizens BancShares Stock Up 0.6%

First Citizens BancShares stock opened at $2,112.87 on Thursday. First Citizens BancShares, Inc. has a fifty-two week low of $1,623.76 and a fifty-two week high of $2,232.21. The stock has a market cap of $24.48 billion, a PE ratio of 12.15, a price-to-earnings-growth ratio of 1.60 and a beta of 0.62. The firm’s 50-day simple moving average is $1,979.55 and its 200 day simple moving average is $2,005.76. The company has a debt-to-equity ratio of 1.67, a quick ratio of 1.00 and a current ratio of 1.00.

First Citizens BancShares (NASDAQ:FCNCA) last released its quarterly earnings results on Thursday, April 23rd. The bank reported $44.86 earnings per share for the quarter, topping the consensus estimate of $43.31 by $1.55. First Citizens BancShares had a net margin of 15.62% and a return on equity of 11.48%. The business had revenue of $2.14 billion for the quarter, compared to analysts’ expectations of $2.20 billion. During the same period in the previous year, the company earned $37.79 earnings per share. Research analysts predict that First Citizens BancShares, Inc. will post 177.84 EPS for the current fiscal year.

First Citizens BancShares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Friday, May 29th will be issued a dividend of $2.10 per share. The ex-dividend date is Friday, May 29th. This represents a $8.40 annualized dividend and a yield of 0.4%. First Citizens BancShares’s payout ratio is 4.83%.

Analyst Ratings Changes

Several research analysts recently weighed in on FCNCA shares. Deutsche Bank Aktiengesellschaft cut shares of First Citizens BancShares from a “buy” rating to a “hold” rating and set a $2,154.00 price target on the stock. in a report on Wednesday, April 8th. Zacks Research upgraded First Citizens BancShares from a “strong sell” rating to a “hold” rating in a research note on Monday, March 30th. Piper Sandler set a $2,050.00 target price on First Citizens BancShares in a research note on Friday, April 24th. Weiss Ratings cut First Citizens BancShares from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, May 22nd. Finally, TD Cowen lowered 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 research note on Monday, April 27th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat, First Citizens BancShares presently has an average rating of “Hold” and an average price target of $2,215.91.

Institutional Trading of First Citizens BancShares

Several hedge funds have recently added to or reduced their stakes in the stock. Hiddenite Capital Partners LP purchased a new stake in First Citizens BancShares during the fourth quarter valued at about $6,868,000. Citigroup Inc. increased its stake in shares of First Citizens BancShares by 23.4% in the third quarter. Citigroup Inc. now owns 16,938 shares of the bank’s stock worth $30,305,000 after purchasing an additional 3,215 shares in the last quarter. Check Capital Management Inc. CA increased its stake in shares of First Citizens BancShares by 21.0% in the fourth quarter. Check Capital Management Inc. CA now owns 42,788 shares of the bank’s stock worth $91,831,000 after purchasing an additional 7,424 shares in the last quarter. Founders Financial Alliance LLC increased its stake in shares of First Citizens BancShares by 484.7% in the third quarter. Founders Financial Alliance LLC now owns 1,532 shares of the bank’s stock worth $2,742,000 after purchasing an additional 1,270 shares in the last quarter. Finally, Barr E S & Co. increased its stake in shares of First Citizens BancShares by 33.2% in the fourth quarter. Barr E S & Co. now owns 5,995 shares of the bank’s stock worth $12,866,000 after purchasing an additional 1,495 shares in the last quarter. Institutional investors own 78.01% of the company’s stock.

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.