Insider Buying: First Citizens BancShares (NASDAQ:FCNCA) Director Buys $108,405.50 in Stock

First Citizens BancShares, Inc. (NASDAQ:FCNCA) Director Diane Morais purchased 50 shares of the firm’s stock in a transaction that occurred on Wednesday, August 19th. The stock was acquired at an average price of $2,168.11 per share, for a total transaction of $108,405.50. Following the completion of the purchase, the director owned 100 shares of the company’s stock, valued at approximately $216,811. This represents a 100.00% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

First Citizens BancShares Trading Up 1.5%

Shares of FCNCA stock opened at $2,183.54 on Friday. The business’s fifty day moving average price is $2,143.12 and its 200 day moving average price is $2,030.81. The firm has a market capitalization of $24.65 billion, a PE ratio of 11.67, a P/E/G ratio of 1.67 and a beta of 0.62. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.00 and a quick ratio of 1.00. First Citizens BancShares, Inc. has a 1-year low of $1,623.76 and a 1-year high of $2,296.30.

First Citizens BancShares (NASDAQ:FCNCA) last released its earnings results on Thursday, July 23rd. The bank reported $57.09 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $56.68. The company had revenue of $2.43 billion during the quarter, compared to the consensus estimate of $2.16 billion. First Citizens BancShares had a return on equity of 12.07% and a net margin of 16.28%. As a group, sell-side analysts forecast that First Citizens BancShares, Inc. will post 190.06 EPS for the current fiscal year.

First Citizens BancShares Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Monday, August 31st will be paid a $2.10 dividend. The ex-dividend date is Monday, August 31st. This represents a $8.40 annualized dividend and a dividend yield of 0.4%. First Citizens BancShares’s dividend payout ratio (DPR) is 4.49%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on FCNCA shares. Fundamental Research set a $2,350.00 target price on shares of First Citizens BancShares in a research report on Wednesday, July 1st. Piper Sandler lifted their price target on shares of First Citizens BancShares from $2,050.00 to $2,100.00 and gave the company a “neutral” rating in a research report on Monday, July 27th. TD Cowen decreased their price target 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. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $2,300.00 price target on shares of First Citizens BancShares in a research note on Thursday, July 9th. Finally, Weiss Ratings upgraded First Citizens BancShares from a “hold (c+)” rating to a “buy (b)” rating in a report on Tuesday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat.com, First Citizens BancShares has an average rating of “Hold” and a consensus target price of $2,278.31.

Institutional Investors Weigh In On First Citizens BancShares

Several hedge funds have recently modified their holdings of the company. Venturi Wealth Management LLC raised its position in shares of First Citizens BancShares by 2.6% in the first quarter. Venturi Wealth Management LLC now owns 233 shares of the bank’s stock valued at $439,000 after buying an additional 6 shares during the last quarter. Corient Private Wealth LLC boosted its position in First Citizens BancShares by 0.6% during the second quarter. Corient Private Wealth LLC now owns 1,049 shares of the bank’s stock worth $2,051,000 after acquiring an additional 6 shares during the last quarter. Kingswood Wealth Advisors LLC boosted its position in First Citizens BancShares by 3.0% during the fourth quarter. Kingswood Wealth Advisors LLC now owns 242 shares of the bank’s stock worth $519,000 after acquiring an additional 7 shares during the last quarter. Concurrent Investment Advisors LLC grew its stake in First Citizens BancShares by 2.8% in the 2nd quarter. Concurrent Investment Advisors LLC now owns 259 shares of the bank’s stock worth $539,000 after acquiring an additional 7 shares during the period. Finally, Parallel Advisors LLC grew its stake in First Citizens BancShares by 8.0% in the 4th quarter. Parallel Advisors LLC now owns 95 shares of the bank’s stock worth $204,000 after acquiring an additional 7 shares during the period. 78.01% of the stock is owned by institutional investors and hedge funds.

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.