First Citizens BancShares (NASDAQ:FCNCA) Director Ralph Mattox Snow III Buys 11 Shares

First Citizens BancShares, Inc. (NASDAQ:FCNCA) Director Ralph Mattox Snow III bought 11 shares of the business’s stock in a transaction dated Thursday, March 5th. The stock was purchased at an average price of $1,944.22 per share, with a total value of $21,386.42. Following the purchase, the director directly owned 121 shares of the company’s stock, valued at $235,250.62. The trade was a 10.00% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.

First Citizens BancShares Price Performance

First Citizens BancShares stock traded up $15.09 on Monday, reaching $1,907.53. The company’s stock had a trading volume of 121,395 shares, compared to its average volume of 106,675. The business’s fifty day moving average price is $2,078.57 and its 200 day moving average price is $1,958.07. The company has a debt-to-equity ratio of 1.72, a quick ratio of 1.03 and a current ratio of 1.03. The company has a market cap of $22.78 billion, a price-to-earnings ratio of 11.51 and a beta of 0.68. First Citizens BancShares, Inc. has a twelve month low of $1,473.62 and a twelve month high of $2,232.21.

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

First Citizens BancShares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 16th. Stockholders of record on Friday, February 27th will be paid a dividend of $2.10 per share. This represents a $8.40 annualized dividend and a dividend yield of 0.4%. The ex-dividend date of this dividend is Friday, February 27th. First Citizens BancShares’s dividend payout ratio is 5.07%.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on FCNCA shares. Piper Sandler upped their price objective on First Citizens BancShares from $2,000.00 to $2,100.00 and gave the stock a “neutral” rating in a report on Thursday, January 29th. Raymond James Financial upgraded First Citizens BancShares from an “outperform” rating to a “strong-buy” rating and boosted their target price for the stock from $2,100.00 to $2,200.00 in a research report on Thursday, November 20th. Citigroup reiterated a “buy” rating on shares of First Citizens BancShares in a research report on Monday, January 26th. JPMorgan Chase & Co. raised their target price on shares of First Citizens BancShares from $2,300.00 to $2,500.00 and gave the company an “overweight” rating in a research note on Tuesday, December 16th. Finally, TD Cowen reduced their price target on First Citizens BancShares from $2,600.00 to $2,500.00 and set a “buy” rating on the stock in a research report on Monday, January 26th. One equities research 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 issued a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $2,238.27.

Institutional Investors Weigh In On First Citizens BancShares

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Northwestern Mutual Wealth Management Co. boosted its stake in shares of First Citizens BancShares by 117,518.9% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 205,833 shares of the bank’s stock valued at $441,755,000 after buying an additional 205,658 shares during the period. Norges Bank bought a new stake in shares of First Citizens BancShares during the 2nd quarter valued at $177,604,000. River Road Asset Management LLC grew its holdings in shares of First Citizens BancShares by 574.0% during the 4th quarter. River Road Asset Management LLC now owns 55,402 shares of the bank’s stock worth $118,903,000 after purchasing an additional 47,182 shares in the last quarter. Orion Porfolio Solutions LLC increased its position in shares of First Citizens BancShares by 2,057.4% in the second quarter. Orion Porfolio Solutions LLC now owns 47,506 shares of the bank’s stock worth $92,944,000 after purchasing an additional 45,304 shares during the period. Finally, Allspring Global Investments Holdings LLC raised its stake in First Citizens BancShares by 390.2% in the third quarter. Allspring Global Investments Holdings LLC now owns 48,299 shares of the bank’s stock valued at $84,995,000 after purchasing an additional 38,446 shares in the last quarter. 78.01% of the stock is currently 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.