Tanager Wealth Management LLP Acquires New Position in First Citizens BancShares, Inc. $FCNCA

Tanager Wealth Management LLP bought a new position in First Citizens BancShares, Inc. (NASDAQ:FCNCA) in the first quarter, Holdings Channel reports. The institutional investor bought 414 shares of the bank’s stock, valued at approximately $780,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Hilton Head Capital Partners LLC bought a new position in First Citizens BancShares during the fourth quarter valued at approximately $26,000. Harbor Investment Advisory LLC raised its position in First Citizens BancShares by 150.0% in the 4th quarter. Harbor Investment Advisory LLC now owns 15 shares of the bank’s stock worth $32,000 after purchasing an additional 9 shares during the period. Fifth Third Bancorp lifted its stake in First Citizens BancShares by 40.0% in the third quarter. Fifth Third Bancorp now owns 21 shares of the bank’s stock worth $38,000 after purchasing an additional 6 shares during the last quarter. Reflection Asset Management bought a new stake in First Citizens BancShares in the fourth quarter worth $45,000. Finally, Allworth Financial LP boosted its position in First Citizens BancShares by 21.7% during the third quarter. Allworth Financial LP now owns 28 shares of the bank’s stock valued at $51,000 after buying an additional 5 shares during the period. Hedge funds and other institutional investors own 78.01% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on FCNCA. Piper Sandler set a $2,050.00 price objective on First Citizens BancShares in a research note on Friday, April 24th. JPMorgan Chase & Co. lowered their target price on First Citizens BancShares from $2,200.00 to $2,150.00 and set a “neutral” rating for the company in a research note on Friday, April 24th. Deutsche Bank Aktiengesellschaft cut First Citizens BancShares from a “buy” rating to a “hold” rating and set a $2,154.00 target price for the company. 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 report on Monday, March 30th. Finally, 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. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and nine have assigned a Hold rating to the company’s stock. According to MarketBeat.com, First Citizens BancShares currently has an average rating of “Hold” and an average price target of $2,215.91.

First Citizens BancShares Trading Up 0.3%

Shares of FCNCA opened at $2,117.29 on Thursday. The stock has a market capitalization of $24.54 billion, a P/E ratio of 12.18, a PEG ratio of 1.63 and a beta of 0.62. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.67. The firm has a fifty day simple moving average of $2,010.53 and a two-hundred day simple moving average of $2,019.63. First Citizens BancShares, Inc. has a twelve month low of $1,623.76 and a twelve month high of $2,232.21.

First Citizens BancShares (NASDAQ:FCNCA) last released its quarterly earnings data on Thursday, April 23rd. The bank reported $44.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $43.31 by $1.55. The firm had revenue of $2.14 billion for the quarter, compared to analysts’ expectations of $2.20 billion. First Citizens BancShares had a net margin of 15.62% and a return on equity of 11.48%. During the same quarter in the previous year, the company earned $37.79 earnings per share. On average, research analysts anticipate that First Citizens BancShares, Inc. will post 175.61 EPS for the current year.

First Citizens BancShares Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Friday, May 29th were paid a $2.10 dividend. The ex-dividend date of this dividend was Friday, May 29th. This represents a $8.40 annualized dividend and a dividend yield of 0.4%. First Citizens BancShares’s dividend payout ratio (DPR) is presently 4.83%.

Insider Buying and Selling at First Citizens BancShares

In related news, CEO Frank B. Holding, Jr. acquired 528 shares of First Citizens BancShares stock in a transaction on Friday, June 5th. The shares were acquired at an average cost of $1,813.37 per share, with a total value of $957,459.36. Following the transaction, the chief executive officer owned 64,100 shares in the company, valued at $116,237,017. This trade represents a 0.83% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In the last 90 days, insiders purchased 7,190 shares of company stock valued at $12,573,868. 14.63% of the stock is currently owned by company insiders.

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.