First Citizens BancShares (NASDAQ:FCNCA) Major Shareholder Olivia Britton Holding Sells 7,000 Shares

First Citizens BancShares, Inc. (NASDAQ:FCNCA) major shareholder Olivia Britton Holding sold 7,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 15th. The stock was sold at an average price of $19.53, for a total value of $136,710.00. Following the sale, the insider owned 15,000 shares of the company’s stock, valued at approximately $292,950. This trade represents a 31.82% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Major shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

First Citizens BancShares Price Performance

Shares of First Citizens BancShares stock opened at $2,120.58 on Friday. The stock has a market capitalization of $23.94 billion, a P/E ratio of 11.34, a PEG ratio of 1.59 and a beta of 0.60. The business has a 50 day simple moving average of $2,172.77 and a two-hundred day simple moving average of $2,046.71. First Citizens BancShares, Inc. has a 12 month low of $1,623.76 and a 12 month high of $2,296.30. 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 (NASDAQ:FCNCA) last posted its quarterly earnings data on Thursday, July 23rd. The bank reported $57.09 EPS for the quarter, beating the consensus estimate of $0.41 by $56.68. The firm 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, analysts predict that First Citizens BancShares, Inc. will post 192.11 EPS for the current fiscal year.

First Citizens BancShares Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Monday, August 31st were paid a $2.10 dividend. This represents a $8.40 annualized dividend and a dividend yield of 0.4%. The ex-dividend date of this dividend was Monday, August 31st. First Citizens BancShares’s dividend payout ratio (DPR) is currently 4.49%.

Institutional Investors Weigh In On First Citizens BancShares

A number of institutional investors have recently made changes to their positions in FCNCA. Dimensional Fund Advisors LP raised its position in First Citizens BancShares by 1.5% in the first quarter. Dimensional Fund Advisors LP now owns 125,947 shares of the bank’s stock valued at $237,333,000 after purchasing an additional 1,886 shares during the period. Allspring Global Investments Holdings LLC boosted its position in shares of First Citizens BancShares by 20.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 91,876 shares of the bank’s stock worth $174,048,000 after buying an additional 15,788 shares during the period. Reinhart Partners LLC. boosted its position in shares of First Citizens BancShares by 7.5% during the second quarter. Reinhart Partners LLC. now owns 84,206 shares of the bank’s stock worth $175,253,000 after buying an additional 5,909 shares during the period. River Road Asset Management LLC grew its stake in shares of First Citizens BancShares by 574.0% in the fourth quarter. River Road Asset Management LLC now owns 55,402 shares of the bank’s stock valued at $118,903,000 after buying an additional 47,182 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of First Citizens BancShares in the fourth quarter valued at $116,565,000. 78.01% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on FCNCA shares. The Goldman Sachs Group upped their price objective on shares of First Citizens BancShares from $2,100.00 to $2,340.00 and gave the company a “neutral” rating in a research note on Tuesday, July 7th. Weiss Ratings upgraded First Citizens BancShares from a “hold (c+)” rating to a “buy (b)” rating in a report on Tuesday, August 11th. Piper Sandler upped their price target on 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. Jefferies Financial Group restated a “hold” rating and set a $2,300.00 price objective on shares of First Citizens BancShares in a research report on Thursday, July 23rd. Finally, Truist Financial lifted their target price on shares of First Citizens BancShares from $2,150.00 to $2,323.00 and gave the stock a “hold” rating in a research note on Tuesday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and eleven have given a Hold rating to the stock. According to MarketBeat.com, First Citizens BancShares has an average rating of “Hold” and a consensus target price of $2,272.54.

About First Citizens BancShares

First Citizens BancShares, Inc is the financial holding company for First-Citizens Bank & Trust Company, which operates under the First Citizens Bank name. Headquartered in Raleigh, North Carolina, the company provides banking and financial services to individuals, businesses, nonprofit organizations and government entities.

Its offerings include checking and savings accounts, consumer and commercial loans, mortgages, credit cards, cash-management and treasury services, investment services, and wealth management.