HB Wealth Management LLC Sells 284 Shares of First Citizens BancShares, Inc. $FCNCA

HB Wealth Management LLC cut its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 30.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 655 shares of the bank’s stock after selling 284 shares during the period. HB Wealth Management LLC’s holdings in First Citizens BancShares were worth $1,235,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Goldman Sachs Group Inc. increased its position in shares of First Citizens BancShares by 1.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 37,389 shares of the bank’s stock valued at $69,324,000 after purchasing an additional 681 shares during the last quarter. Empowered Funds LLC lifted its position in First Citizens BancShares by 71.9% in the first quarter. Empowered Funds LLC now owns 392 shares of the bank’s stock worth $727,000 after buying an additional 164 shares during the last quarter. Focus Partners Wealth lifted its position in First Citizens BancShares by 5.2% in the first quarter. Focus Partners Wealth now owns 241 shares of the bank’s stock worth $447,000 after buying an additional 12 shares during the last quarter. EverSource Wealth Advisors LLC boosted its stake in First Citizens BancShares by 31.3% during the second quarter. EverSource Wealth Advisors LLC now owns 88 shares of the bank’s stock worth $172,000 after buying an additional 21 shares during the period. Finally, Flow Traders U.S. LLC bought a new position in First Citizens BancShares during the second quarter valued at $260,000. Hedge funds and other institutional investors own 78.01% of the company’s stock.

First Citizens BancShares Trading Down 2.3%

Shares of FCNCA opened at $2,044.62 on Thursday. The firm has a market capitalization of $23.70 billion, a price-to-earnings ratio of 11.76, a PEG ratio of 1.58 and a beta of 0.62. The company has a debt-to-equity ratio of 1.67, 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 $2,232.21. The company has a 50-day moving average of $2,027.32 and a 200 day moving average of $2,022.30.

First Citizens BancShares (NASDAQ:FCNCA) last issued its earnings results on Thursday, April 23rd. The bank reported $44.86 EPS for the quarter, topping analysts’ consensus estimates of $43.31 by $1.55. The business had revenue of $2.14 billion for the quarter, compared to analyst estimates 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 period last year, the company posted $37.79 earnings per share. On average, research analysts expect that First Citizens BancShares, Inc. will post 177 EPS for the current year.

First Citizens BancShares Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Friday, May 29th were given a dividend of $2.10 per share. The ex-dividend date of this dividend was Friday, May 29th. This represents a $8.40 dividend on an annualized basis and a yield of 0.4%. First Citizens BancShares’s payout ratio is 4.83%.

Insider Buying and Selling at First Citizens BancShares

In other news, CEO Frank B. Holding, Jr. purchased 528 shares of the company’s stock in a transaction dated Friday, June 5th. The shares were acquired at an average price 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 of the company’s stock, valued at $116,237,017. This represents a 0.83% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In the last three months, insiders acquired 7,190 shares of company stock valued at $12,573,868. 14.63% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on FCNCA shares. Zacks Research upgraded shares of First Citizens BancShares from a “strong sell” rating to a “hold” rating in a report on Monday, March 30th. Keefe, Bruyette & Woods reduced their price objective on shares of First Citizens BancShares from $2,375.00 to $2,300.00 and set an “outperform” rating on the stock in a research report on Thursday, April 9th. JPMorgan Chase & Co. raised their price objective on shares of First Citizens BancShares from $2,150.00 to $2,350.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 1st. Piper Sandler set a $2,050.00 target price on First Citizens BancShares in a research report on Friday, April 24th. Finally, Fundamental Research set a $2,350.00 target price on First Citizens BancShares in a research note on Wednesday, July 1st. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and nine have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $2,247.08.

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.