2,392 Shares in First Citizens BancShares, Inc. (NASDAQ:FCNCA) Acquired by Oliver Luxxe Assets LLC

Oliver Luxxe Assets LLC acquired a new position in First Citizens BancShares, Inc. (NASDAQ:FCNCA) in the first quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 2,392 shares of the bank’s stock, valued at approximately $3,911,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in FCNCA. Norges Bank purchased a new position in shares of First Citizens BancShares during the 4th quarter valued at $180,039,000. Raymond James Financial Services Advisors Inc. raised its holdings in shares of First Citizens BancShares by 145.4% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 1,406 shares of the bank’s stock valued at $1,995,000 after purchasing an additional 833 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of First Citizens BancShares by 0.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 186,822 shares of the bank’s stock valued at $265,120,000 after purchasing an additional 534 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S raised its holdings in shares of First Citizens BancShares by 10.6% during the 4th quarter. BI Asset Management Fondsmaeglerselskab A S now owns 12,236 shares of the bank’s stock valued at $17,363,000 after purchasing an additional 1,176 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its holdings in shares of First Citizens BancShares by 45.4% during the 4th quarter. Russell Investments Group Ltd. now owns 7,045 shares of the bank’s stock valued at $9,997,000 after purchasing an additional 2,201 shares in the last quarter. Institutional investors and hedge funds own 61.18% of the company’s stock.

Insiders Place Their Bets

In related news, Director Ellen R. Alemany sold 516 shares of the business’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $1,750.00, for a total transaction of $903,000.00. Following the completion of the sale, the director now directly owns 819 shares of the company’s stock, valued at $1,433,250. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other First Citizens BancShares news, Director Ellen R. Alemany sold 1,000 shares of the company’s stock in a transaction that occurred on Monday, April 29th. The shares were sold at an average price of $1,757.27, for a total value of $1,757,270.00. Following the completion of the sale, the director now owns 1,335 shares of the company’s stock, valued at $2,345,955.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ellen R. Alemany sold 516 shares of the company’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $1,750.00, for a total transaction of $903,000.00. Following the completion of the sale, the director now directly owns 819 shares of the company’s stock, valued at approximately $1,433,250. The disclosure for this sale can be found here. Over the last three months, insiders sold 3,000 shares of company stock valued at $5,273,568. Insiders own 12.85% of the company’s stock.

First Citizens BancShares Price Performance

Shares of First Citizens BancShares stock traded up $36.19 during trading on Monday, hitting $1,719.80. 30,620 shares of the company’s stock traded hands, compared to its average volume of 82,820. The company has a debt-to-equity ratio of 1.77, a current ratio of 1.10 and a quick ratio of 1.10. The firm’s fifty day moving average price is $1,701.66 and its 200 day moving average price is $1,575.10. First Citizens BancShares, Inc. has a twelve month low of $1,241.05 and a twelve month high of $1,810.03. The company has a market cap of $24.99 billion, a PE ratio of 9.40 and a beta of 0.83.

First Citizens BancShares (NASDAQ:FCNCA) last issued its earnings results on Thursday, April 25th. The bank reported $52.92 earnings per share for the quarter, beating the consensus estimate of $44.27 by $8.65. First Citizens BancShares had a net margin of 18.22% and a return on equity of 15.48%. The business had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.30 billion. Analysts forecast that First Citizens BancShares, Inc. will post 188.62 earnings per share for the current year.

First Citizens BancShares Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 17th. Shareholders of record on Friday, May 31st were paid a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a dividend yield of 0.38%. The ex-dividend date of this dividend was Friday, May 31st. First Citizens BancShares’s dividend payout ratio is presently 3.64%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on FCNCA shares. Keefe, Bruyette & Woods restated an “outperform” rating and set a $2,100.00 price target (up previously from $1,900.00) on shares of First Citizens BancShares in a report on Friday, April 26th. Piper Sandler downgraded shares of First Citizens BancShares from an “overweight” rating to a “neutral” rating and lifted their target price for the stock from $1,850.00 to $1,950.00 in a report on Friday, April 26th. Barclays lifted their target price on shares of First Citizens BancShares from $1,850.00 to $1,950.00 and gave the stock an “equal weight” rating in a report on Friday, April 26th. DA Davidson reiterated a “neutral” rating and issued a $1,650.00 target price (up previously from $1,600.00) on shares of First Citizens BancShares in a report on Monday, April 15th. Finally, The Goldman Sachs Group initiated coverage on shares of First Citizens BancShares in a report on Thursday, March 21st. They issued a “buy” rating and a $1,950.00 target price on the stock. Six analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $1,836.00.

First Citizens BancShares Company Profile

First Citizens BancShares, Inc operates as the holding company for First-Citizens Bank & Trust Company that provides retail and commercial banking services to individuals, businesses, and professionals. The company's deposit products include checking, savings, money market, and time deposit accounts.