Plato Investment Management Ltd Buys 356 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Plato Investment Management Ltd raised its holdings in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 1,271.4% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 384 shares of the bank’s stock after acquiring an additional 356 shares during the quarter. Plato Investment Management Ltd’s holdings in First Citizens BancShares were worth $628,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Covestor Ltd boosted its stake in shares of First Citizens BancShares by 2.9% during the first quarter. Covestor Ltd now owns 215 shares of the bank’s stock valued at $352,000 after purchasing an additional 6 shares in the last quarter. Lincoln National Corp grew its stake in First Citizens BancShares by 2.6% in the 4th quarter. Lincoln National Corp now owns 277 shares of the bank’s stock valued at $393,000 after purchasing an additional 7 shares during the period. Quadrant Capital Group LLC grew its holdings in First Citizens BancShares by 4.4% during the fourth quarter. Quadrant Capital Group LLC now owns 165 shares of the bank’s stock valued at $234,000 after purchasing an additional 7 shares during the period. Envestnet Portfolio Solutions Inc. increased its holdings in First Citizens BancShares by 4.5% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 161 shares of the bank’s stock worth $229,000 after acquiring an additional 7 shares during the last quarter. Finally, Park Avenue Securities LLC raised its position in shares of First Citizens BancShares by 1.6% in the first quarter. Park Avenue Securities LLC now owns 450 shares of the bank’s stock valued at $736,000 after purchasing an additional 7 shares during the period. 61.18% of the stock is currently owned by institutional investors and hedge funds.

First Citizens BancShares Trading Down 5.9 %

NASDAQ:FCNCA traded down $121.69 on Friday, reaching $1,951.71. The company’s stock had a trading volume of 79,694 shares, compared to its average volume of 84,972. First Citizens BancShares, Inc. has a 1-year low of $1,274.91 and a 1-year high of $2,174.80. The company has a debt-to-equity ratio of 1.77, a quick ratio of 1.10 and a current ratio of 1.10. The business’s 50-day moving average price is $1,762.85 and its two-hundred day moving average price is $1,645.11. The firm has a market cap of $28.36 billion, a PE ratio of 11.51 and a beta of 0.83.

First Citizens BancShares (NASDAQ:FCNCA) last released its quarterly earnings data on Thursday, July 25th. The bank reported $50.87 EPS for the quarter, beating the consensus estimate of $44.91 by $5.96. First Citizens BancShares had a return on equity of 15.09% and a net margin of 18.19%. The company had revenue of $3.77 billion during the quarter, compared to the consensus estimate of $2.30 billion. During the same quarter in the prior year, the firm posted $52.60 EPS. Equities research analysts anticipate that First Citizens BancShares, Inc. will post 195.31 earnings per share for the current fiscal year.

First Citizens BancShares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Friday, August 30th will be paid a dividend of $1.64 per share. The ex-dividend date of this dividend is Friday, August 30th. This represents a $6.56 dividend on an annualized basis and a yield of 0.34%. First Citizens BancShares’s dividend payout ratio (DPR) is currently 3.64%.

Insider Buying and Selling

In other First Citizens BancShares news, Director Ellen R. Alemany sold 484 shares of the firm’s stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $1,750.12, for a total value of $847,058.08. Following the completion of the transaction, the director now owns 335 shares in the company, valued at approximately $586,290.20. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 13.40% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on FCNCA. StockNews.com raised shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a research note on Monday, April 29th. Barclays upped their price objective on shares of First Citizens BancShares from $1,950.00 to $2,250.00 and gave the stock an “equal weight” rating in a report on Monday. Jefferies Financial Group initiated coverage on shares of First Citizens BancShares in a research report on Tuesday, July 9th. They set a “buy” rating and a $2,005.00 price target for the company. Raymond James upgraded shares of First Citizens BancShares from a “market perform” rating to an “outperform” rating and set a $1,900.00 price target on the stock in a research report on Tuesday, July 2nd. Finally, Keefe, Bruyette & Woods lifted their price target on shares of First Citizens BancShares from $2,100.00 to $2,300.00 and gave the company an “outperform” rating in a report on Friday, July 26th. Five research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $1,920.82.

About First Citizens BancShares

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.