Insider Buying: First Citizens BancShares, Inc. (NASDAQ:FCNCA) CFO Buys 17 Shares of Stock

First Citizens BancShares, Inc. (NASDAQ:FCNCA) CFO Craig L. Nix purchased 17 shares of the business’s stock in a transaction dated Friday, March 7th. The shares were acquired at an average price of $1,881.13 per share, for a total transaction of $31,979.21. Following the acquisition, the chief financial officer now owns 1,141 shares of the company’s stock, valued at $2,146,369.33. This trade represents a 1.51 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website.

First Citizens BancShares Stock Down 0.2 %

First Citizens BancShares stock opened at $1,728.36 on Wednesday. First Citizens BancShares, Inc. has a fifty-two week low of $1,505.73 and a fifty-two week high of $2,412.93. The stock has a market cap of $23.47 billion, a PE ratio of 9.12, a price-to-earnings-growth ratio of 0.94 and a beta of 0.81. The firm’s 50-day simple moving average is $2,107.06 and its 200 day simple moving average is $2,067.45. The company has a debt-to-equity ratio of 1.68, a quick ratio of 1.08 and a current ratio of 1.08.

First Citizens BancShares (NASDAQ:FCNCA) last released its earnings results on Friday, January 24th. The bank reported $45.10 earnings per share for the quarter, beating analysts’ consensus estimates of $39.32 by $5.78. First Citizens BancShares had a net margin of 18.55% and a return on equity of 13.22%. Research analysts predict that First Citizens BancShares, Inc. will post 167.59 EPS for the current fiscal year.

First Citizens BancShares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Friday, February 28th will be paid a $1.95 dividend. This represents a $7.80 dividend on an annualized basis and a yield of 0.45%. The ex-dividend date is Friday, February 28th. First Citizens BancShares’s payout ratio is 4.12%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Norges Bank bought a new stake in shares of First Citizens BancShares in the fourth quarter valued at approximately $298,426,000. JPMorgan Chase & Co. raised its position in shares of First Citizens BancShares by 35.7% in the fourth quarter. JPMorgan Chase & Co. now owns 392,097 shares of the bank’s stock valued at $828,510,000 after purchasing an additional 103,137 shares during the period. Capital International Investors raised its position in shares of First Citizens BancShares by 78.2% in the fourth quarter. Capital International Investors now owns 172,723 shares of the bank’s stock valued at $364,967,000 after purchasing an additional 75,785 shares during the period. Proficio Capital Partners LLC bought a new stake in shares of First Citizens BancShares in the fourth quarter valued at approximately $147,341,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of First Citizens BancShares by 83.7% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 107,523 shares of the bank’s stock valued at $227,198,000 after purchasing an additional 48,994 shares during the period. 78.01% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on FCNCA shares. Barclays lifted their target price on shares of First Citizens BancShares from $2,456.00 to $2,568.00 and gave the stock an “equal weight” rating in a research note on Monday, January 27th. The Goldman Sachs Group lifted their price target on shares of First Citizens BancShares from $2,025.00 to $2,625.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. JPMorgan Chase & Co. lifted their price target on shares of First Citizens BancShares from $2,550.00 to $2,600.00 and gave the company an “overweight” rating in a research note on Tuesday, January 7th. Truist Financial lifted their price target on shares of First Citizens BancShares from $2,303.00 to $2,384.00 and gave the company a “hold” rating in a research note on Wednesday, January 29th. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of First Citizens BancShares from $2,500.00 to $2,600.00 and gave the company an “outperform” rating in a report on Monday, January 27th. Six analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, First Citizens BancShares currently has an average rating of “Moderate Buy” and an average target price of $2,323.50.

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.