Cynosure Group LLC Cuts Holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Cynosure Group LLC reduced its holdings in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 23.6% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 430 shares of the bank’s stock after selling 133 shares during the quarter. Cynosure Group LLC’s holdings in First Citizens BancShares were worth $909,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in FCNCA. Financial Life Planners purchased a new stake in First Citizens BancShares in the 4th quarter worth approximately $33,000. Hemington Wealth Management raised its stake in First Citizens BancShares by 60.0% during the fourth quarter. Hemington Wealth Management now owns 16 shares of the bank’s stock valued at $33,000 after buying an additional 6 shares in the last quarter. Duncker Streett & Co. Inc. acquired a new stake in shares of First Citizens BancShares during the 4th quarter valued at approximately $36,000. Mather Group LLC. grew its stake in First Citizens BancShares by 38.5% during the 4th quarter. Mather Group LLC. now owns 18 shares of the bank’s stock worth $38,000 after buying an additional 5 shares during the last quarter. Finally, Asset Planning Inc bought a new stake in First Citizens BancShares in the 4th quarter valued at about $38,000. Hedge funds and other institutional investors own 78.01% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on FCNCA shares. Citigroup lowered First Citizens BancShares from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 17th. The Goldman Sachs Group reduced their price objective on shares of First Citizens BancShares from $2,535.00 to $2,200.00 and set a “buy” rating for the company in a research note on Tuesday, March 18th. UBS Group assumed coverage on shares of First Citizens BancShares in a research note on Tuesday, December 17th. They set a “buy” rating and a $2,700.00 target price for the company. StockNews.com upgraded First Citizens BancShares from a “sell” rating to a “hold” rating in a report on Saturday, February 1st. Finally, Keefe, Bruyette & Woods boosted their target price on First Citizens BancShares from $2,500.00 to $2,600.00 and gave the stock an “outperform” rating in a report on Monday, January 27th. Six research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $2,288.08.

Insiders Place Their Bets

In other First Citizens BancShares news, CFO Craig L. Nix acquired 17 shares of First Citizens BancShares stock in a transaction that occurred on Friday, March 7th. The shares were acquired at an average cost of $1,881.13 per share, with a total value of $31,979.21. Following the completion of the purchase, the chief financial officer now directly owns 1,141 shares of the company’s stock, valued at $2,146,369.33. This represents a 1.51 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 13.40% of the company’s stock.

First Citizens BancShares Stock Performance

NASDAQ FCNCA opened at $1,823.47 on Wednesday. The firm has a market cap of $24.76 billion, a price-to-earnings ratio of 9.63, a PEG ratio of 0.94 and a beta of 0.81. First Citizens BancShares, Inc. has a 1-year low of $1,518.00 and a 1-year high of $2,412.93. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.68. The company has a 50 day moving average of $2,010.73 and a 200-day moving average of $2,055.68.

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

First Citizens BancShares Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Friday, February 28th were given a $1.95 dividend. The ex-dividend date of this dividend was Friday, February 28th. This represents a $7.80 dividend on an annualized basis and a dividend yield of 0.43%. First Citizens BancShares’s payout ratio is presently 4.12%.

First Citizens BancShares 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.