Marnell Management LLC Invests $4.52 Million in First Citizens BancShares, Inc. $FCNCA

Marnell Management LLC acquired a new position in First Citizens BancShares, Inc. (NASDAQ:FCNCA) during the fourth quarter, HoldingsChannel reports. The institutional investor acquired 2,105 shares of the bank’s stock, valued at approximately $4,518,000. First Citizens BancShares makes up about 2.2% of Marnell Management LLC’s holdings, making the stock its 12th biggest position.

A number of other large investors have also recently made changes to their positions in the business. Allworth Financial LP grew its position in shares of First Citizens BancShares by 21.7% in the 3rd quarter. Allworth Financial LP now owns 28 shares of the bank’s stock worth $51,000 after buying an additional 5 shares during the last quarter. MBL Wealth LLC grew its position in shares of First Citizens BancShares by 0.8% in the 4th quarter. MBL Wealth LLC now owns 622 shares of the bank’s stock worth $1,335,000 after buying an additional 5 shares during the last quarter. Alteri Wealth LLC grew its position in shares of First Citizens BancShares by 4.1% in the 3rd quarter. Alteri Wealth LLC now owns 154 shares of the bank’s stock worth $276,000 after buying an additional 6 shares during the last quarter. Fifth Third Bancorp grew its position in shares of First Citizens BancShares by 40.0% in the 3rd quarter. Fifth Third Bancorp now owns 21 shares of the bank’s stock worth $38,000 after buying an additional 6 shares during the last quarter. Finally, Corient Private Wealth LLC grew its position in shares of First Citizens BancShares by 0.6% in the 2nd quarter. Corient Private Wealth LLC now owns 1,049 shares of the bank’s stock worth $2,051,000 after buying an additional 6 shares during the last quarter. 78.01% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

FCNCA has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. cut their price objective on First Citizens BancShares from $2,200.00 to $2,150.00 and set a “neutral” rating on the stock in a research report on Friday, April 24th. Zacks Research upgraded First Citizens BancShares from a “strong sell” rating to a “hold” rating in a research report on Monday, March 30th. Piper Sandler set a $2,050.00 price objective on First Citizens BancShares in a research report on Friday, April 24th. Weiss Ratings lowered First Citizens BancShares from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, May 22nd. Finally, TD Cowen cut their price objective on First Citizens BancShares from $2,500.00 to $2,300.00 and set a “buy” rating on the stock in a research report on Monday, April 27th. One investment 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 stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $2,215.91.

Insider Activity at First Citizens BancShares

In other news, CEO Frank B. Holding, Jr. bought 5,940 shares of the stock in a transaction dated Tuesday, May 12th. The stock was bought at an average price of $1,726.82 per share, for a total transaction of $10,257,310.80. Following the purchase, the chief executive officer directly owned 38,111 shares in the company, valued at $65,810,837.02. This trade represents a 18.46% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last three months, insiders purchased 7,288 shares of company stock valued at $12,725,768. Company insiders own 14.63% of the company’s stock.

First Citizens BancShares Stock Performance

FCNCA opened at $2,108.61 on Monday. The stock has a market cap of $24.44 billion, a PE ratio of 12.13, a PEG ratio of 1.61 and a beta of 0.62. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.67. The business has a 50 day moving average of $1,988.48 and a 200-day moving average of $2,009.29. First Citizens BancShares, Inc. has a 52 week low of $1,623.76 and a 52 week high of $2,232.21.

First Citizens BancShares (NASDAQ:FCNCA) last released its earnings results on Thursday, April 23rd. The bank reported $44.86 EPS for the quarter, beating analysts’ consensus estimates of $43.31 by $1.55. The company had revenue of $2.14 billion during the quarter, compared to analysts’ expectations of $2.20 billion. First Citizens BancShares had a return on equity of 11.48% and a net margin of 15.62%.During the same quarter last year, the business posted $37.79 EPS. Equities research analysts predict that First Citizens BancShares, Inc. will post 177.84 earnings per share for the current fiscal year.

First Citizens BancShares Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Friday, May 29th will be paid a $2.10 dividend. This represents a $8.40 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date is Friday, May 29th. First Citizens BancShares’s dividend payout ratio (DPR) is presently 4.83%.

First Citizens BancShares Company Profile

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.