Tanager Wealth Management LLP Invests $780,000 in First Citizens BancShares, Inc. $FCNCA

Tanager Wealth Management LLP purchased a new stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 414 shares of the bank’s stock, valued at approximately $780,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Northwestern Mutual Wealth Management Co. boosted its stake in First Citizens BancShares by 117,518.9% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 205,833 shares of the bank’s stock worth $441,755,000 after purchasing an additional 205,658 shares during the period. Dimensional Fund Advisors LP increased its position in shares of First Citizens BancShares by 0.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 124,061 shares of the bank’s stock valued at $266,273,000 after buying an additional 492 shares during the period. Morgan Stanley lifted its holdings in shares of First Citizens BancShares by 31.8% in the fourth quarter. Morgan Stanley now owns 123,048 shares of the bank’s stock worth $264,087,000 after buying an additional 29,681 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of First Citizens BancShares by 11.2% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 122,317 shares of the bank’s stock worth $262,514,000 after buying an additional 12,303 shares in the last quarter. Finally, Alliancebernstein L.P. boosted its position in shares of First Citizens BancShares by 16.3% in the third quarter. Alliancebernstein L.P. now owns 78,310 shares of the bank’s stock valued at $140,109,000 after acquiring an additional 10,948 shares during the period. 78.01% of the stock is currently owned by institutional investors.

First Citizens BancShares Stock Up 0.3%

FCNCA stock opened at $2,117.29 on Thursday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.67. The company’s 50 day moving average is $2,010.53 and its 200 day moving average is $2,019.63. The stock has a market cap of $24.54 billion, a price-to-earnings ratio of 12.18, a price-to-earnings-growth ratio of 1.63 and a beta of 0.62. First Citizens BancShares, Inc. has a 1-year low of $1,623.76 and a 1-year high of $2,232.21.

First Citizens BancShares (NASDAQ:FCNCA) last announced its earnings results on Thursday, April 23rd. The bank reported $44.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $43.31 by $1.55. First Citizens BancShares had a net margin of 15.62% and a return on equity of 11.48%. The business had revenue of $2.14 billion during the quarter, compared to analyst estimates of $2.20 billion. During the same period in the previous year, the business posted $37.79 earnings per share. Sell-side analysts predict that First Citizens BancShares, Inc. will post 175.61 EPS for the current fiscal year.

First Citizens BancShares Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Friday, May 29th were given a dividend of $2.10 per share. The ex-dividend date was Friday, May 29th. This represents a $8.40 annualized dividend and a dividend yield of 0.4%. First Citizens BancShares’s dividend payout ratio (DPR) is 4.83%.

Insider Activity

In related news, CEO Frank B. Holding, Jr. bought 528 shares of the business’s stock in a transaction that occurred on Friday, June 5th. The stock was bought at an average cost of $1,813.37 per share, for a total transaction of $957,459.36. Following the completion of the transaction, the chief executive officer owned 64,100 shares of the company’s stock, valued at approximately $116,237,017. The trade was a 0.83% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last ninety days, insiders have acquired 7,190 shares of company stock worth $12,573,868. Insiders own 14.63% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently commented on FCNCA. Keefe, Bruyette & Woods reduced their price objective on shares of First Citizens BancShares from $2,375.00 to $2,300.00 and set an “outperform” rating for the company in a research note on Thursday, April 9th. Wall Street Zen cut shares of First Citizens BancShares from a “hold” rating to a “sell” rating in a research note on Saturday, June 13th. TD Cowen cut their price target on shares of First Citizens BancShares from $2,500.00 to $2,300.00 and set a “buy” rating for the company in a report on Monday, April 27th. Citigroup restated a “neutral” rating on shares of First Citizens BancShares in a research report on Friday, April 24th. Finally, Zacks Research raised shares of First Citizens BancShares from a “strong sell” rating to a “hold” rating in a report on Monday, March 30th. One equities research 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 data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $2,215.91.

First Citizens BancShares 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.