Allspring Global Investments Holdings LLC Grows Holdings in First Citizens BancShares, Inc. $FCNCA

Allspring Global Investments Holdings LLC grew its position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 20.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 91,876 shares of the bank’s stock after purchasing an additional 15,788 shares during the period. Allspring Global Investments Holdings LLC’s holdings in First Citizens BancShares were worth $174,048,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Goldman Sachs Group Inc. raised its holdings in First Citizens BancShares by 1.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 37,389 shares of the bank’s stock valued at $69,324,000 after acquiring an additional 681 shares during the last quarter. Empowered Funds LLC boosted its stake in First Citizens BancShares by 71.9% in the 1st quarter. Empowered Funds LLC now owns 392 shares of the bank’s stock worth $727,000 after buying an additional 164 shares during the last quarter. Focus Partners Wealth grew its holdings in First Citizens BancShares by 5.2% in the 1st quarter. Focus Partners Wealth now owns 241 shares of the bank’s stock valued at $447,000 after buying an additional 12 shares during the period. EverSource Wealth Advisors LLC grew its holdings in First Citizens BancShares by 31.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 88 shares of the bank’s stock valued at $172,000 after buying an additional 21 shares during the period. Finally, Flow Traders U.S. LLC acquired a new position in shares of First Citizens BancShares during the 2nd quarter valued at about $260,000. 78.01% of the stock is currently owned by hedge funds and other institutional investors.

First Citizens BancShares Stock Performance

Shares of NASDAQ FCNCA opened at $2,156.45 on Friday. 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 firm’s 50-day moving average price is $2,041.01 and its two-hundred day moving average price is $2,018.87. First Citizens BancShares, Inc. has a 52-week low of $1,623.76 and a 52-week high of $2,232.21. The stock has a market capitalization of $24.99 billion, a P/E ratio of 12.40, a P/E/G ratio of 1.56 and a beta of 0.62.

First Citizens BancShares (NASDAQ:FCNCA) last announced its quarterly earnings results on Thursday, April 23rd. The bank reported $44.86 earnings per share for the quarter, topping analysts’ consensus estimates of $43.31 by $1.55. The business had revenue of $2.14 billion for 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 period in the prior year, the firm earned $37.79 EPS. As a group, sell-side analysts forecast that First Citizens BancShares, Inc. will post 177.18 earnings per share for the current year.

First Citizens BancShares Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on FCNCA. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $2,300.00 price objective on shares of First Citizens BancShares in a report on Thursday, July 9th. Deutsche Bank Aktiengesellschaft downgraded shares of First Citizens BancShares from a “buy” rating to a “hold” rating and set a $2,154.00 target price for the company. in a report on Wednesday, April 8th. Wall Street Zen raised shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a research report on Saturday, June 27th. The Goldman Sachs Group increased their price target on shares of First Citizens BancShares from $2,100.00 to $2,340.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 7th. Finally, Fundamental Research set a $2,350.00 price target on shares of First Citizens BancShares in a report on Wednesday, July 1st. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat.com, First Citizens BancShares currently has an average rating of “Hold” and a consensus target price of $2,247.08.

Insider Transactions at First Citizens BancShares

In other news, CEO Frank B. Holding, Jr. purchased 528 shares of First Citizens BancShares stock in a transaction dated Friday, June 5th. The stock was bought at an average price of $1,813.37 per share, with a total value of $957,459.36. Following the completion of the acquisition, the chief executive officer owned 64,100 shares in the company, valued at $116,237,017. The trade was a 0.83% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders acquired 7,190 shares of company stock valued at $12,573,868 in the last quarter. Company insiders own 14.63% of the company’s stock.

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.