Intech Investment Management LLC Purchases 224 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Intech Investment Management LLC lifted its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 24.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,153 shares of the bank’s stock after acquiring an additional 224 shares during the quarter. Intech Investment Management LLC’s holdings in First Citizens BancShares were worth $1,885,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in FCNCA. Twin Tree Management LP bought a new position in First Citizens BancShares during the first quarter valued at about $2,412,000. Midwest Professional Planners LTD. bought a new position in First Citizens BancShares during the first quarter valued at about $611,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in First Citizens BancShares by 17.2% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 5,737 shares of the bank’s stock valued at $9,380,000 after buying an additional 840 shares during the period. Tradewinds LLC. bought a new position in First Citizens BancShares during the first quarter valued at about $992,000. Finally, Sheets Smith Wealth Management grew its position in First Citizens BancShares by 11.4% during the first quarter. Sheets Smith Wealth Management now owns 4,361 shares of the bank’s stock valued at $7,130,000 after buying an additional 447 shares during the period. Institutional investors own 61.18% of the company’s stock.

Analyst Ratings Changes

FCNCA has been the subject of several research reports. DA Davidson restated a “neutral” rating and set a $1,650.00 price target (up previously from $1,600.00) on shares of First Citizens BancShares in a research report on Monday, April 15th. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $2,100.00 target price (up previously from $1,900.00) on shares of First Citizens BancShares in a research report on Friday, April 26th. Barclays increased their target price on shares of First Citizens BancShares from $1,850.00 to $1,950.00 and gave the stock an “equal weight” rating in a research report on Friday, April 26th. Jefferies Financial Group started coverage on shares of First Citizens BancShares in a research report on Tuesday, July 9th. They set a “buy” rating and a $2,005.00 target price for the company. Finally, Piper Sandler lowered shares of First Citizens BancShares from an “overweight” rating to a “neutral” rating and increased their target price for the stock from $1,850.00 to $1,950.00 in a research report on Friday, April 26th. Five investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $1,857.18.

Insider Buying and Selling at First Citizens BancShares

In other news, Director Ellen R. Alemany sold 1,000 shares of First Citizens BancShares stock in a transaction dated Monday, April 29th. The stock was sold at an average price of $1,757.27, for a total value of $1,757,270.00. Following the completion of the transaction, the director now owns 1,335 shares of the company’s stock, valued at approximately $2,345,955.45. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other First Citizens BancShares news, Director Ellen R. Alemany sold 516 shares of the business’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $1,750.00, for a total value of $903,000.00. Following the completion of the transaction, the director now owns 819 shares of the company’s stock, valued at approximately $1,433,250. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Ellen R. Alemany sold 1,000 shares of the business’s stock in a transaction dated Monday, April 29th. The stock was sold at an average price of $1,757.27, for a total value of $1,757,270.00. Following the completion of the transaction, the director now directly owns 1,335 shares of the company’s stock, valued at approximately $2,345,955.45. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 3,000 shares of company stock valued at $5,273,568. 13.40% of the stock is currently owned by company insiders.

First Citizens BancShares Price Performance

FCNCA traded up $0.10 on Friday, reaching $1,832.79. The company had a trading volume of 85,465 shares, compared to its average volume of 68,023. The business has a 50 day simple moving average of $1,716.25 and a 200 day simple moving average of $1,608.02. The company has a market cap of $26.63 billion, a price-to-earnings ratio of 10.17 and a beta of 0.83. The company has a debt-to-equity ratio of 1.77, a quick ratio of 1.10 and a current ratio of 1.10. First Citizens BancShares, Inc. has a 52-week low of $1,274.91 and a 52-week high of $1,856.30.

First Citizens BancShares (NASDAQ:FCNCA) last released its quarterly earnings results on Thursday, April 25th. The bank reported $52.92 earnings per share for the quarter, beating the consensus estimate of $44.27 by $8.65. The business had revenue of $2.44 billion for the quarter, compared to analysts’ expectations of $2.30 billion. First Citizens BancShares had a net margin of 18.22% and a return on equity of 15.48%. As a group, sell-side analysts anticipate that First Citizens BancShares, Inc. will post 191.52 EPS for the current year.

About First Citizens BancShares

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.