First Citizens BancShares (NASDAQ:FCNCA) Sets New 12-Month High at $1,101.30

Posted by on May 10th, 2023

Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA – Get Rating) reached a new 52-week high on Monday . The company traded as high as $1,101.30 and last traded at $1,071.35, with a volume of 54830 shares trading hands. The stock had previously closed at $1,003.73.

Wall Street Analysts Forecast Growth

FCNCA has been the subject of a number of research analyst reports. DA Davidson lifted their target price on First Citizens BancShares from $825.00 to $1,025.00 and gave the stock a “neutral” rating in a report on Tuesday, March 28th. StockNews.com lowered First Citizens BancShares from a “hold” rating to a “sell” rating in a report on Tuesday, March 28th. Finally, UBS Group raised First Citizens BancShares from a “sell” rating to a “buy” rating and lifted their target price for the stock from $538.00 to $1,206.00 in a report on Wednesday, April 5th.

First Citizens BancShares Stock Up 0.3 %

The company has a 50-day moving average price of $858.21 and a 200 day moving average price of $810.89. The firm has a market capitalization of $15.87 billion, a PE ratio of 16.21 and a beta of 0.99. The company has a debt-to-equity ratio of 0.51, a current ratio of 0.82 and a quick ratio of 0.82.

First Citizens BancShares Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 15th. Investors of record on Wednesday, May 31st will be given a $0.75 dividend. The ex-dividend date of this dividend is Tuesday, May 30th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 0.27%. First Citizens BancShares’s dividend payout ratio is currently 4.45%.

Insider Buying and Selling

In related news, CEO Frank B. Holding, Jr. acquired 165 shares of First Citizens BancShares stock in a transaction on Thursday, March 9th. The shares were bought at an average cost of $650.00 per share, with a total value of $107,250.00. Following the completion of the purchase, the chief executive officer now directly owns 93,632 shares of the company’s stock, valued at approximately $60,860,800. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Frank B. Holding, Jr. acquired 235 shares of First Citizens BancShares stock in a transaction on Tuesday, March 7th. The shares were bought at an average cost of $650.00 per share, with a total value of $152,750.00. Following the completion of the purchase, the chief executive officer now directly owns 93,467 shares of the company’s stock, valued at approximately $60,753,550. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Frank B. Holding, Jr. acquired 165 shares of First Citizens BancShares stock in a transaction on Thursday, March 9th. The shares were bought at an average cost of $650.00 per share, for a total transaction of $107,250.00. Following the completion of the purchase, the chief executive officer now directly owns 93,632 shares of the company’s stock, valued at $60,860,800. The disclosure for this purchase can be found here. Over the last three months, insiders have bought 563 shares of company stock worth $373,838. Corporate insiders own 13.40% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of FCNCA. Proficio Capital Partners LLC purchased a new stake in shares of First Citizens BancShares in the first quarter valued at approximately $33,000. Tobam purchased a new stake in shares of First Citizens BancShares in the fourth quarter valued at approximately $35,000. Resurgent Financial Advisors LLC purchased a new stake in shares of First Citizens BancShares in the fourth quarter valued at approximately $35,000. Fifth Third Bancorp boosted its holdings in shares of First Citizens BancShares by 110.5% in the first quarter. Fifth Third Bancorp now owns 40 shares of the bank’s stock valued at $39,000 after purchasing an additional 21 shares during the period. Finally, Fred Alger Management LLC purchased a new stake in shares of First Citizens BancShares in the fourth quarter valued at approximately $39,000. Institutional investors own 66.53% of the company’s stock.

First Citizens BancShares Company Profile

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First Citizens BancShares, Inc is a bank holding company, which provides retail and commercial banking services through its subsidiaries. The company operates under the following segments: General Banking, Commercial Banking, Rail, and Corporate. The General Banking delivers services to individuals through branch networks.

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