Exchange Traded Concepts LLC Purchases New Shares in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Posted by Defense World Staff on Oct 12th, 2023

Exchange Traded Concepts LLC purchased a new stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA – Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 24 shares of the bank’s stock, valued at approximately $31,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. raised its position in First Citizens BancShares by 106.0% during the 1st quarter. Vanguard Group Inc. now owns 1,105,554 shares of the bank’s stock worth $735,855,000 after buying an additional 568,929 shares during the last quarter. Invesco Ltd. raised its position in First Citizens BancShares by 113.0% during the 1st quarter. Invesco Ltd. now owns 371,016 shares of the bank’s stock worth $246,949,000 after buying an additional 196,851 shares during the last quarter. Sessa Capital IM L.P. purchased a new position in First Citizens BancShares during the 1st quarter worth $158,509,000. State Street Corp raised its position in First Citizens BancShares by 53.7% during the 1st quarter. State Street Corp now owns 402,593 shares of the bank’s stock worth $267,966,000 after buying an additional 140,626 shares during the last quarter. Finally, Wellington Management Group LLP raised its position in First Citizens BancShares by 30.9% during the 1st quarter. Wellington Management Group LLP now owns 594,276 shares of the bank’s stock worth $395,550,000 after buying an additional 140,410 shares during the last quarter. Hedge funds and other institutional investors own 62.73% of the company’s stock.

Insider Buying and Selling

In related news, CEO Frank B. Holding, Jr. bought 110 shares of the firm’s stock in a transaction that occurred on Tuesday, September 19th. The shares were acquired at an average cost of $1,150.00 per share, with a total value of $126,500.00. Following the completion of the transaction, the chief executive officer now owns 97,442 shares of the company’s stock, valued at $112,058,300. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, Chairman Ellen R. Alemany sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $1,500.28, for a total value of $2,250,420.00. Following the transaction, the chairman now owns 17,097 shares in the company, valued at $25,650,287.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Frank B. Holding, Jr. purchased 110 shares of the business’s stock in a transaction that occurred on Tuesday, September 19th. The stock was acquired at an average price of $1,150.00 per share, for a total transaction of $126,500.00. Following the acquisition, the chief executive officer now directly owns 97,442 shares of the company’s stock, valued at approximately $112,058,300. The disclosure for this purchase can be found here. Corporate insiders own 13.40% of the company’s stock.

First Citizens BancShares Price Performance

First Citizens BancShares stock opened at $1,390.13 on Thursday. First Citizens BancShares, Inc. has a 12-month low of $505.84 and a 12-month high of $1,512.07. The stock has a market capitalization of $20.18 billion, a P/E ratio of 1.89 and a beta of 0.96. The firm’s 50-day moving average is $1,380.25 and its two-hundred day moving average is $1,257.63. The company has a debt-to-equity ratio of 2.10, a current ratio of 1.20 and a quick ratio of 1.20.

First Citizens BancShares (NASDAQ:FCNCA – Get Free Report) last released its quarterly earnings results on Thursday, August 3rd. The bank reported $52.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $45.91 by $6.69. First Citizens BancShares had a net margin of 60.22% and a return on equity of 12.69%. The company had revenue of $2.62 billion for the quarter, compared to analysts’ expectations of $2.31 billion. Equities analysts predict that First Citizens BancShares, Inc. will post 165.16 earnings per share for the current year.

First Citizens BancShares Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Thursday, August 31st were given a $0.75 dividend. The ex-dividend date was Wednesday, August 30th. This represents a $3.00 annualized dividend and a dividend yield of 0.22%. First Citizens BancShares’s dividend payout ratio is presently 0.41%.

Analyst Ratings Changes

A number of equities analysts have commented on FCNCA shares. Atlantic Securities started coverage on shares of First Citizens BancShares in a research report on Wednesday, June 28th. They set an “overweight” rating and a $1,775.00 price objective for the company. Wedbush began coverage on shares of First Citizens BancShares in a report on Thursday, October 5th. They issued an “outperform” rating and a $1,700.00 price target for the company. Citigroup began coverage on shares of First Citizens BancShares in a report on Friday, September 29th. They issued a “neutral” rating and a $1,520.00 price target for the company. UBS Group increased their price target on shares of First Citizens BancShares from $1,490.00 to $1,780.00 and gave the company a “buy” rating in a report on Monday, August 7th. Finally, JPMorgan Chase & Co. started coverage on shares of First Citizens BancShares in a research note on Wednesday, September 20th. They set an “overweight” rating and a $1,850.00 price target on the stock. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $1,608.33.

View Our Latest Stock Analysis on FCNCA

First Citizens BancShares Profile

(Free Report)

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.