Park Avenue Securities LLC Purchases 7 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Park Avenue Securities LLC grew its position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 1.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 450 shares of the bank’s stock after purchasing an additional 7 shares during the quarter. Park Avenue Securities LLC’s holdings in First Citizens BancShares were worth $736,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in FCNCA. Mather Group LLC. bought a new position in First Citizens BancShares during the 1st quarter worth $31,000. Blue Trust Inc. raised its position in shares of First Citizens BancShares by 100.0% during the fourth quarter. Blue Trust Inc. now owns 20 shares of the bank’s stock worth $27,000 after acquiring an additional 10 shares during the last quarter. GAMMA Investing LLC acquired a new position in shares of First Citizens BancShares in the fourth quarter worth approximately $30,000. Principal Securities Inc. bought a new stake in First Citizens BancShares in the fourth quarter valued at approximately $43,000. Finally, Private Wealth Management Group LLC acquired a new stake in First Citizens BancShares during the 4th quarter valued at approximately $48,000. 61.18% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have recently commented on FCNCA. Piper Sandler lowered shares of First Citizens BancShares from an “overweight” rating to a “neutral” rating and upped their price objective for the company from $1,850.00 to $1,950.00 in a research note on Friday, April 26th. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $2,100.00 price objective (up from $1,900.00) on shares of First Citizens BancShares in a research report on Friday, April 26th. The Goldman Sachs Group assumed coverage on First Citizens BancShares in a research note on Thursday, March 21st. They issued a “buy” rating and a $1,950.00 price objective on the stock. DA Davidson reaffirmed a “neutral” rating and set a $1,650.00 target price (up previously from $1,600.00) on shares of First Citizens BancShares in a research note on Monday, April 15th. Finally, StockNews.com raised First Citizens BancShares from a “sell” rating to a “hold” rating in a research note on Monday, April 29th. Six equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, First Citizens BancShares currently has a consensus rating of “Moderate Buy” and a consensus price target of $1,829.90.

First Citizens BancShares Stock Performance

FCNCA opened at $1,679.46 on Friday. The company has a market cap of $24.40 billion, a price-to-earnings ratio of 9.32 and a beta of 0.84. The company’s fifty day moving average price is $1,699.34 and its two-hundred day moving average price is $1,571.67. First Citizens BancShares, Inc. has a 1-year low of $1,189.38 and a 1-year high of $1,810.03. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 1.77.

First Citizens BancShares (NASDAQ:FCNCA) last announced 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%. On average, analysts expect that First Citizens BancShares, Inc. will post 188.62 EPS for the current fiscal year.

First Citizens BancShares Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 17th. Investors of record on Friday, May 31st were issued a dividend of $1.64 per share. The ex-dividend date was Friday, May 31st. This represents a $6.56 annualized dividend and a yield of 0.39%. First Citizens BancShares’s dividend payout ratio (DPR) is currently 3.64%.

Insider Activity at First Citizens BancShares

In other news, Director Ellen R. Alemany sold 1,000 shares of the stock in a transaction dated Monday, April 29th. The shares were sold at an average price of $1,757.27, for a total value of $1,757,270.00. Following the completion of the sale, the director now owns 1,335 shares in the company, valued at $2,345,955.45. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, Director Ellen R. Alemany sold 1,000 shares of the business’s stock in a transaction that occurred on 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 transaction, the director now owns 1,335 shares in the company, valued at approximately $2,345,955.45. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Ellen R. Alemany sold 484 shares of the stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $1,750.12, for a total value of $847,058.08. Following the sale, the director now directly owns 335 shares of the company’s stock, valued at $586,290.20. The disclosure for this sale can be found here. In the last three months, insiders sold 3,000 shares of company stock valued at $5,273,568. 13.40% of the stock is owned by insiders.

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.