abrdn plc Grows Stock Holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

abrdn plc grew its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 97.2% during the 4th quarter, Holdings Channel reports. The fund owned 3,809 shares of the bank’s stock after purchasing an additional 1,877 shares during the period. abrdn plc’s holdings in First Citizens BancShares were worth $5,405,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also made changes to their positions in the company. Check Capital Management Inc. CA boosted its holdings in First Citizens BancShares by 37.7% during the fourth quarter. Check Capital Management Inc. CA now owns 27,259 shares of the bank’s stock worth $38,680,000 after buying an additional 7,460 shares in the last quarter. Calamos Advisors LLC purchased a new stake in First Citizens BancShares during the fourth quarter worth $6,385,000. Federated Hermes Inc. boosted its holdings in First Citizens BancShares by 173.2% during the fourth quarter. Federated Hermes Inc. now owns 153 shares of the bank’s stock worth $217,000 after buying an additional 97 shares in the last quarter. Peterson Wealth Services purchased a new stake in First Citizens BancShares during the fourth quarter worth $229,000. Finally, Livforsakringsbolaget Skandia Omsesidigt boosted its holdings in First Citizens BancShares by 0.5% during the fourth quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 3,727 shares of the bank’s stock worth $5,289,000 after buying an additional 17 shares in the last quarter. 61.18% of the stock is owned by hedge funds and other institutional investors.

First Citizens BancShares Price Performance

Shares of NASDAQ FCNCA opened at $1,754.50 on Friday. The firm has a 50-day simple moving average of $1,582.88 and a 200-day simple moving average of $1,480.23. The stock has a market capitalization of $25.48 billion, a price-to-earnings ratio of 9.74 and a beta of 0.89. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 1.82. First Citizens BancShares, Inc. has a 52 week low of $945.32 and a 52 week high of $1,810.03.

First Citizens BancShares (NASDAQ:FCNCA) last issued its earnings results on Friday, January 26th. The bank reported $46.58 EPS for the quarter, missing analysts’ consensus estimates of $48.49 by ($1.91). The business had revenue of $2.45 billion during the quarter, compared to analyst estimates of $2.36 billion. First Citizens BancShares had a net margin of 18.22% and a return on equity of 15.75%. On average, equities analysts predict that First Citizens BancShares, Inc. will post 179.92 earnings per share for the current fiscal year.

First Citizens BancShares Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Friday, May 31st will be given a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a yield of 0.37%. The ex-dividend date is Thursday, May 30th. First Citizens BancShares’s payout ratio is currently 3.64%.

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. DA Davidson reissued a “neutral” rating and set a $1,650.00 price target (up from $1,600.00) on shares of First Citizens BancShares in a report on Monday, April 15th. Piper Sandler cut shares of First Citizens BancShares from an “overweight” rating to a “neutral” rating and upped their price objective for the stock from $1,850.00 to $1,950.00 in a research report on Friday. StockNews.com cut shares of First Citizens BancShares from a “hold” rating to a “sell” rating in a research report on Wednesday, April 3rd. Barclays upped their price objective 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. Finally, Keefe, Bruyette & Woods restated an “outperform” rating and set a $2,100.00 price objective (up from $1,900.00) on shares of First Citizens BancShares in a research report on Friday. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, First Citizens BancShares presently has an average rating of “Hold” and an average target price of $1,829.90.

Insider Buying and Selling

In other news, CEO Frank B. Holding, Jr. acquired 622 shares of the business’s stock in a transaction that occurred on Tuesday, February 20th. The stock was purchased at an average cost of $1,315.00 per share, for a total transaction of $817,930.00. Following the completion of the transaction, the chief executive officer now owns 97,609 shares in the company, valued at $128,355,835. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Frank B. Holding, Jr. acquired 622 shares of the business’s stock in a transaction that occurred on Tuesday, February 20th. The stock was purchased at an average cost of $1,315.00 per share, for a total transaction of $817,930.00. Following the completion of the transaction, the chief executive officer now owns 97,609 shares in the company, valued at $128,355,835. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Olivia Britton Holding acquired 466 shares of the business’s stock in a transaction that occurred on Tuesday, February 20th. The shares were purchased at an average price of $1,315.00 per share, with a total value of $612,790.00. Following the completion of the transaction, the insider now owns 121,694 shares of the company’s stock, valued at approximately $160,027,610. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 1,388 shares of company stock worth $1,825,220. Insiders own 13.40% of the company’s stock.

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.