Gabelli Funds LLC Grows Stock Position in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Gabelli Funds LLC increased its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCAFree Report) by 1.6% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,573 shares of the bank’s stock after purchasing an additional 25 shares during the quarter. Gabelli Funds LLC’s holdings in First Citizens BancShares were worth $2,232,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of FCNCA. Blue Trust Inc. raised its holdings in 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 purchasing an additional 10 shares in the last quarter. GAMMA Investing LLC acquired a new stake in First Citizens BancShares during the 4th quarter worth $30,000. Principal Securities Inc. purchased a new stake in First Citizens BancShares in the fourth quarter valued at $43,000. Private Wealth Management Group LLC acquired a new position in First Citizens BancShares in the fourth quarter valued at $48,000. Finally, Harvest Fund Management Co. Ltd lifted its holdings in shares of First Citizens BancShares by 362.5% in the 4th quarter. Harvest Fund Management Co. Ltd now owns 37 shares of the bank’s stock valued at $52,000 after purchasing an additional 29 shares during the last quarter. Hedge funds and other institutional investors own 61.18% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. The Goldman Sachs Group started coverage on First Citizens BancShares in a research note on Thursday, March 21st. They set a “buy” rating and a $1,950.00 price target on the stock. Barclays upped their price target on shares of First Citizens BancShares from $1,850.00 to $1,950.00 and gave the company an “equal weight” rating in a research report on Friday, April 26th. Piper Sandler downgraded 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 reiterated an “outperform” rating and issued a $2,100.00 target price (up from $1,900.00) on shares of First Citizens BancShares in a research note on Friday, April 26th. Finally, StockNews.com upgraded First Citizens BancShares from a “sell” rating to a “hold” rating in a research note on Monday, April 29th. Six research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $1,829.90.

Check Out Our Latest Analysis on FCNCA

Insider Transactions at First Citizens BancShares

In other First Citizens BancShares news, Director Ellen R. Alemany sold 484 shares of the firm’s stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $1,750.12, for a total transaction of $847,058.08. Following the sale, the director now directly owns 335 shares of the company’s stock, valued at approximately $586,290.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other First Citizens BancShares news, Director Ellen R. Alemany sold 1,000 shares of the business’s stock in a transaction that occurred on Friday, April 26th. The shares were sold at an average price of $1,766.24, for a total transaction of $1,766,240.00. Following the completion of the sale, the director now directly owns 2,335 shares in the company, valued at $4,124,170.40. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Ellen R. Alemany sold 484 shares of First Citizens BancShares stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $1,750.12, for a total transaction of $847,058.08. Following the transaction, the director now owns 335 shares in the company, valued at approximately $586,290.20. The disclosure for this sale can be found here. Insiders sold 3,600 shares of company stock valued at $6,209,022 in the last 90 days. 13.40% of the stock is currently owned by insiders.

First Citizens BancShares Stock Performance

Shares of FCNCA opened at $1,688.80 on Monday. The company has a market capitalization of $24.54 billion, a PE ratio of 9.38 and a beta of 0.84. First Citizens BancShares, Inc. has a 52-week low of $1,181.71 and a 52-week high of $1,810.03. The company has a 50-day simple moving average of $1,680.64 and a 200-day simple moving average of $1,553.37. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 1.77.

First Citizens BancShares (NASDAQ:FCNCAGet Free Report) last posted its quarterly earnings results on Thursday, April 25th. The bank reported $52.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $44.27 by $8.65. The company had revenue of $2.44 billion during the quarter, compared to the consensus estimate of $2.30 billion. First Citizens BancShares had a net margin of 18.22% and a return on equity of 15.48%. Equities research analysts predict that First Citizens BancShares, Inc. will post 188.62 earnings per share for the current fiscal year.

First Citizens BancShares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Friday, May 31st will be given a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a dividend yield of 0.39%. The ex-dividend date is Friday, May 31st. First Citizens BancShares’s dividend payout ratio is currently 3.64%.

First Citizens BancShares Company 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.

See Also

Institutional Ownership by Quarter for First Citizens BancShares (NASDAQ:FCNCA)

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