Envestnet Asset Management Inc. Acquires 1,175 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Envestnet Asset Management Inc. grew its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 8.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,626 shares of the bank’s stock after purchasing an additional 1,175 shares during the period. Envestnet Asset Management Inc. owned about 0.11% of First Citizens BancShares worth $27,119,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in FCNCA. Bank of New York Mellon Corp raised its position in shares of First Citizens BancShares by 1.9% in the first quarter. Bank of New York Mellon Corp now owns 40,553 shares of the bank’s stock valued at $75,190,000 after purchasing an additional 772 shares during the period. Wayfinding Financial LLC purchased a new position in First Citizens BancShares in the 1st quarter worth approximately $64,000. IFM Investors Pty Ltd boosted its position in First Citizens BancShares by 6.4% during the 1st quarter. IFM Investors Pty Ltd now owns 2,131 shares of the bank’s stock valued at $3,923,000 after buying an additional 129 shares during the period. Teacher Retirement System of Texas purchased a new stake in shares of First Citizens BancShares in the 1st quarter worth about $2,642,000. Finally, First Bank & Trust increased its stake in shares of First Citizens BancShares by 4.8% in the 1st quarter. First Bank & Trust now owns 286 shares of the bank’s stock worth $530,000 after acquiring an additional 13 shares in the last quarter. Hedge funds and other institutional investors own 78.01% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. Citigroup boosted their target price on shares of First Citizens BancShares from $1,900.00 to $2,050.00 and gave the company a “neutral” rating in a research report on Wednesday, July 2nd. Wall Street Zen downgraded shares of First Citizens BancShares from a “hold” rating to a “sell” rating in a report on Monday, April 28th. TD Cowen began coverage on shares of First Citizens BancShares in a report on Thursday, May 15th. They issued a “buy” rating and a $2,400.00 target price on the stock. Barclays lowered their target price on shares of First Citizens BancShares from $2,568.00 to $2,400.00 and set an “equal weight” rating on the stock in a report on Friday, April 25th. Finally, Cowen started coverage on shares of First Citizens BancShares in a report on Wednesday, May 14th. They issued a “buy” rating on the stock. One analyst has rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $2,299.50.

First Citizens BancShares Stock Performance

Shares of First Citizens BancShares stock opened at $2,152.88 on Tuesday. The firm has a market capitalization of $28.61 billion, a P/E ratio of 12.33, a PEG ratio of 0.97 and a beta of 0.64. First Citizens BancShares, Inc. has a 52 week low of $1,473.62 and a 52 week high of $2,412.93. The company has a 50 day moving average price of $1,907.01 and a 200 day moving average price of $1,937.41. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.77.

First Citizens BancShares (NASDAQ:FCNCA) last announced its quarterly earnings data on Thursday, April 24th. The bank reported $37.79 earnings per share for the quarter, beating analysts’ consensus estimates of $37.72 by $0.07. First Citizens BancShares had a return on equity of 11.98% and a net margin of 17.10%. The company had revenue of $2.30 billion for the quarter, compared to analyst estimates of $2.22 billion. Sell-side analysts expect that First Citizens BancShares, Inc. will post 167.59 EPS for the current year.

First Citizens BancShares Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Friday, May 30th were given a $1.95 dividend. This represents a $7.80 annualized dividend and a yield of 0.36%. The ex-dividend date of this dividend was Friday, May 30th. First Citizens BancShares’s dividend payout ratio is currently 4.47%.

Insiders Place Their Bets

In related news, CEO Frank B. Holding, Jr. acquired 350 shares of the stock in a transaction dated Friday, May 2nd. The stock was acquired at an average cost of $1,610.00 per share, with a total value of $563,500.00. Following the completion of the transaction, the chief executive officer owned 2,758 shares in the company, valued at $4,440,380. This represents a 14.53% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 13.19% of the stock is currently owned by corporate 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.