AlphaQuest LLC Acquires New Shares in First Citizens BancShares, Inc. $FCNCA

AlphaQuest LLC acquired a new stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA) during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 112 shares of the bank’s stock, valued at approximately $219,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. SVB Wealth LLC bought a new position in shares of First Citizens BancShares during the 1st quarter valued at $35,000. Wayfinding Financial LLC bought a new position in shares of First Citizens BancShares during the 1st quarter valued at $64,000. Brooklyn Investment Group lifted its holdings in shares of First Citizens BancShares by 32.1% during the 1st quarter. Brooklyn Investment Group now owns 37 shares of the bank’s stock valued at $67,000 after buying an additional 9 shares during the period. Toth Financial Advisory Corp lifted its holdings in shares of First Citizens BancShares by 32.5% during the 2nd quarter. Toth Financial Advisory Corp now owns 53 shares of the bank’s stock valued at $104,000 after buying an additional 13 shares during the period. Finally, State of Wyoming lifted its holdings in shares of First Citizens BancShares by 15.8% during the 1st quarter. State of Wyoming now owns 66 shares of the bank’s stock valued at $122,000 after buying an additional 9 shares during the period. 78.01% of the stock is owned by institutional investors.

First Citizens BancShares Stock Performance

Shares of FCNCA stock opened at $1,824.82 on Friday. The firm has a market cap of $23.58 billion, a price-to-earnings ratio of 10.79 and a beta of 0.60. The company’s 50 day moving average is $1,845.04 and its 200 day moving average is $1,888.05. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.76. First Citizens BancShares, Inc. has a 52-week low of $1,473.62 and a 52-week high of $2,412.93.

First Citizens BancShares (NASDAQ:FCNCA) last issued its quarterly earnings data on Thursday, October 23rd. The bank reported $44.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $41.51 by $3.11. The company had revenue of $2.25 billion for the quarter, compared to analyst estimates of $2.21 billion. First Citizens BancShares had a net margin of 15.99% and a return on equity of 11.06%. On average, sell-side analysts anticipate that First Citizens BancShares, Inc. will post 167.59 EPS for the current fiscal year.

First Citizens BancShares Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Friday, November 28th will be given a dividend of $2.10 per share. The ex-dividend date of this dividend is Friday, November 28th. This is a boost from First Citizens BancShares’s previous quarterly dividend of $1.95. This represents a $8.40 dividend on an annualized basis and a dividend yield of 0.5%. First Citizens BancShares’s payout ratio is currently 4.97%.

Insider Transactions at First Citizens BancShares

In other First Citizens BancShares news, insider Hope Holding Bryant purchased 409 shares of First Citizens BancShares stock in a transaction dated Thursday, August 7th. The shares were acquired at an average cost of $1,630.00 per share, with a total value of $666,670.00. Following the completion of the transaction, the insider owned 1,764 shares in the company, valued at approximately $2,875,320. This trade represents a 30.18% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Olivia Britton Holding purchased 409 shares of First Citizens BancShares stock in a transaction dated Thursday, August 7th. The shares were acquired at an average cost of $1,630.00 per share, for a total transaction of $666,670.00. Following the completion of the transaction, the insider owned 1,764 shares of the company’s stock, valued at approximately $2,875,320. This represents a 30.18% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last three months, insiders have acquired 1,428 shares of company stock valued at $2,371,476. Corporate insiders own 13.40% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on FCNCA. The Goldman Sachs Group lowered their price target on First Citizens BancShares from $2,250.00 to $1,950.00 and set a “buy” rating on the stock in a report on Monday, October 6th. Citigroup reduced their price objective on First Citizens BancShares from $2,250.00 to $2,000.00 and set a “neutral” rating for the company in a research note on Monday, October 27th. Weiss Ratings lowered First Citizens BancShares from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Saturday, October 25th. Raymond James Financial set a $2,100.00 price objective on First Citizens BancShares in a research note on Tuesday, October 7th. Finally, UBS Group restated a “buy” rating and issued a $2,410.00 price objective on shares of First Citizens BancShares in a research note on Wednesday, July 9th. Seven analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $2,170.83.

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.