Cynosure Group LLC Has $462,000 Stock Holdings in First Citizens BancShares, Inc. $FCNCA

Cynosure Group LLC reduced its holdings in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 59.5% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 258 shares of the bank’s stock after selling 379 shares during the quarter. Cynosure Group LLC’s holdings in First Citizens BancShares were worth $462,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Steph & Co. bought a new position in First Citizens BancShares in the 3rd quarter valued at about $32,000. MAI Capital Management lifted its holdings in shares of First Citizens BancShares by 500.0% in the second quarter. MAI Capital Management now owns 18 shares of the bank’s stock valued at $35,000 after purchasing an additional 15 shares in the last quarter. Creekmur Asset Management LLC purchased a new position in shares of First Citizens BancShares during the second quarter valued at approximately $39,000. Allworth Financial LP raised its position in First Citizens BancShares by 35.3% in the 2nd quarter. Allworth Financial LP now owns 23 shares of the bank’s stock valued at $45,000 after buying an additional 6 shares during the last quarter. Finally, Bronte Capital Management Pty Ltd. lifted its stake in First Citizens BancShares by 13.5% during the 2nd quarter. Bronte Capital Management Pty Ltd. now owns 24,198 shares of the bank’s stock valued at $47,000 after acquiring an additional 2,887 shares in the last quarter. 78.01% of the stock is owned by institutional investors.

Insider Activity at First Citizens BancShares

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. purchased 135 shares of the company’s stock in a transaction that occurred on Wednesday, November 26th. The shares were bought at an average cost of $1,629.67 per share, for a total transaction of $220,005.45. Following the purchase, the chief executive officer owned 2,527 shares of the company’s stock, valued at $4,118,176.09. This represents a 5.64% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ellen R. Alemany acquired 300 shares of First Citizens BancShares stock in a transaction that occurred on Thursday, November 13th. The stock was acquired at an average price of $1,000.00 per share, with a total value of $300,000.00. Following the completion of the purchase, the director directly owned 300 shares in the company, valued at $300,000. This represents a ∞ increase in their position. The SEC filing for this purchase provides additional information. Insiders own 13.19% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Truist Financial upped their target price on shares of First Citizens BancShares from $2,000.00 to $2,050.00 and gave the stock a “hold” rating in a research note on Tuesday, October 28th. Wall Street Zen lowered shares of First Citizens BancShares from a “hold” rating to a “sell” rating in a research note on Sunday, September 28th. Piper Sandler cut their target price on First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating on the stock in a research note on Friday, October 24th. The Goldman Sachs Group reduced their target price on First Citizens BancShares from $2,250.00 to $1,950.00 and set a “buy” rating for the company in a report on Monday, October 6th. Finally, UBS Group increased their price target on First Citizens BancShares from $2,200.00 to $2,250.00 and gave the company a “buy” rating in a research report on Wednesday, November 5th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $2,171.82.

First Citizens BancShares Price Performance

Shares of NASDAQ FCNCA opened at $2,158.64 on Monday. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.81. The stock has a fifty day simple moving average of $1,952.93 and a two-hundred day simple moving average of $1,933.85. First Citizens BancShares, Inc. has a 1-year low of $1,473.62 and a 1-year high of $2,412.93. The firm has a market cap of $26.85 billion, a price-to-earnings ratio of 12.76 and a beta of 0.69.

First Citizens BancShares (NASDAQ:FCNCA) last issued its quarterly earnings results on Thursday, October 23rd. The bank reported $44.62 EPS for the quarter, beating analysts’ consensus estimates of $41.51 by $3.11. First Citizens BancShares had a return on equity of 11.09% and a net margin of 15.99%.The firm had revenue of $2.25 billion for the quarter, compared to analysts’ expectations of $2.21 billion. Analysts anticipate that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current year.

First Citizens BancShares Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 15th. Stockholders of record on Friday, November 28th were paid a $2.10 dividend. The ex-dividend date was Friday, November 28th. This is a positive change from First Citizens BancShares’s previous quarterly dividend of $1.95. This represents a $8.40 annualized dividend and a dividend yield of 0.4%. First Citizens BancShares’s dividend payout ratio is 4.97%.

About First Citizens BancShares

First Citizens BancShares, Inc is the bank holding company for First Citizens Bank, a full‑service commercial bank headquartered in Raleigh, North Carolina. The company traces its roots to a community bank founded in 1898 and has grown into a diversified financial services organization that operates through its banking subsidiary to serve retail, commercial and institutional clients.

First Citizens offers a broad suite of banking products and services, including consumer and business deposit accounts, commercial and industrial lending, real estate and mortgage lending, treasury and cash management, and specialized lending solutions.