Envestnet Asset Management Inc. Increases Position in First Citizens BancShares, Inc. $FCNCA

Envestnet Asset Management Inc. increased its position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 2.1% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 16,945 shares of the bank’s stock after purchasing an additional 342 shares during the period. Envestnet Asset Management Inc. owned 0.13% of First Citizens BancShares worth $30,317,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of FCNCA. Allworth Financial LP raised its holdings in First Citizens BancShares by 35.3% during the second quarter. Allworth Financial LP now owns 23 shares of the bank’s stock valued at $45,000 after acquiring an additional 6 shares during the period. Personal CFO Solutions LLC grew its position in shares of First Citizens BancShares by 4.0% during the second quarter. Personal CFO Solutions LLC now owns 156 shares of the bank’s stock worth $305,000 after purchasing an additional 6 shares in the last quarter. Corient Private Wealth LLC raised its stake in First Citizens BancShares by 0.6% during the 2nd quarter. Corient Private Wealth LLC now owns 1,049 shares of the bank’s stock valued at $2,051,000 after purchasing an additional 6 shares during the period. US Bancorp DE lifted its holdings in First Citizens BancShares by 0.8% in the 2nd quarter. US Bancorp DE now owns 873 shares of the bank’s stock worth $1,708,000 after purchasing an additional 7 shares in the last quarter. Finally, Greenleaf Trust boosted its stake in First Citizens BancShares by 2.0% in the 3rd quarter. Greenleaf Trust now owns 416 shares of the bank’s stock worth $744,000 after purchasing an additional 8 shares during the period. Institutional investors own 78.01% of the company’s stock.

First Citizens BancShares Stock Down 4.7%

Shares of NASDAQ FCNCA opened at $2,003.76 on Friday. First Citizens BancShares, Inc. has a 12-month low of $1,473.62 and a 12-month high of $2,232.21. The stock’s fifty day simple moving average is $2,115.65 and its two-hundred day simple moving average is $1,949.97. The stock has a market capitalization of $24.93 billion, a PE ratio of 12.09 and a beta of 0.70. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.81.

First Citizens BancShares (NASDAQ:FCNCA) last posted its earnings results on Friday, January 23rd. The bank reported $51.27 EPS for the quarter, beating analysts’ consensus estimates of $44.24 by $7.03. The company had revenue of $1.67 billion during the quarter, compared to analysts’ expectations of $2.24 billion. First Citizens BancShares had a net margin of 15.21% and a return on equity of 11.12%. As a group, analysts expect that First Citizens BancShares, Inc. will post 167.59 EPS for the current fiscal year.

First Citizens BancShares Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 16th. Investors of record on Friday, February 27th will be issued a dividend of $2.10 per share. This represents a $8.40 annualized dividend and a dividend yield of 0.4%. The ex-dividend date of this dividend is Friday, February 27th. First Citizens BancShares’s dividend payout ratio (DPR) is 5.07%.

Analyst Upgrades and Downgrades

FCNCA has been the subject of several research analyst reports. Citigroup restated a “buy” rating on shares of First Citizens BancShares in a report on Monday, January 26th. Truist Financial boosted their price target on shares of First Citizens BancShares from $2,050.00 to $2,150.00 and gave the stock a “hold” rating in a research report on Monday, January 26th. The Goldman Sachs Group downgraded shares of First Citizens BancShares from a “buy” rating to a “hold” rating and set a $2,300.00 price target on the stock. in a research note on Tuesday, January 6th. UBS Group set a $2,325.00 price objective on shares of First Citizens BancShares in a research note on Wednesday, February 4th. Finally, Raymond James Financial upgraded shares of First Citizens BancShares from an “outperform” rating to a “strong-buy” rating and upped their target price for the company from $2,100.00 to $2,200.00 in a research report on Thursday, November 20th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $2,238.27.

Insider Activity

In related news, CEO Frank B. Holding, Jr. purchased 135 shares of First Citizens BancShares stock in a transaction that occurred on Wednesday, November 26th. The stock was bought at an average cost of $1,629.67 per share, for a total transaction of $220,005.45. Following the completion of the transaction, the chief executive officer owned 2,527 shares in the company, valued at $4,118,176.09. The trade was a 5.64% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. 13.40% of the stock is currently owned by company insiders.

First Citizens BancShares Company Profile

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.