Allstate Corp Buys Shares of 312 First Citizens BancShares, Inc. $FCNCA

Allstate Corp purchased a new position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 312 shares of the bank’s stock, valued at approximately $558,000.

A number of other large investors have also modified their holdings of FCNCA. Allworth Financial LP boosted its stake in First Citizens BancShares by 35.3% during the 2nd quarter. Allworth Financial LP now owns 23 shares of the bank’s stock valued at $45,000 after purchasing an additional 6 shares during the period. Personal CFO Solutions LLC raised its holdings 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 valued at $305,000 after buying an additional 6 shares during the last quarter. Corient Private Wealth LLC boosted its position in shares of First Citizens BancShares by 0.6% during the second quarter. Corient Private Wealth LLC now owns 1,049 shares of the bank’s stock worth $2,051,000 after buying an additional 6 shares during the period. US Bancorp DE grew 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 buying an additional 7 shares in the last quarter. Finally, Greenleaf Trust grew its holdings 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 buying an additional 8 shares in the last quarter. Institutional investors and hedge funds own 78.01% of the company’s stock.

First Citizens BancShares Stock Up 1.0%

Shares of NASDAQ:FCNCA opened at $2,203.53 on Friday. 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 debt-to-equity ratio of 1.81, a quick ratio of 1.03 and a current ratio of 1.03. The company has a market capitalization of $27.41 billion, a PE ratio of 13.03 and a beta of 0.69. The company has a 50 day moving average price of $2,055.25 and a two-hundred day moving average price of $1,954.09.

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

Analysts Set New Price Targets

FCNCA has been the topic of several recent analyst reports. Keefe, Bruyette & Woods cut their target price on First Citizens BancShares from $2,100.00 to $2,050.00 and set an “outperform” rating on the stock in a research note on Friday, October 24th. Citigroup lifted their price objective on shares of First Citizens BancShares from $2,000.00 to $2,250.00 and gave the company a “neutral” rating in a research note on Tuesday, December 30th. 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 objective for the company. in a report on Tuesday, January 6th. Raymond James Financial raised shares of First Citizens BancShares from an “outperform” rating to a “strong-buy” rating and raised their target price for the company from $2,100.00 to $2,200.00 in a research note on Thursday, November 20th. Finally, JPMorgan Chase & Co. boosted their price target on shares of First Citizens BancShares from $2,300.00 to $2,500.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 16th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, First Citizens BancShares has an average rating of “Moderate Buy” and an average target price of $2,250.55.

Insider Buying and Selling at First Citizens BancShares

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. bought 135 shares of First Citizens BancShares stock in a transaction on Wednesday, November 26th. The shares were purchased at an average cost of $1,629.67 per share, for a total transaction of $220,005.45. Following the completion of the acquisition, the chief executive officer owned 2,527 shares in the company, valued at approximately $4,118,176.09. The trade was a 5.64% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Ellen R. Alemany bought 300 shares of the firm’s stock in a transaction on Thursday, November 13th. The stock was acquired at an average cost of $1,000.00 per share, with a total value of $300,000.00. Following the completion of the purchase, the director owned 300 shares of the company’s stock, valued at approximately $300,000. This trade represents a ∞ increase in their position. The SEC filing for this purchase provides additional information. Company insiders own 13.40% of the company’s stock.

First Citizens BancShares 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.