Fifth Third Bancorp Grows Position in First Citizens BancShares, Inc. $FCNCA

Fifth Third Bancorp grew its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 6,425.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,305 shares of the bank’s stock after acquiring an additional 1,285 shares during the quarter. Fifth Third Bancorp’s holdings in First Citizens BancShares were worth $2,459,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of the company. Allworth Financial LP lifted its holdings in shares of First Citizens BancShares by 21.7% in the 3rd quarter. Allworth Financial LP now owns 28 shares of the bank’s stock valued at $51,000 after acquiring an additional 5 shares during the last quarter. MBL Wealth LLC increased its stake in First Citizens BancShares by 0.8% during the fourth quarter. MBL Wealth LLC now owns 622 shares of the bank’s stock worth $1,335,000 after acquiring an additional 5 shares during the last quarter. Venturi Wealth Management LLC increased its stake in First Citizens BancShares by 2.6% during the first quarter. Venturi Wealth Management LLC now owns 233 shares of the bank’s stock worth $439,000 after acquiring an additional 6 shares during the last quarter. Corient Private Wealth LLC raised its position in First Citizens BancShares by 0.6% during the second 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. Finally, Kingswood Wealth Advisors LLC raised its position in First Citizens BancShares by 3.0% during the fourth quarter. Kingswood Wealth Advisors LLC now owns 242 shares of the bank’s stock valued at $519,000 after purchasing an additional 7 shares during the period. 78.01% of the stock is owned by hedge funds and other institutional investors.

First Citizens BancShares Price Performance

Shares of FCNCA stock opened at $2,071.16 on Wednesday. The stock has a 50 day moving average price of $2,050.59 and a 200 day moving average price of $2,017.46. First Citizens BancShares, Inc. has a 52-week low of $1,623.76 and a 52-week high of $2,232.21. The company has a debt-to-equity ratio of 1.67, a quick ratio of 1.00 and a current ratio of 1.00. The firm has a market capitalization of $24.00 billion, a P/E ratio of 11.91, a P/E/G ratio of 1.57 and a beta of 0.62.

First Citizens BancShares (NASDAQ:FCNCA) last released its earnings results on Thursday, April 23rd. The bank reported $44.86 earnings per share for the quarter, topping analysts’ consensus estimates of $43.31 by $1.55. First Citizens BancShares had a return on equity of 11.48% and a net margin of 15.62%.The business had revenue of $2.14 billion for the quarter, compared to analyst estimates of $2.20 billion. During the same quarter last year, the firm posted $37.79 earnings per share. As a group, sell-side analysts predict that First Citizens BancShares, Inc. will post 177.18 earnings per share for the current year.

Insider Activity at First Citizens BancShares

In related news, CEO Frank B. Holding, Jr. purchased 5,940 shares of First Citizens BancShares stock in a transaction that occurred on Tuesday, May 12th. The shares were bought at an average price of $1,726.82 per share, with a total value of $10,257,310.80. Following the purchase, the chief executive officer directly owned 38,111 shares of the company’s stock, valued at approximately $65,810,837.02. This represents a 18.46% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have bought 7,190 shares of company stock valued at $12,573,868 in the last quarter. Corporate insiders own 14.63% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on FCNCA. The Goldman Sachs Group lifted their target price on First Citizens BancShares from $2,100.00 to $2,340.00 and gave the stock a “neutral” rating in a report on Tuesday, July 7th. Fundamental Research set a $2,350.00 price target on First Citizens BancShares in a report on Wednesday, July 1st. TD Cowen lowered their price target on First Citizens BancShares from $2,500.00 to $2,300.00 and set a “buy” rating for the company in a research report on Monday, April 27th. JPMorgan Chase & Co. lifted their price objective on shares of First Citizens BancShares from $2,150.00 to $2,350.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 1st. Finally, Citigroup cut shares of First Citizens BancShares from a “neutral” rating to a “market perform” rating in a research report on Thursday, July 9th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $2,247.08.

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.