Bank of New York Mellon Corp Sells 11,464 Shares of First Citizens BancShares, Inc. $FCNCA

Bank of New York Mellon Corp decreased its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 21.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 41,554 shares of the bank’s stock after selling 11,464 shares during the period. Bank of New York Mellon Corp owned approximately 0.35% of First Citizens BancShares worth $78,315,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Goldman Sachs Group Inc. boosted its position in shares of First Citizens BancShares by 1.9% during the first quarter. Goldman Sachs Group Inc. now owns 37,389 shares of the bank’s stock worth $69,324,000 after buying an additional 681 shares during the period. Empowered Funds LLC raised its position in First Citizens BancShares by 71.9% in the 1st quarter. Empowered Funds LLC now owns 392 shares of the bank’s stock valued at $727,000 after buying an additional 164 shares during the last quarter. Focus Partners Wealth raised its position in First Citizens BancShares by 5.2% in the 1st quarter. Focus Partners Wealth now owns 241 shares of the bank’s stock valued at $447,000 after buying an additional 12 shares during the last quarter. EverSource Wealth Advisors LLC lifted its stake in First Citizens BancShares by 31.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 88 shares of the bank’s stock valued at $172,000 after acquiring an additional 21 shares in the last quarter. Finally, Flow Traders U.S. LLC bought a new stake in First Citizens BancShares in the 2nd quarter valued at approximately $260,000. 78.01% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

FCNCA has been the subject of several research reports. Citigroup cut shares of First Citizens BancShares from a “neutral” rating to a “market perform” rating in a research note on Thursday, July 9th. Fundamental Research set a $2,350.00 target price on shares of First Citizens BancShares in a report on Wednesday, July 1st. TD Cowen lowered their price target on shares of First Citizens BancShares from $2,500.00 to $2,300.00 and set a “buy” rating on the stock in a research note on Monday, April 27th. Wall Street Zen upgraded shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a research note on Saturday, June 27th. Finally, The Goldman Sachs Group boosted their price target on shares of First Citizens BancShares from $2,100.00 to $2,340.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 7th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and ten have given a Hold rating to the company’s stock. According to data from MarketBeat.com, First Citizens BancShares presently has an average rating of “Hold” and an average price target of $2,247.08.

Insider Activity at First Citizens BancShares

In other news, CEO Frank B. Holding, Jr. acquired 5,940 shares of the firm’s stock in a transaction that occurred on Tuesday, May 12th. The shares were acquired at an average cost of $1,726.82 per share, with a total value of $10,257,310.80. Following the completion of the purchase, the chief executive officer directly owned 38,111 shares of the company’s stock, valued at $65,810,837.02. The trade was a 18.46% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In the last ninety days, insiders have purchased 7,190 shares of company stock valued at $12,573,868. 14.63% of the stock is currently owned by insiders.

First Citizens BancShares Stock Down 0.2%

FCNCA stock opened at $2,071.16 on Wednesday. The company has a debt-to-equity ratio of 1.67, a current ratio of 1.00 and a quick ratio of 1.00. The business’s fifty day moving average price is $2,050.59 and its two-hundred day moving average price is $2,017.46. First Citizens BancShares, Inc. has a fifty-two week low of $1,623.76 and a fifty-two week high of $2,232.21. The stock has a market capitalization of $24.00 billion, a price-to-earnings ratio of 11.91, a PEG ratio of 1.57 and a beta of 0.62.

First Citizens BancShares (NASDAQ:FCNCA) last announced its earnings results on Thursday, April 23rd. The bank reported $44.86 EPS for the quarter, topping the consensus estimate of $43.31 by $1.55. The company had revenue of $2.14 billion for the quarter, compared to analysts’ expectations of $2.20 billion. First Citizens BancShares had a net margin of 15.62% and a return on equity of 11.48%. During the same period last year, the firm earned $37.79 earnings per share. On average, equities analysts anticipate that First Citizens BancShares, Inc. will post 177.18 earnings per share for the current year.

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.