Sheets Smith Wealth Management Buys 14 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Sheets Smith Wealth Management lifted its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 0.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 3,914 shares of the bank’s stock after acquiring an additional 14 shares during the quarter. Sheets Smith Wealth Management’s holdings in First Citizens BancShares were worth $5,554,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Blue Trust Inc. increased its position in First Citizens BancShares by 100.0% during the 4th quarter. Blue Trust Inc. now owns 20 shares of the bank’s stock valued at $27,000 after purchasing an additional 10 shares during the period. GAMMA Investing LLC purchased a new position in First Citizens BancShares during the fourth quarter valued at approximately $30,000. Lindbrook Capital LLC raised its stake in First Citizens BancShares by 53.3% in the third quarter. Lindbrook Capital LLC now owns 23 shares of the bank’s stock worth $32,000 after buying an additional 8 shares in the last quarter. Harvest Fund Management Co. Ltd lifted its holdings in First Citizens BancShares by 362.5% during the fourth quarter. Harvest Fund Management Co. Ltd now owns 37 shares of the bank’s stock worth $52,000 after buying an additional 29 shares during the period. Finally, Benjamin F. Edwards & Company Inc. purchased a new stake in First Citizens BancShares during the fourth quarter worth $65,000. Institutional investors own 61.18% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Barclays lifted their price objective on shares of First Citizens BancShares from $1,850.00 to $1,950.00 and gave the stock an “equal weight” rating in a research report on Friday, April 26th. Wedbush reiterated an “outperform” rating and issued a $1,800.00 price target on shares of First Citizens BancShares in a research note on Monday, January 29th. UBS Group boosted their price target on First Citizens BancShares from $1,644.00 to $1,754.00 and gave the stock a “buy” rating in a research note on Tuesday, January 30th. Piper Sandler lowered shares of First Citizens BancShares from an “overweight” rating to a “neutral” rating and increased their price objective for the company from $1,850.00 to $1,950.00 in a research report on Friday, April 26th. Finally, DA Davidson reiterated a “neutral” rating and issued a $1,650.00 target price (up from $1,600.00) on shares of First Citizens BancShares in a research note on Monday, April 15th. Six analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, First Citizens BancShares has an average rating of “Moderate Buy” and a consensus price target of $1,829.90.

First Citizens BancShares Trading Down 0.2 %

First Citizens BancShares stock traded down $3.50 during trading on Friday, reaching $1,710.00. 62,387 shares of the company were exchanged, compared to its average volume of 82,503. The company has a debt-to-equity ratio of 1.82, a current ratio of 1.14 and a quick ratio of 1.14. The stock’s 50 day simple moving average is $1,600.68 and its two-hundred day simple moving average is $1,493.30. The company has a market capitalization of $24.83 billion, a P/E ratio of 9.49 and a beta of 0.86. First Citizens BancShares, Inc. has a 52-week low of $945.32 and a 52-week high of $1,810.03.

First Citizens BancShares Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Friday, May 31st will be given a $1.64 dividend. The ex-dividend date of this dividend is Thursday, May 30th. This represents a $6.56 dividend on an annualized basis and a yield of 0.38%. First Citizens BancShares’s dividend payout ratio is currently 3.64%.

Insider Activity

In related news, major shareholder Olivia Britton Holding bought 466 shares of the stock in a transaction on Tuesday, February 20th. The stock was bought at an average price of $1,315.00 per share, with a total value of $612,790.00. Following the completion of the purchase, the insider now directly owns 121,694 shares in the company, valued at approximately $160,027,610. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO Frank B. Holding, Jr. bought 622 shares of the firm’s stock in a transaction that occurred on Tuesday, February 20th. The shares were purchased at an average price of $1,315.00 per share, with a total value of $817,930.00. Following the purchase, the chief executive officer now owns 97,609 shares in the company, valued at $128,355,835. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Olivia Britton Holding bought 466 shares of the company’s stock in a transaction on Tuesday, February 20th. The stock was purchased at an average cost of $1,315.00 per share, with a total value of $612,790.00. Following the completion of the transaction, the insider now owns 121,694 shares in the company, valued at $160,027,610. The disclosure for this purchase can be found here. In the last quarter, insiders have acquired 1,388 shares of company stock valued at $1,825,220 and have sold 2,600 shares valued at $4,458,964. Corporate insiders own 13.40% of the company’s stock.

First Citizens BancShares Profile

First Citizens BancShares, Inc operates as the holding company for First-Citizens Bank & Trust Company that provides retail and commercial banking services to individuals, businesses, and professionals. The company's deposit products include checking, savings, money market, and time deposit accounts.