Cynosure Group LLC Cuts Stock Holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Cynosure Group LLC cut its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 23.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 430 shares of the bank’s stock after selling 133 shares during the period. Cynosure Group LLC’s holdings in First Citizens BancShares were worth $909,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. The Manufacturers Life Insurance Company grew its holdings in First Citizens BancShares by 16.6% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 6,628 shares of the bank’s stock valued at $12,202,000 after buying an additional 946 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of First Citizens BancShares by 6.0% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,162 shares of the bank’s stock valued at $3,980,000 after purchasing an additional 123 shares during the last quarter. Martingale Asset Management L P bought a new stake in shares of First Citizens BancShares in the 3rd quarter valued at about $258,000. Edgestream Partners L.P. boosted its stake in shares of First Citizens BancShares by 285.2% during the third quarter. Edgestream Partners L.P. now owns 1,275 shares of the bank’s stock valued at $2,347,000 after purchasing an additional 944 shares during the period. Finally, Benjamin Edwards Inc. boosted its position in First Citizens BancShares by 49.0% during the 3rd quarter. Benjamin Edwards Inc. now owns 362 shares of the bank’s stock valued at $667,000 after buying an additional 119 shares during the period. 78.01% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

FCNCA has been the subject of a number of research reports. StockNews.com raised shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a research note on Saturday, February 1st. Truist Financial boosted their target price on shares of First Citizens BancShares from $2,303.00 to $2,384.00 and gave the company a “hold” rating in a research note on Wednesday, January 29th. JPMorgan Chase & Co. lifted their price target on shares of First Citizens BancShares from $2,550.00 to $2,600.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 7th. Deutsche Bank Aktiengesellschaft began coverage on shares of First Citizens BancShares in a report on Monday, December 9th. They issued a “buy” rating and a $2,600.00 target price for the company. Finally, Piper Sandler raised First Citizens BancShares from a “neutral” rating to an “overweight” rating and set a $2,250.00 target price on the stock in a research note on Tuesday, March 11th. Six equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $2,288.08.

First Citizens BancShares Trading Down 1.7 %

Shares of NASDAQ FCNCA opened at $1,823.47 on Wednesday. First Citizens BancShares, Inc. has a fifty-two week low of $1,518.00 and a fifty-two week high of $2,412.93. The company has a debt-to-equity ratio of 1.68, a quick ratio of 1.08 and a current ratio of 1.08. The company has a market cap of $24.76 billion, a price-to-earnings ratio of 9.63, a PEG ratio of 0.94 and a beta of 0.81. The business’s 50 day moving average price is $2,010.73 and its 200-day moving average price is $2,055.68.

First Citizens BancShares (NASDAQ:FCNCA) last released its earnings results on Friday, January 24th. The bank reported $45.10 earnings per share for the quarter, topping analysts’ consensus estimates of $39.32 by $5.78. First Citizens BancShares had a return on equity of 13.22% and a net margin of 18.55%. On average, sell-side analysts expect that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current year.

First Citizens BancShares Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Friday, February 28th were issued a dividend of $1.95 per share. The ex-dividend date was Friday, February 28th. This represents a $7.80 annualized dividend and a yield of 0.43%. First Citizens BancShares’s payout ratio is currently 4.12%.

Insider Activity

In related news, CFO Craig L. Nix acquired 17 shares of the firm’s stock in a transaction that occurred on Friday, March 7th. The stock was purchased at an average cost of $1,881.13 per share, for a total transaction of $31,979.21. Following the purchase, the chief financial officer now directly owns 1,141 shares of the company’s stock, valued at $2,146,369.33. This trade represents a 1.51 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 13.40% of the company’s stock.

About First Citizens BancShares

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.