First Citizens BancShares, Inc. (NASDAQ:FCNCA) Shares Sold by FORVIS Wealth Advisors LLC

FORVIS Wealth Advisors LLC reduced its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 37.6% in the 1st quarter, Holdings Channel reports. The firm owned 708 shares of the bank’s stock after selling 426 shares during the period. FORVIS Wealth Advisors LLC’s holdings in First Citizens BancShares were worth $1,157,000 as of its most recent filing with the SEC.

A number of other large investors have also recently made changes to their positions in the company. Mariner LLC increased its stake in First Citizens BancShares by 49.5% in the third quarter. Mariner LLC now owns 713 shares of the bank’s stock valued at $985,000 after purchasing an additional 236 shares during the period. Stifel Financial Corp raised its stake in First Citizens BancShares by 21.0% during the 3rd quarter. Stifel Financial Corp now owns 2,622 shares of the bank’s stock valued at $3,619,000 after acquiring an additional 455 shares during the last quarter. Federated Hermes Inc. lifted its position in First Citizens BancShares by 60.0% during the 3rd quarter. Federated Hermes Inc. now owns 56 shares of the bank’s stock worth $77,000 after acquiring an additional 21 shares during the period. Bank of Nova Scotia lifted its position in First Citizens BancShares by 23.7% during the 3rd quarter. Bank of Nova Scotia now owns 245 shares of the bank’s stock worth $338,000 after acquiring an additional 47 shares during the period. Finally, Alps Advisors Inc. purchased a new position in shares of First Citizens BancShares in the 3rd quarter valued at approximately $345,000. 61.18% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other First Citizens BancShares news, Director Ellen R. Alemany sold 1,000 shares of First Citizens BancShares stock in a transaction dated Friday, April 26th. The shares were sold at an average price of $1,766.24, for a total transaction of $1,766,240.00. Following the completion of the transaction, the director now owns 2,335 shares in the company, valued at $4,124,170.40. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other First Citizens BancShares news, Director Ellen R. Alemany sold 1,000 shares of the firm’s stock in a transaction on Friday, April 26th. The stock was sold at an average price of $1,766.24, for a total transaction of $1,766,240.00. Following the completion of the transaction, the director now owns 2,335 shares of the company’s stock, valued at $4,124,170.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Ellen R. Alemany sold 516 shares of the business’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $1,750.00, for a total value of $903,000.00. Following the completion of the transaction, the director now directly owns 819 shares of the company’s stock, valued at $1,433,250. The disclosure for this sale can be found here. Insiders sold a total of 3,000 shares of company stock worth $5,273,568 over the last 90 days. 12.85% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

FCNCA has been the subject of several analyst reports. The Goldman Sachs Group started coverage on First Citizens BancShares in a research note on Thursday, March 21st. They set a “buy” rating and a $1,950.00 price target for the company. Piper Sandler cut shares of First Citizens BancShares from an “overweight” rating to a “neutral” rating and raised their target price for the stock from $1,850.00 to $1,950.00 in a research note on Friday, April 26th. DA Davidson reaffirmed a “neutral” rating and issued a $1,650.00 target price (up previously from $1,600.00) on shares of First Citizens BancShares in a report on Monday, April 15th. StockNews.com raised shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a report on Monday, April 29th. Finally, Keefe, Bruyette & Woods restated an “outperform” rating and issued a $2,100.00 price objective (up previously from $1,900.00) on shares of First Citizens BancShares in a research report on Friday, April 26th. Five analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, First Citizens BancShares has a consensus rating of “Moderate Buy” and an average target price of $1,842.40.

First Citizens BancShares Price Performance

FCNCA traded down $12.10 on Thursday, hitting $1,716.10. 41,332 shares of the company were exchanged, compared to its average volume of 73,182. First Citizens BancShares, Inc. has a fifty-two week low of $1,241.05 and a fifty-two week high of $1,810.03. The company has a debt-to-equity ratio of 1.77, a quick ratio of 1.10 and a current ratio of 1.10. The firm has a market capitalization of $24.93 billion, a P/E ratio of 9.53 and a beta of 0.83. The business’s fifty day moving average is $1,705.12 and its 200 day moving average is $1,580.93.

First Citizens BancShares (NASDAQ:FCNCA) last announced its quarterly earnings results on Thursday, April 25th. The bank reported $52.92 EPS for the quarter, topping the consensus estimate of $44.27 by $8.65. First Citizens BancShares had a return on equity of 15.48% and a net margin of 18.22%. The business had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.30 billion. As a group, sell-side analysts anticipate that First Citizens BancShares, Inc. will post 190.55 EPS for the current year.

First Citizens BancShares Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 17th. Shareholders of record on Friday, May 31st were issued a $1.64 dividend. This represents a $6.56 annualized dividend and a yield of 0.38%. The ex-dividend date of this dividend was Friday, May 31st. First Citizens BancShares’s dividend payout ratio (DPR) is 3.64%.

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.