Envestnet Portfolio Solutions Inc. Buys 73 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Envestnet Portfolio Solutions Inc. lifted its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 45.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 235 shares of the bank’s stock after acquiring an additional 73 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in First Citizens BancShares were worth $496,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Landscape Capital Management L.L.C. purchased a new stake in shares of First Citizens BancShares during the third quarter valued at approximately $260,000. Charles Schwab Investment Management Inc. grew its stake in First Citizens BancShares by 2.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 47,156 shares of the bank’s stock valued at $86,812,000 after purchasing an additional 1,339 shares during the period. Cerity Partners LLC increased its position in shares of First Citizens BancShares by 34.0% during the 3rd quarter. Cerity Partners LLC now owns 1,290 shares of the bank’s stock valued at $2,375,000 after purchasing an additional 327 shares during the last quarter. Summit Trail Advisors LLC raised its stake in shares of First Citizens BancShares by 9.2% during the 3rd quarter. Summit Trail Advisors LLC now owns 202 shares of the bank’s stock worth $373,000 after purchasing an additional 17 shares during the period. Finally, Daiwa Securities Group Inc. boosted its holdings in shares of First Citizens BancShares by 8.3% in the 3rd quarter. Daiwa Securities Group Inc. now owns 2,227 shares of the bank’s stock worth $4,099,000 after buying an additional 170 shares during the last quarter. Hedge funds and other institutional investors own 78.01% of the company’s stock.

Insider Buying and Selling

In other news, CFO Craig L. Nix bought 17 shares of the business’s stock in a transaction on Friday, March 7th. The stock was acquired at an average price of $1,881.13 per share, with a total value of $31,979.21. Following the completion of the purchase, the chief financial officer now directly owns 1,141 shares in the company, valued at $2,146,369.33. This represents a 1.51 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 13.40% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on FCNCA shares. Keefe, Bruyette & Woods boosted their target price on shares of First Citizens BancShares from $2,500.00 to $2,600.00 and gave the company an “outperform” rating in a research note on Monday, January 27th. JPMorgan Chase & Co. upped their price objective on First Citizens BancShares from $2,550.00 to $2,600.00 and gave the company an “overweight” rating in a research note on Tuesday, January 7th. The Goldman Sachs Group reduced their price objective on First Citizens BancShares from $2,535.00 to $2,200.00 and set a “buy” rating for the company in a report on Tuesday, March 18th. StockNews.com upgraded First Citizens BancShares from a “sell” rating to a “hold” rating in a research note on Saturday, February 1st. Finally, Piper Sandler upgraded First Citizens BancShares from a “neutral” rating to an “overweight” rating and set a $2,250.00 price target for the company in a research note on Tuesday, March 11th. Six research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, First Citizens BancShares has an average rating of “Moderate Buy” and an average price target of $2,288.08.

First Citizens BancShares Price Performance

Shares of NASDAQ FCNCA opened at $1,892.29 on Wednesday. The stock’s 50-day simple moving average is $2,043.67 and its two-hundred day simple moving average is $2,055.22. First Citizens BancShares, Inc. has a twelve month low of $1,518.00 and a twelve month high of $2,412.93. The firm has a market capitalization of $25.69 billion, a P/E ratio of 9.99, a P/E/G ratio of 0.94 and a beta of 0.81. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.68.

First Citizens BancShares (NASDAQ:FCNCA) last posted its quarterly earnings data on Friday, January 24th. The bank reported $45.10 earnings per share for the quarter, topping the consensus estimate of $39.32 by $5.78. First Citizens BancShares had a net margin of 18.55% and a return on equity of 13.22%. As a group, equities analysts anticipate that First Citizens BancShares, Inc. will post 167.59 EPS for the current fiscal year.

First Citizens BancShares Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Friday, February 28th were issued a dividend of $1.95 per share. This represents a $7.80 dividend on an annualized basis and a dividend yield of 0.41%. The ex-dividend date was Friday, February 28th. First Citizens BancShares’s dividend payout ratio is currently 4.12%.

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.