Harvest Fund Management Co. Ltd Purchases 29 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Harvest Fund Management Co. Ltd boosted its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 362.5% in the 4th quarter, HoldingsChannel.com reports. The firm owned 37 shares of the bank’s stock after buying an additional 29 shares during the period. Harvest Fund Management Co. Ltd’s holdings in First Citizens BancShares were worth $52,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in FCNCA. CWM LLC boosted its stake in First Citizens BancShares by 35.5% in the 3rd quarter. CWM LLC now owns 187 shares of the bank’s stock valued at $257,000 after purchasing an additional 49 shares during the period. UMB Bank n.a. lifted its position in shares of First Citizens BancShares by 1,040.0% during the 3rd quarter. UMB Bank n.a. now owns 57 shares of the bank’s stock valued at $79,000 after acquiring an additional 52 shares during the period. U.S. Capital Wealth Advisors LLC bought a new stake in shares of First Citizens BancShares during the 3rd quarter valued at $1,380,000. Commonwealth Equity Services LLC lifted its position in shares of First Citizens BancShares by 4.1% during the 3rd quarter. Commonwealth Equity Services LLC now owns 303 shares of the bank’s stock valued at $419,000 after acquiring an additional 12 shares during the period. Finally, Xponance Inc. lifted its position in shares of First Citizens BancShares by 6.0% during the 3rd quarter. Xponance Inc. now owns 548 shares of the bank’s stock valued at $756,000 after acquiring an additional 31 shares during the period. 61.18% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director Ellen R. Alemany sold 600 shares of the stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $1,559.09, for a total value of $935,454.00. Following the completion of the sale, the director now owns 4,842 shares of the company’s stock, valued at $7,549,113.78. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other First Citizens BancShares news, insider Hope Holding Bryant bought 300 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The stock was acquired at an average price of $1,315.00 per share, with a total value of $394,500.00. Following the completion of the purchase, the insider now directly owns 1,978 shares of the company’s stock, valued at approximately $2,601,070. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Ellen R. Alemany sold 600 shares of the firm’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $1,559.09, for a total value of $935,454.00. Following the sale, the director now directly owns 4,842 shares of the company’s stock, valued at approximately $7,549,113.78. The disclosure for this sale can be found here. Over the last quarter, insiders purchased 1,388 shares of company stock valued at $1,825,220. Company insiders own 13.40% of the company’s stock.

Analysts Set New Price Targets

FCNCA has been the subject of a number of recent analyst reports. StockNews.com downgraded First Citizens BancShares from a “hold” rating to a “sell” rating in a research report on Wednesday, April 3rd. DA Davidson reiterated a “neutral” rating and set a $1,650.00 target price (up from $1,600.00) on shares of First Citizens BancShares in a research report on Monday, April 15th. UBS Group upped their target price on First Citizens BancShares from $1,644.00 to $1,754.00 and gave the company a “buy” rating in a research report on Tuesday, January 30th. Wedbush reiterated an “outperform” rating and set a $1,800.00 target price on shares of First Citizens BancShares in a research report on Monday, January 29th. Finally, Piper Sandler downgraded First Citizens BancShares from an “overweight” rating to a “neutral” rating and upped their price objective for the stock from $1,850.00 to $1,950.00 in a research report on Friday. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $1,829.90.

First Citizens BancShares Price Performance

Shares of FCNCA opened at $1,754.50 on Friday. First Citizens BancShares, Inc. has a 12-month low of $945.32 and a 12-month high of $1,810.03. The business has a 50-day simple moving average of $1,578.09 and a two-hundred day simple moving average of $1,477.46. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 1.82. The stock has a market cap of $25.48 billion, a PE ratio of 9.74 and a beta of 0.89.

First Citizens BancShares (NASDAQ:FCNCA) last issued its earnings results on Friday, January 26th. The bank reported $46.58 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $48.49 by ($1.91). First Citizens BancShares had a return on equity of 15.75% and a net margin of 18.22%. The firm had revenue of $2.45 billion during the quarter, compared to analyst estimates of $2.36 billion. Analysts anticipate that First Citizens BancShares, Inc. will post 179.92 earnings per share for the current fiscal year.

First Citizens BancShares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Friday, May 31st will be paid a $1.64 dividend. The ex-dividend date of this dividend is Thursday, May 30th. This represents a $6.56 annualized dividend and a dividend yield of 0.37%. First Citizens BancShares’s payout ratio 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.