Fulcrum Asset Management LLP Buys 355 Shares of First Citizens BancShares, Inc. $FCNCA

Fulcrum Asset Management LLP bought a new position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 355 shares of the bank’s stock, valued at approximately $736,000.

Other large investors have also recently modified their holdings of the company. Dimensional Fund Advisors LP increased its stake in shares of First Citizens BancShares by 1.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 125,947 shares of the bank’s stock valued at $237,333,000 after purchasing an additional 1,886 shares during the last quarter. Allspring Global Investments Holdings LLC increased its holdings in First Citizens BancShares by 2.4% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 94,938 shares of the bank’s stock worth $196,854,000 after purchasing an additional 2,239 shares in the last quarter. Reinhart Partners LLC. increased its stake in shares of First Citizens BancShares by 7.5% in the second quarter. Reinhart Partners LLC. now owns 84,206 shares of the bank’s stock valued at $175,253,000 after buying an additional 5,909 shares during the period. First Trust Advisors LP raised its stake in shares of First Citizens BancShares by 44.7% during the first quarter. First Trust Advisors LP now owns 43,247 shares of the bank’s stock valued at $81,506,000 after acquiring an additional 13,366 shares during the last quarter. Finally, California Public Employees Retirement System lifted its holdings in First Citizens BancShares by 5.0% during the 1st quarter. California Public Employees Retirement System now owns 18,990 shares of the bank’s stock worth $35,790,000 after buying an additional 904 shares during the period. Institutional investors and hedge funds own 78.01% of the company’s stock.

Insider Buying and Selling

In other news, Director Diane E. Morais purchased 50 shares of the business’s stock in a transaction that occurred on Wednesday, August 19th. The shares were acquired at an average cost of $2,168.11 per share, for a total transaction of $108,405.50. Following the completion of the acquisition, the director owned 100 shares in the company, valued at $216,811. This trade represents a 100.00% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Olivia Britton Holding sold 7,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $19.53, for a total value of $136,710.00. Following the completion of the transaction, the insider directly owned 15,000 shares of the company’s stock, valued at approximately $292,950. This represents a 31.82% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 14.63% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of brokerages have recently issued reports on FCNCA. UBS Group restated a “neutral” rating and set a $2,475.00 price objective on shares of First Citizens BancShares in a research report on Monday, October 26th. Jefferies Financial Group restated a “hold” rating and issued a $2,550.00 price target on shares of First Citizens BancShares in a research report on Friday, October 23rd. Citigroup restated a “neutral” rating on shares of First Citizens BancShares in a research report on Thursday, October 1st. Weiss Ratings raised shares of First Citizens BancShares from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, October 16th. Finally, JPMorgan Chase & Co. cut shares of First Citizens BancShares from a “neutral” rating to an “underweight” rating and decreased their price objective for the stock from $2,300.00 to $2,200.00 in a research report on Monday, October 26th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $2,355.31.

First Citizens BancShares Price Performance

FCNCA stock opened at $2,317.86 on Friday. The company’s 50-day moving average is $2,176.11 and its 200-day moving average is $2,072.96. The stock has a market capitalization of $26.17 billion, a PE ratio of 11.10, a price-to-earnings-growth ratio of 1.18 and a beta of 0.61. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.95 and a quick ratio of 1.00. First Citizens BancShares, Inc. has a 1 year low of $1,759.27 and a 1 year high of $2,429.96.

First Citizens BancShares (NASDAQ:FCNCA) last announced its quarterly earnings data on Friday, October 23rd. The bank reported $55.37 EPS for the quarter, beating analysts’ consensus estimates of $46.18 by $9.19. First Citizens BancShares had a return on equity of 12.63% and a net margin of 16.54%. The firm had revenue of $2.27 billion during the quarter, compared to analysts’ expectations of $2.23 billion. Equities research analysts expect that First Citizens BancShares, Inc. will post 203.78 EPS for the current fiscal year.

First Citizens BancShares announced that its Board of Directors has initiated a stock repurchase plan on Friday, October 23rd that allows the company to repurchase $1.20 billion in shares. This buyback authorization allows the bank to buy up to 4.5% of its stock through open market purchases. Share buyback plans are usually an indication that the company’s board believes its shares are undervalued.

First Citizens BancShares Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 15th. Investors of record on Monday, November 30th will be issued a $2.25 dividend. The ex-dividend date is Monday, November 30th. This represents a $9.00 dividend on an annualized basis and a dividend yield of 0.4%. This is a boost from First Citizens BancShares’s previous quarterly dividend of $2.10. First Citizens BancShares’s dividend payout ratio (DPR) is currently 4.30%.

First Citizens BancShares Profile

First Citizens BancShares is a bank holding company headquartered in Raleigh, North Carolina, and the parent of First Citizens Bank. The company provides commercial and consumer banking services, including deposit accounts, loans, payment services, and wealth management, to individuals, businesses, and institutions. Founded in 1898 as the Bank of Smithfield, the company grew from its North Carolina roots into a banking organization serving customers across the United States. Its operations include First Citizens Bank and Silicon Valley Bank, which became part of the company after it acquired substantially all of Silicon Valley Bank’s deposits and loans from the Federal Deposit Insurance Corporation in 2023.