Bronte Capital Management Pty Ltd. Decreases Stock Holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Bronte Capital Management Pty Ltd. lessened its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 0.6% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 26,090 shares of the bank’s stock after selling 157 shares during the quarter. First Citizens BancShares makes up about 3.5% of Bronte Capital Management Pty Ltd.’s holdings, making the stock its 12th largest position. Bronte Capital Management Pty Ltd.’s holdings in First Citizens BancShares were worth $37,021,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the business. Blue Trust Inc. grew its holdings in shares of First Citizens BancShares by 100.0% during the fourth quarter. Blue Trust Inc. now owns 20 shares of the bank’s stock worth $27,000 after buying an additional 10 shares during the last quarter. GAMMA Investing LLC acquired a new position in First Citizens BancShares during the fourth quarter worth $30,000. Lindbrook Capital LLC increased its holdings in shares of First Citizens BancShares by 53.3% in the 3rd quarter. Lindbrook Capital LLC now owns 23 shares of the bank’s stock valued at $32,000 after purchasing an additional 8 shares in the last quarter. Harvest Fund Management Co. Ltd grew its holdings in shares of First Citizens BancShares by 362.5% in the 4th quarter. Harvest Fund Management Co. Ltd now owns 37 shares of the bank’s stock worth $52,000 after acquiring an additional 29 shares during the period. Finally, Benjamin F. Edwards & Company Inc. acquired a new position in shares of First Citizens BancShares during the 4th quarter worth $65,000. Hedge funds and other institutional investors own 61.18% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have commented on FCNCA. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $2,100.00 target price (up previously from $1,900.00) on shares of First Citizens BancShares in a report on Friday, April 26th. DA Davidson reissued 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 research note on Monday, April 15th. The Goldman Sachs Group initiated coverage on shares of First Citizens BancShares in a report on Thursday, March 21st. They set a “buy” rating and a $1,950.00 price target for the company. Piper Sandler lowered 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 report on Friday, April 26th. Finally, Wedbush reiterated an “outperform” rating and issued a $1,800.00 price target on shares of First Citizens BancShares in a report on Monday, January 29th. Six analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $1,829.90.

Insider Transactions at First Citizens BancShares

In other news, CEO Frank B. Holding, Jr. bought 622 shares of the firm’s stock in a transaction dated Tuesday, February 20th. The stock was acquired at an average cost of $1,315.00 per share, for a total transaction of $817,930.00. Following the completion of the purchase, the chief executive officer now owns 97,609 shares of the company’s stock, valued at $128,355,835. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. In other First Citizens BancShares news, CEO Frank B. Holding, Jr. bought 622 shares of the business’s stock in a transaction on Tuesday, February 20th. The shares were purchased at an average price of $1,315.00 per share, with a total value of $817,930.00. Following the completion of the acquisition, the chief executive officer now directly owns 97,609 shares of the company’s stock, valued at approximately $128,355,835. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Hope Holding Bryant bought 300 shares of the stock in a transaction dated Wednesday, February 21st. The shares were bought at an average cost of $1,315.00 per share, with a total value of $394,500.00. Following the completion of the acquisition, the insider now directly owns 1,978 shares of the company’s stock, valued at approximately $2,601,070. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 1,388 shares of company stock valued at $1,825,220 and sold 3,116 shares valued at $5,361,964. Company insiders own 12.85% of the company’s stock.

First Citizens BancShares Trading Up 0.1 %

FCNCA stock traded up $1.00 during midday trading on Thursday, reaching $1,732.92. 66,458 shares of the company’s stock traded hands, compared to its average volume of 82,098. First Citizens BancShares, Inc. has a fifty-two week low of $1,150.00 and a fifty-two week high of $1,810.03. The business has a 50-day moving average price of $1,609.57 and a two-hundred day moving average price of $1,500.38. The company has a market capitalization of $25.17 billion, a P/E ratio of 9.69 and a beta of 0.86. The company has a debt-to-equity ratio of 1.82, a current ratio of 1.14 and a quick ratio of 1.14.

First Citizens BancShares Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Friday, May 31st will be given a $1.64 dividend. This represents a $6.56 annualized dividend and a yield of 0.38%. The ex-dividend date of this dividend is Thursday, May 30th. First Citizens BancShares’s dividend payout ratio (DPR) is presently 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.