Allstate Corp Purchases New Stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Allstate Corp acquired a new position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 299 shares of the bank’s stock, valued at approximately $632,000.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Financial Life Planners purchased a new position in shares of First Citizens BancShares during the 4th quarter valued at $33,000. Hemington Wealth Management boosted its position in First Citizens BancShares by 60.0% during the fourth quarter. Hemington Wealth Management now owns 16 shares of the bank’s stock valued at $33,000 after purchasing an additional 6 shares during the last quarter. Duncker Streett & Co. Inc. purchased a new position in First Citizens BancShares in the fourth quarter valued at about $36,000. Mather Group LLC. increased its position in First Citizens BancShares by 38.5% in the 4th quarter. Mather Group LLC. now owns 18 shares of the bank’s stock worth $38,000 after purchasing an additional 5 shares during the last quarter. Finally, Asset Planning Inc purchased a new stake in shares of First Citizens BancShares during the 4th quarter worth about $38,000. Hedge funds and other institutional investors own 78.01% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on FCNCA. Keefe, Bruyette & Woods boosted their price target on 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. increased their price target on shares of First Citizens BancShares from $2,550.00 to $2,600.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 7th. The Goldman Sachs Group reduced their price objective on shares of First Citizens BancShares from $2,535.00 to $2,200.00 and set a “buy” rating for the company in a research note on Tuesday, March 18th. Truist Financial increased their target price on shares of First Citizens BancShares from $2,303.00 to $2,384.00 and gave the stock a “hold” rating in a research report on Wednesday, January 29th. Finally, Piper Sandler raised 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 report on Tuesday, March 11th. Six research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $2,288.08.

Insiders Place Their Bets

In other First Citizens BancShares news, CFO Craig L. Nix acquired 17 shares of the company’s stock in a transaction dated Friday, March 7th. The stock was bought at an average price of $1,881.13 per share, for a total transaction of $31,979.21. Following the purchase, the chief financial officer now owns 1,141 shares in the company, valued at $2,146,369.33. This represents a 1.51 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 13.40% of the company’s stock.

First Citizens BancShares Trading Down 1.7 %

Shares of First Citizens BancShares stock opened at $1,823.47 on Wednesday. The company has a market cap of $24.76 billion, a price-to-earnings ratio of 9.63, a PEG ratio of 0.94 and a beta of 0.81. First Citizens BancShares, Inc. has a 1 year low of $1,518.00 and a 1 year high of $2,412.93. The company’s fifty day simple moving average is $2,010.73 and its 200-day simple moving average is $2,055.68. The company has a current ratio of 1.08, a quick 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 (EPS) 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, sell-side analysts expect that First Citizens BancShares, Inc. will post 167.59 EPS for the current year.

First Citizens BancShares Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Friday, February 28th were issued a $1.95 dividend. The ex-dividend date was Friday, February 28th. This represents a $7.80 annualized dividend and a yield of 0.43%. First Citizens BancShares’s dividend payout ratio (DPR) is 4.12%.

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.