First Citizens BancShares, Inc. (NASDAQ:FCNCA) Director Sells $903,000.00 in Stock

First Citizens BancShares, Inc. (NASDAQ:FCNCA) Director Ellen R. Alemany sold 516 shares of the company’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $1,750.00, for a total value of $903,000.00. Following the completion of the transaction, the director now directly owns 819 shares in the company, valued at approximately $1,433,250. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

First Citizens BancShares Stock Down 0.8 %

Shares of First Citizens BancShares stock traded down $13.50 on Tuesday, reaching $1,712.33. The stock had a trading volume of 73,214 shares, compared to its average volume of 82,463. 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 capitalization of $24.86 billion, a P/E ratio of 9.51 and a beta of 0.86. The company has a 50 day moving average price of $1,603.82 and a 200 day moving average price of $1,495.91. First Citizens BancShares, Inc. has a 1 year low of $1,042.69 and a 1 year high of $1,810.03.

First Citizens BancShares Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Friday, May 31st will be issued a $1.64 dividend. This represents a $6.56 annualized dividend and a yield of 0.38%. The ex-dividend date is Thursday, May 30th. First Citizens BancShares’s dividend payout ratio is currently 3.64%.

Hedge Funds Weigh In On First Citizens BancShares

A number of large investors have recently made changes to their positions in FCNCA. Raymond James Financial Services Advisors Inc. lifted its stake in shares of First Citizens BancShares by 145.4% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 1,406 shares of the bank’s stock worth $1,995,000 after buying an additional 833 shares during the period. IFM Investors Pty Ltd purchased a new position in First Citizens BancShares in the 1st quarter worth $3,695,000. Russell Investments Group Ltd. lifted its position in First Citizens BancShares by 45.4% during the 4th quarter. Russell Investments Group Ltd. now owns 7,045 shares of the bank’s stock worth $9,997,000 after acquiring an additional 2,201 shares during the period. Mackenzie Financial Corp grew its stake in First Citizens BancShares by 89.3% during the 4th quarter. Mackenzie Financial Corp now owns 1,914 shares of the bank’s stock valued at $2,716,000 after purchasing an additional 903 shares during the last quarter. Finally, Nordea Investment Management AB increased its holdings in shares of First Citizens BancShares by 3,091.6% in the fourth quarter. Nordea Investment Management AB now owns 23,905 shares of the bank’s stock valued at $34,203,000 after purchasing an additional 23,156 shares during the period. 61.18% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. The Goldman Sachs Group initiated coverage on shares of First Citizens BancShares in a research note on Thursday, March 21st. They set a “buy” rating and a $1,950.00 price target for the company. Barclays lifted their target price on First Citizens BancShares from $1,850.00 to $1,950.00 and gave the company an “equal weight” rating in a research report on Friday, April 26th. DA Davidson reissued a “neutral” rating and set a $1,650.00 price target (up previously from $1,600.00) on shares of First Citizens BancShares in a research report on Monday, April 15th. UBS Group lifted their price objective on First Citizens BancShares from $1,644.00 to $1,754.00 and gave the company a “buy” rating in a report on Tuesday, January 30th. Finally, Wedbush reiterated an “outperform” rating and set a $1,800.00 target price on shares of First Citizens BancShares in a report on Monday, January 29th. Six investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $1,829.90.

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.