Bank of Nova Scotia Reduces Stock Position in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Bank of Nova Scotia cut its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 24.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 191 shares of the bank’s stock after selling 61 shares during the quarter. Bank of Nova Scotia’s holdings in First Citizens BancShares were worth $404,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. M&T Bank Corp raised its stake in First Citizens BancShares by 0.8% in the third quarter. M&T Bank Corp now owns 607 shares of the bank’s stock worth $1,117,000 after buying an additional 5 shares in the last quarter. Mather Group LLC. grew its holdings in shares of First Citizens BancShares by 38.5% during the 4th quarter. Mather Group LLC. now owns 18 shares of the bank’s stock worth $38,000 after acquiring an additional 5 shares during the period. Private Advisor Group LLC raised its position in shares of First Citizens BancShares by 3.0% in the 4th quarter. Private Advisor Group LLC now owns 172 shares of the bank’s stock worth $363,000 after acquiring an additional 5 shares in the last quarter. Exencial Wealth Advisors LLC lifted its stake in shares of First Citizens BancShares by 1.2% in the 4th quarter. Exencial Wealth Advisors LLC now owns 428 shares of the bank’s stock valued at $904,000 after purchasing an additional 5 shares during the period. Finally, Hemington Wealth Management boosted its position in shares of 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 in the last quarter. Hedge funds and other institutional investors own 78.01% of the company’s stock.

Insider Activity

In other First Citizens BancShares news, CFO Craig L. Nix bought 17 shares of the business’s stock in a transaction that occurred on Friday, March 7th. The stock was bought at an average cost of $1,881.13 per share, for a total transaction of $31,979.21. Following the completion of the transaction, the chief financial officer now owns 1,141 shares of the company’s stock, valued at $2,146,369.33. This represents a 1.51 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 13.40% of the company’s stock.

First Citizens BancShares Trading Up 0.9 %

First Citizens BancShares stock opened at $1,673.22 on Tuesday. First Citizens BancShares, Inc. has a one year low of $1,473.62 and a one year high of $2,412.93. The business’s fifty day moving average is $1,893.27 and its 200 day moving average is $2,036.22. The stock has a market capitalization of $22.72 billion, a PE ratio of 8.83, a price-to-earnings-growth ratio of 0.94 and a beta of 0.66. The company has a debt-to-equity ratio of 1.68, a current ratio of 1.08 and a quick ratio of 1.08.

First Citizens BancShares (NASDAQ:FCNCA) last announced its quarterly earnings results on Friday, January 24th. The bank reported $45.10 EPS for the quarter, topping analysts’ consensus estimates of $39.32 by $5.78. First Citizens BancShares had a net margin of 18.55% and a return on equity of 13.22%. On average, sell-side analysts predict that First Citizens BancShares, Inc. will post 167.59 EPS for the current year.

Analysts Set New Price Targets

FCNCA has been the subject of a number of research reports. JPMorgan Chase & Co. increased their price objective on First Citizens BancShares from $2,550.00 to $2,600.00 and gave the stock an “overweight” rating in a report on Tuesday, January 7th. Keefe, Bruyette & Woods lifted their price target on shares of First Citizens BancShares from $2,500.00 to $2,600.00 and gave the company an “outperform” rating in a research report on Monday, January 27th. Piper Sandler upgraded shares of First Citizens BancShares from a “neutral” rating to an “overweight” rating and set a $2,250.00 price objective on the stock in a report on Tuesday, March 11th. Barclays lifted their target price on shares of First Citizens BancShares from $2,456.00 to $2,568.00 and gave the company an “equal weight” rating in a report on Monday, January 27th. Finally, Citigroup downgraded First Citizens BancShares from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 17th. Six research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, First Citizens BancShares has a consensus rating of “Moderate Buy” and an average target price of $2,288.08.

First Citizens BancShares Profile

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.