Salem Investment Counselors Inc. Has $253,000 Holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Salem Investment Counselors Inc. increased its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 34.8% during the first quarter, HoldingsChannel reports. The fund owned 155 shares of the bank’s stock after buying an additional 40 shares during the period. Salem Investment Counselors Inc.’s holdings in First Citizens BancShares were worth $253,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the stock. Park Avenue Securities LLC raised its holdings in First Citizens BancShares by 1.6% during the first quarter. Park Avenue Securities LLC now owns 450 shares of the bank’s stock worth $736,000 after acquiring an additional 7 shares in the last quarter. Mather Group LLC. acquired a new stake in shares of First Citizens BancShares in the 1st quarter valued at approximately $31,000. Moody National Bank Trust Division bought a new position in shares of First Citizens BancShares in the first quarter valued at $204,000. Reinhart Partners LLC. increased its holdings in First Citizens BancShares by 3.1% during the first quarter. Reinhart Partners LLC. now owns 58,583 shares of the bank’s stock worth $95,783,000 after buying an additional 1,780 shares during the last quarter. Finally, Symmetry Partners LLC raised its position in First Citizens BancShares by 3.2% during the first quarter. Symmetry Partners LLC now owns 453 shares of the bank’s stock worth $741,000 after acquiring an additional 14 shares in the last quarter. 61.18% of the stock is owned by institutional investors.

First Citizens BancShares Trading Down 0.4 %

FCNCA traded down $6.34 on Friday, reaching $1,646.12. 108,677 shares of the company traded hands, compared to its average volume of 82,300. The firm has a fifty day simple moving average of $1,690.71 and a two-hundred day simple moving average of $1,566.49. The company has a market cap of $23.92 billion, a P/E ratio of 9.14 and a beta of 0.84. First Citizens BancShares, Inc. has a one year low of $1,181.71 and a one year high of $1,810.03. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 1.77.

First Citizens BancShares (NASDAQ:FCNCA) last posted its quarterly earnings data on Thursday, April 25th. The bank reported $52.92 EPS for the quarter, topping the consensus estimate of $44.27 by $8.65. The firm had revenue of $2.44 billion during the quarter, compared to analyst estimates of $2.30 billion. First Citizens BancShares had a net margin of 18.22% and a return on equity of 15.48%. As a group, equities research analysts expect that First Citizens BancShares, Inc. will post 188.62 earnings per share for the current year.

First Citizens BancShares Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 17th. Shareholders of record on Friday, May 31st were given a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a yield of 0.40%. The ex-dividend date of this dividend was Friday, May 31st. First Citizens BancShares’s dividend payout ratio is currently 3.64%.

Wall Street Analysts Forecast Growth

Several analysts recently commented on FCNCA shares. StockNews.com raised shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a report on Monday, April 29th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $2,100.00 target price (up previously from $1,900.00) on shares of First Citizens BancShares in a research report on Friday, April 26th. Barclays lifted their price target on First Citizens BancShares from $1,850.00 to $1,950.00 and gave the stock an “equal weight” rating in a report on Friday, April 26th. The Goldman Sachs Group began coverage on First Citizens BancShares in a report on Thursday, March 21st. They issued a “buy” rating and a $1,950.00 price objective on the stock. Finally, Piper Sandler cut shares of First Citizens BancShares from an “overweight” rating to a “neutral” rating and boosted their target price for the company from $1,850.00 to $1,950.00 in a research report on Friday, April 26th. Six research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $1,829.90.

Insider Activity at First Citizens BancShares

In related news, Director Ellen R. Alemany sold 1,000 shares of First Citizens BancShares stock in a transaction dated Friday, April 26th. The stock was sold at an average price of $1,766.24, for a total value of $1,766,240.00. Following the completion of the transaction, the director now owns 2,335 shares in the company, valued at approximately $4,124,170.40. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other First Citizens BancShares news, Director Ellen R. Alemany sold 484 shares of the business’s stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $1,750.12, for a total value of $847,058.08. Following the transaction, the director now directly owns 335 shares in the company, valued at approximately $586,290.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ellen R. Alemany sold 1,000 shares of the business’s stock in a transaction that occurred on Friday, April 26th. The shares were sold at an average price of $1,766.24, for a total value of $1,766,240.00. Following the completion of the sale, the director now directly owns 2,335 shares in the company, valued at approximately $4,124,170.40. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 3,000 shares of company stock worth $5,273,568. 13.40% of the stock is owned by corporate insiders.

First Citizens BancShares Company 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.