Brown Advisory Inc. has reduced its holdings in First Citizens BancShares, Inc. (NASDAQ: FCNCA) by 6.1% during the second quarter of 2023. According to the company’s most recent 13F filing with the U.S. Securities and Exchange Commission (SEC), Brown Advisory now owns 100,739 shares of the bank’s stock, following the sale of 6,509 shares within the quarter. The value of these holdings stood at approximately $197.1 million as reported in the filing.
Several other institutional investors have also adjusted their positions regarding First Citizens BancShares. For instance, MAI Capital Management significantly increased its stake by 500%, acquiring an additional 15 shares to reach a total of 18 shares valued at $35,000. Similarly, SVB Wealth LLC entered the market with a new stake valued at $35,000 during the first quarter. Creekmur Asset Management LLC also made its debut with a new investment worth $39,000 in the second quarter.
Allworth Financial LP expanded its holdings by 35.3% in the same quarter, now owning 23 shares worth $45,000 after acquiring an additional 6 shares. Brooklyn Investment Group grew its position by 32.1% in the first quarter, holding 37 shares valued at $67,000 after purchasing an additional 9 shares. Collectively, institutional investors and hedge funds own approximately 78.01% of First Citizens BancShares.
In terms of stock performance, shares of First Citizens BancShares opened at $1,961.18 on Friday. The stock has recently seen a 1.2% increase. The company boasts a market capitalization of $24.4 billion, a price-to-earnings ratio of 11.60, and a beta of 0.71. Over the past year, the stock recorded a low of $1,473.62 and a high of $2,412.93.
Dividend Increase and Analyst Ratings
First Citizens BancShares has also announced a quarterly dividend increase, set to be paid on December 15, 2023. Shareholders of record on November 28, 2023 will receive a dividend of $2.10 per share, up from the previous $1.95. This adjustment translates to an annualized dividend of $8.40, yielding around 0.4%. The company’s dividend payout ratio (DPR) is currently 4.97%.
Analysts have recently updated their price targets for First Citizens BancShares. Truist Financial raised its target from $2,000 to $2,050, maintaining a “hold” rating as of October 28, 2023. Keefe, Bruyette & Woods revised their price objective down from $2,100 to $2,050 while keeping an “outperform” rating. The Goldman Sachs Group has set a new target price of $1,950, down from $2,250, with a “buy” rating.
Piper Sandler and Citigroup have also adjusted their forecasts, setting their targets at $2,000 and $2,000, respectively, both with neutral ratings. Overall, one analyst has issued a Strong Buy rating, while eight have given a Buy rating and five have rated it as a Hold. The average rating stands at “Moderate Buy” with an average target price of $2,165.83 according to MarketBeat data.
Insider Transactions Show Confidence
In insider activity, CEO Frank B. Holding, Jr. purchased 135 shares of First Citizens BancShares on November 26, 2023, at an average price of $1,629.67 per share, totaling approximately $220,005.45. Following this transaction, Holding’s total shares owned rose to 2,527, valued at about $4.12 million. This acquisition reflects a 5.64% increase in his ownership.
Additionally, Director Ellen R. Alemany acquired 300 shares on November 13, 2023, at an average price of $1,000.00 each, amounting to $300,000. After this purchase, Alemany holds a total of 300 shares in the company. Insiders collectively own about 13.40% of the stock.
First Citizens BancShares, Inc. operates as the holding company for First-Citizens Bank & Trust Company, providing a range of retail and commercial banking services. Its offerings include checking, savings, money market, and time deposit accounts.
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