Gabelli Funds LLC Increases Position in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Gabelli Funds LLC lifted its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 6.3% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 4,176 shares of the bank's stock after acquiring an additional 248 shares during the quarter. Gabelli Funds LLC's holdings in First Citizens BancShares were worth $8,824,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in FCNCA. Sei Investments Co. lifted its position in shares of First Citizens BancShares by 69.6% during the fourth quarter. Sei Investments Co. now owns 3,031 shares of the bank's stock worth $6,404,000 after purchasing an additional 1,244 shares in the last quarter. JPMorgan Chase & Co. boosted its position in First Citizens BancShares by 6.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 288,960 shares of the bank's stock valued at $531,961,000 after buying an additional 18,501 shares during the period. Raymond James Financial Inc. acquired a new position in shares of First Citizens BancShares in the fourth quarter worth $39,739,000. Check Capital Management Inc. CA increased its position in shares of First Citizens BancShares by 20.0% during the fourth quarter. Check Capital Management Inc. CA now owns 33,599 shares of the bank's stock worth $70,995,000 after acquiring an additional 5,605 shares during the period. Finally, Asset Management One Co. Ltd. raised its stake in shares of First Citizens BancShares by 4.5% in the fourth quarter. Asset Management One Co. Ltd. now owns 3,663 shares of the bank's stock valued at $7,811,000 after acquiring an additional 157 shares in the last quarter. Hedge funds and other institutional investors own 78.01% of the company's stock.

Insider Buying and Selling at First Citizens BancShares

In other news, CFO Craig L. Nix acquired 17 shares of First Citizens BancShares stock in a transaction that occurred on Friday, March 7th. The stock was purchased at an average price 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 directly owns 1,141 shares in the company, valued at approximately $2,146,369.33. This trade represents a 1.51 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 13.40% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. JPMorgan Chase & Co. upped their price target 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. The Goldman Sachs Group cut their target price on shares of First Citizens BancShares from $2,535.00 to $2,200.00 and set a "buy" rating on the stock in a research note on Tuesday, March 18th. StockNews.com raised shares of First Citizens BancShares from a "sell" rating to a "hold" rating in a report on Saturday, February 1st. Barclays boosted their price target on shares of First Citizens BancShares from $2,456.00 to $2,568.00 and gave the stock an "equal weight" rating in a report on Monday, January 27th. Finally, 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. Five research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, First Citizens BancShares currently has a consensus rating of "Moderate Buy" and a consensus target price of $2,346.09.

First Citizens BancShares Stock Performance

NASDAQ FCNCA traded up $17.22 on Tuesday, reaching $1,701.95. The stock had a trading volume of 21,691 shares, compared to its average volume of 88,910. The stock has a market cap of $23.11 billion, a P/E ratio of 9.01, a price-to-earnings-growth ratio of 0.94 and a beta of 0.66. First Citizens BancShares, Inc. has a 12-month low of $1,473.62 and a 12-month high of $2,412.93. The business's 50-day moving average price is $1,846.13 and its 200 day moving average price is $2,030.68. The company has a debt-to-equity ratio of 1.68, a quick ratio of 1.08 and a current ratio of 1.08.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last issued its quarterly earnings results on Friday, January 24th. The bank reported $45.10 earnings per share 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%. As a group, equities analysts expect that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current year.

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.