First Citizens BancShares, Inc. $FCNCA Shares Acquired by JPMorgan Chase & Co.

JPMorgan Chase & Co. lifted its holdings in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 4.4% in the third quarter, HoldingsChannel reports. The firm owned 435,278 shares of the bank’s stock after acquiring an additional 18,190 shares during the period. JPMorgan Chase & Co.’s holdings in First Citizens BancShares were worth $778,785,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. AlphaQuest LLC raised its holdings in First Citizens BancShares by 577.7% in the 3rd quarter. AlphaQuest LLC now owns 759 shares of the bank’s stock valued at $1,358,000 after acquiring an additional 647 shares during the last quarter. AdvisorShares Investments LLC acquired a new stake in First Citizens BancShares in the 3rd quarter worth about $415,000. Thrivent Financial for Lutherans boosted its position in shares of First Citizens BancShares by 8.9% in the third quarter. Thrivent Financial for Lutherans now owns 43,787 shares of the bank’s stock worth $78,341,000 after acquiring an additional 3,587 shares during the last quarter. Live Oak Private Wealth LLC boosted its position in shares of First Citizens BancShares by 58.1% in the third quarter. Live Oak Private Wealth LLC now owns 3,297 shares of the bank’s stock worth $5,899,000 after acquiring an additional 1,211 shares during the last quarter. Finally, New York State Teachers Retirement System purchased a new stake in First Citizens BancShares in the third quarter valued at approximately $1,621,000. Hedge funds and other institutional investors own 78.01% of the company’s stock.

First Citizens BancShares Price Performance

Shares of NASDAQ FCNCA opened at $1,990.69 on Wednesday. The company has a debt-to-equity ratio of 1.81, a current ratio of 1.03 and a quick ratio of 1.03. First Citizens BancShares, Inc. has a 1-year low of $1,473.62 and a 1-year high of $2,232.21. The company has a market capitalization of $24.76 billion, a price-to-earnings ratio of 12.01 and a beta of 0.70. The business has a 50-day moving average of $2,117.44 and a 200-day moving average of $1,949.24.

First Citizens BancShares (NASDAQ:FCNCA) last released its quarterly earnings results on Friday, January 23rd. The bank reported $51.27 EPS for the quarter, topping the consensus estimate of $44.24 by $7.03. The firm had revenue of $1.67 billion for the quarter, compared to analyst estimates of $2.24 billion. First Citizens BancShares had a return on equity of 11.12% and a net margin of 15.21%. On average, equities analysts anticipate that First Citizens BancShares, Inc. will post 167.59 EPS for the current fiscal year.

First Citizens BancShares Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 16th. Stockholders of record on Friday, February 27th will be given a dividend of $2.10 per share. This represents a $8.40 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date of this dividend is Friday, February 27th. First Citizens BancShares’s payout ratio is presently 5.07%.

Insider Buying and Selling at First Citizens BancShares

In other news, CEO Frank B. Holding, Jr. purchased 135 shares of the company’s stock in a transaction that occurred on Wednesday, November 26th. The shares were purchased at an average price of $1,629.67 per share, with a total value of $220,005.45. Following the purchase, the chief executive officer directly owned 2,527 shares of the company’s stock, valued at approximately $4,118,176.09. This represents a 5.64% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 13.40% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of First Citizens BancShares in a research note on Monday, December 29th. Piper Sandler increased their target price on First Citizens BancShares from $2,000.00 to $2,100.00 and gave the stock a “neutral” rating in a research report on Thursday, January 29th. JPMorgan Chase & Co. lifted their target price on First Citizens BancShares from $2,300.00 to $2,500.00 and gave the company an “overweight” rating in a report on Tuesday, December 16th. The Goldman Sachs Group downgraded First Citizens BancShares from a “buy” rating to a “hold” rating and set a $2,300.00 price target for the company. in a research report on Tuesday, January 6th. Finally, UBS Group set a $2,325.00 price objective on First Citizens BancShares in a report on Wednesday, February 4th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, First Citizens BancShares presently has a consensus rating of “Moderate Buy” and a consensus price target of $2,238.27.

First Citizens BancShares Company Profile

First Citizens BancShares, Inc is the bank holding company for First Citizens Bank, a full‑service commercial bank headquartered in Raleigh, North Carolina. The company traces its roots to a community bank founded in 1898 and has grown into a diversified financial services organization that operates through its banking subsidiary to serve retail, commercial and institutional clients.

First Citizens offers a broad suite of banking products and services, including consumer and business deposit accounts, commercial and industrial lending, real estate and mortgage lending, treasury and cash management, and specialized lending solutions.