Geode Capital Management LLC Has $388.53 Million Stock Position in First Citizens BancShares, Inc. $FCNCA

Geode Capital Management LLC trimmed its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 3.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 181,487 shares of the bank’s stock after selling 7,034 shares during the quarter. Geode Capital Management LLC’s holdings in First Citizens BancShares were worth $388,530,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. JPMorgan Chase & Co. boosted its holdings in shares of First Citizens BancShares by 4.4% in the third quarter. JPMorgan Chase & Co. now owns 435,278 shares of the bank’s stock worth $778,785,000 after buying an additional 18,190 shares during the period. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of First Citizens BancShares by 117,518.9% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 205,833 shares of the bank’s stock worth $441,755,000 after buying an additional 205,658 shares during the period. Alliancebernstein L.P. boosted its holdings in shares of First Citizens BancShares by 16.3% in the third quarter. Alliancebernstein L.P. now owns 78,310 shares of the bank’s stock worth $140,109,000 after buying an additional 10,948 shares during the period. Allspring Global Investments Holdings LLC boosted its holdings in shares of First Citizens BancShares by 57.5% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 76,088 shares of the bank’s stock worth $164,247,000 after buying an additional 27,789 shares during the period. Finally, UBS Group AG boosted its holdings in shares of First Citizens BancShares by 96.7% in the fourth quarter. UBS Group AG now owns 69,551 shares of the bank’s stock worth $149,269,000 after buying an additional 34,184 shares during the period. 78.01% of the stock is currently owned by institutional investors and hedge funds.

First Citizens BancShares Stock Performance

FCNCA stock opened at $1,990.51 on Monday. The company has a debt-to-equity ratio of 1.67, a quick ratio of 1.00 and a current ratio of 1.00. The stock has a market cap of $23.07 billion, a P/E ratio of 11.45, a P/E/G ratio of 1.52 and a beta of 0.62. The firm has a 50 day simple moving average of $1,949.40 and a 200 day simple moving average of $1,993.49. First Citizens BancShares, Inc. has a 52 week low of $1,623.76 and a 52 week high of $2,232.21.

First Citizens BancShares (NASDAQ:FCNCA) last posted its quarterly earnings results on Thursday, April 23rd. The bank reported $44.86 EPS for the quarter, topping the consensus estimate of $43.31 by $1.55. The business had revenue of $2.14 billion during the quarter, compared to analysts’ expectations of $2.20 billion. First Citizens BancShares had a net margin of 15.62% and a return on equity of 11.48%. During the same period last year, the company posted $37.79 earnings per share. Research analysts anticipate that First Citizens BancShares, Inc. will post 177.84 earnings per share for the current fiscal year.

First Citizens BancShares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Friday, May 29th will be issued a dividend of $2.10 per share. This represents a $8.40 annualized dividend and a dividend yield of 0.4%. The ex-dividend date is Friday, May 29th. First Citizens BancShares’s dividend payout ratio (DPR) is currently 4.83%.

Analyst Ratings Changes

FCNCA has been the subject of several recent analyst reports. Weiss Ratings cut shares of First Citizens BancShares from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, May 22nd. Keefe, Bruyette & Woods decreased their target price on shares of First Citizens BancShares from $2,375.00 to $2,300.00 and set an “outperform” rating for the company in a report on Thursday, April 9th. UBS Group set a $2,325.00 price target on shares of First Citizens BancShares in a report on Wednesday, February 4th. TD Cowen decreased their price target on shares of First Citizens BancShares from $2,500.00 to $2,300.00 and set a “buy” rating for the company in a report on Monday, April 27th. Finally, JPMorgan Chase & Co. decreased their price target on shares of First Citizens BancShares from $2,200.00 to $2,150.00 and set a “neutral” rating for the company in a report on Friday, April 24th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and nine have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $2,215.91.

Insider Activity at First Citizens BancShares

In related news, CEO Frank B. Holding, Jr. sold 5,346 shares of the firm’s stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $1,918.69, for a total transaction of $10,257,316.74. Following the completion of the sale, the chief executive officer directly owned 100,654 shares in the company, valued at approximately $193,123,823.26. This trade represents a 5.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders have purchased 6,198 shares of company stock worth $10,661,547 in the last ninety days. Company insiders own 14.63% of the company’s stock.

First Citizens BancShares 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.