BI Asset Management Fondsmaeglerselskab A S Lowers Stake in First Citizens BancShares, Inc. $FCNCA

BI Asset Management Fondsmaeglerselskab A S reduced its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 41.4% in the fourth quarter, Holdings Channel reports. The firm owned 5,260 shares of the bank’s stock after selling 3,723 shares during the period. BI Asset Management Fondsmaeglerselskab A S’s holdings in First Citizens BancShares were worth $11,289,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. JPMorgan Chase & Co. lifted its stake in 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 acquiring 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 4th quarter. Northwestern Mutual Wealth Management Co. now owns 205,833 shares of the bank’s stock valued at $441,755,000 after buying an additional 205,658 shares in the last quarter. Alliancebernstein L.P. boosted its holdings in shares of First Citizens BancShares by 16.3% in the 3rd quarter. Alliancebernstein L.P. now owns 78,310 shares of the bank’s stock valued at $140,109,000 after buying an additional 10,948 shares in the last quarter. Reinhart Partners LLC. boosted its holdings in shares of First Citizens BancShares by 10.8% in the 4th quarter. Reinhart Partners LLC. now owns 77,814 shares of the bank’s stock valued at $167,041,000 after buying an additional 7,566 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its holdings in shares of First Citizens BancShares by 57.5% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 76,088 shares of the bank’s stock valued at $164,247,000 after buying an additional 27,789 shares in the last quarter. 78.01% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at First Citizens BancShares

In related news, CEO Frank B. Holding, Jr. acquired 5,940 shares of the firm’s stock in a transaction that occurred on Tuesday, May 12th. The stock was purchased at an average cost of $1,726.82 per share, with a total value of $10,257,310.80. Following the transaction, the chief executive officer directly owned 38,111 shares of the company’s stock, valued at $65,810,837.02. This trade represents a 18.46% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Over the last ninety days, insiders have purchased 6,187 shares of company stock valued at $10,640,161. Company insiders own 14.63% of the company’s stock.

First Citizens BancShares Stock Performance

Shares of First Citizens BancShares stock opened at $2,075.10 on Friday. The firm has a market capitalization of $24.05 billion, a P/E ratio of 11.93, a PEG ratio of 1.58 and a beta of 0.62. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.67. The company has a 50 day moving average price of $1,965.38 and a 200 day moving average price of $1,998.38. 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 announced its quarterly earnings data on Thursday, April 23rd. The bank reported $44.86 EPS for the quarter, beating the consensus estimate of $43.31 by $1.55. The firm had revenue of $2.14 billion during the quarter, compared to analyst estimates 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 firm posted $37.79 EPS. Sell-side analysts expect that First Citizens BancShares, Inc. will post 177.84 EPS for the current year.

First Citizens BancShares Announces Dividend

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

Analysts Set New Price Targets

A number of research firms have recently weighed in on FCNCA. Piper Sandler set a $2,050.00 price target on shares of First Citizens BancShares in a report on Friday, April 24th. Wall Street Zen upgraded shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a report on Sunday, May 24th. Keefe, Bruyette & Woods lowered their price target on shares of First Citizens BancShares from $2,375.00 to $2,300.00 and set an “outperform” rating on the stock in a report on Thursday, April 9th. JPMorgan Chase & Co. lowered their price target on shares of First Citizens BancShares from $2,200.00 to $2,150.00 and set a “neutral” rating on the stock in a report on Friday, April 24th. Finally, TD Cowen lowered their price target on shares of First Citizens BancShares from $2,500.00 to $2,300.00 and set a “buy” rating on the stock in a report on Monday, April 27th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and nine have given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $2,215.91.

About First Citizens BancShares

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.