Alberta Investment Management Corp Acquires 3,700 Shares of First Citizens BancShares, Inc. $FCNCA

Alberta Investment Management Corp grew its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 11.4% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 36,176 shares of the bank’s stock after purchasing an additional 3,700 shares during the period. Alberta Investment Management Corp’s holdings in First Citizens BancShares were worth $77,640,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. JPMorgan Chase & Co. lifted 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 valued at $778,785,000 after purchasing an additional 18,190 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its holdings in First Citizens BancShares by 117,518.9% during 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 in the last quarter. Dimensional Fund Advisors LP grew its holdings in First Citizens BancShares by 0.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 124,061 shares of the bank’s stock worth $266,273,000 after buying an additional 492 shares in the last quarter. Morgan Stanley raised its position in First Citizens BancShares by 31.8% in the 4th quarter. Morgan Stanley now owns 123,048 shares of the bank’s stock valued at $264,087,000 after buying an additional 29,681 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in First Citizens BancShares by 11.2% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 122,317 shares of the bank’s stock valued at $262,514,000 after buying an additional 12,303 shares during the last quarter. 78.01% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on FCNCA shares. Piper Sandler set a $2,050.00 price objective on shares of First Citizens BancShares in a report on Friday, April 24th. JPMorgan Chase & Co. dropped 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 research report on Friday, April 24th. Zacks Research upgraded shares of First Citizens BancShares from a “strong sell” rating to a “hold” rating in a report on Monday, March 30th. Deutsche Bank Aktiengesellschaft downgraded shares of First Citizens BancShares from a “buy” rating to a “hold” rating and set a $2,154.00 price objective for the company. in a research report on Wednesday, April 8th. Finally, TD Cowen dropped their target price on shares of First Citizens BancShares from $2,500.00 to $2,300.00 and set a “buy” rating on the stock in a research report on Monday, April 27th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $2,215.91.

Insider Activity at First Citizens BancShares

In other news, CEO Frank B. Holding, Jr. purchased 5,940 shares of the business’s stock in a transaction dated Tuesday, May 12th. The stock was bought at an average price of $1,726.82 per share, for a total transaction of $10,257,310.80. Following the purchase, the chief executive officer owned 38,111 shares of the company’s stock, valued at $65,810,837.02. The trade was a 18.46% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last 90 days, insiders acquired 7,286 shares of company stock worth $12,722,668. 14.63% of the stock is owned by corporate insiders.

First Citizens BancShares Stock Down 1.9%

First Citizens BancShares stock opened at $2,068.75 on Tuesday. The firm has a 50 day moving average price of $1,991.72 and a 200-day moving average price of $2,010.63. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.67. First Citizens BancShares, Inc. has a twelve month low of $1,623.76 and a twelve month high of $2,232.21. The company has a market capitalization of $23.98 billion, a P/E ratio of 11.90, a P/E/G ratio of 1.61 and a beta of 0.62.

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 analysts’ consensus estimates of $43.31 by $1.55. First Citizens BancShares had a net margin of 15.62% and a return on equity of 11.48%. The company had revenue of $2.14 billion for the quarter, compared to analysts’ expectations of $2.20 billion. During the same quarter in the previous year, the firm posted $37.79 EPS. As a group, equities analysts predict that First Citizens BancShares, Inc. will post 177.84 EPS for the current year.

First Citizens BancShares Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Friday, May 29th were paid a $2.10 dividend. The ex-dividend date was Friday, May 29th. This represents a $8.40 annualized dividend and a dividend yield of 0.4%. First Citizens BancShares’s payout ratio is presently 4.83%.

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.