Assetmark Inc. Cuts Stock Position in First Citizens BancShares, Inc. $FCNCA

Assetmark Inc. decreased its position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 25.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,147 shares of the bank’s stock after selling 733 shares during the period. Assetmark Inc.’s holdings in First Citizens BancShares were worth $4,046,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Hiddenite Capital Partners LP acquired a new stake in First Citizens BancShares during the 4th quarter worth approximately $6,868,000. Check Capital Management Inc. CA increased its position in shares of First Citizens BancShares by 21.0% during the fourth quarter. Check Capital Management Inc. CA now owns 42,788 shares of the bank’s stock worth $91,831,000 after acquiring an additional 7,424 shares during the period. Barr E S & Co. increased its position in shares of First Citizens BancShares by 33.2% during the fourth quarter. Barr E S & Co. now owns 5,995 shares of the bank’s stock worth $12,866,000 after acquiring an additional 1,495 shares during the period. Assenagon Asset Management S.A. raised its stake in shares of First Citizens BancShares by 122.2% in the fourth quarter. Assenagon Asset Management S.A. now owns 2,440 shares of the bank’s stock valued at $5,237,000 after acquiring an additional 1,342 shares in the last quarter. Finally, PNC Financial Services Group Inc. raised its stake in shares of First Citizens BancShares by 181.4% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,438 shares of the bank’s stock valued at $3,087,000 after acquiring an additional 927 shares in the last quarter. 78.01% of the stock is currently owned by hedge funds and other institutional investors.

First Citizens BancShares Stock Performance

Shares of FCNCA opened at $2,077.57 on Thursday. The company has a market capitalization of $24.08 billion, a price-to-earnings ratio of 11.95, a price-to-earnings-growth ratio of 1.56 and a beta of 0.62. First Citizens BancShares, Inc. has a 52-week low of $1,623.76 and a 52-week high of $2,232.21. 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 stock has a 50 day moving average price of $2,053.95 and a 200 day moving average price of $2,016.98.

First Citizens BancShares (NASDAQ:FCNCA) last released its quarterly earnings data on Thursday, April 23rd. The bank reported $44.86 earnings per share for the quarter, topping analysts’ consensus estimates of $43.31 by $1.55. The company had revenue of $2.14 billion for 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 quarter last year, the company earned $37.79 earnings per share. Research analysts predict that First Citizens BancShares, Inc. will post 177.18 EPS for the current fiscal year.

Insider Activity at First Citizens BancShares

In related news, CEO Frank B. Holding, Jr. purchased 5,940 shares of the business’s stock in a transaction that occurred on Tuesday, May 12th. The shares were purchased at an average cost of $1,726.82 per share, for a total transaction of $10,257,310.80. Following the purchase, the chief executive officer directly 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 purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last quarter, insiders have acquired 7,190 shares of company stock valued at $12,573,868. Company insiders own 14.63% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on FCNCA. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $2,300.00 price target on shares of First Citizens BancShares in a research note on Thursday, July 9th. Weiss Ratings upgraded shares of First Citizens BancShares from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday, July 8th. The Goldman Sachs Group lifted their price objective on shares of First Citizens BancShares from $2,100.00 to $2,340.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 7th. TD Cowen lowered their target price on shares of First Citizens BancShares from $2,500.00 to $2,300.00 and set a “buy” rating for the company in a research note on Monday, April 27th. Finally, Piper Sandler set a $2,050.00 target price on First Citizens BancShares in a report on Friday, April 24th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and ten have given a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $2,247.08.

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.