Alberta Investment Management Corp Boosts Stock Position in First Citizens BancShares, Inc. $FCNCA

Alberta Investment Management Corp raised its holdings in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 11.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 36,176 shares of the bank’s stock after purchasing an additional 3,700 shares during the quarter. Alberta Investment Management Corp’s holdings in First Citizens BancShares were worth $77,640,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in the business. Beartown Capital Management LLC purchased a new stake in shares of First Citizens BancShares during the fourth quarter worth $2,146,000. Mercer Global Advisors Inc. ADV boosted its holdings in shares of First Citizens BancShares by 5.8% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 620 shares of the bank’s stock worth $1,332,000 after acquiring an additional 34 shares during the period. EP Wealth Advisors LLC purchased a new position in shares of First Citizens BancShares in the fourth quarter valued at $2,600,000. Mackenzie Financial Corp grew its position in shares of First Citizens BancShares by 4.0% in the fourth quarter. Mackenzie Financial Corp now owns 631 shares of the bank’s stock valued at $1,360,000 after purchasing an additional 24 shares in the last quarter. Finally, Fuller & Thaler Asset Management Inc. raised its stake in shares of First Citizens BancShares by 24.6% during the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 20,687 shares of the bank’s stock valued at $44,399,000 after purchasing an additional 4,084 shares during the period. 78.01% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at First Citizens BancShares

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. acquired 5,940 shares of the stock in a transaction dated Tuesday, May 12th. The stock was purchased at an average cost of $1,726.82 per share, for a total transaction of $10,257,310.80. Following the acquisition, the chief executive officer owned 38,111 shares in the company, valued at $65,810,837.02. The trade was a 18.46% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Insiders have purchased 7,190 shares of company stock worth $12,573,868 over the last quarter. Company insiders own 14.63% of the company’s stock.

First Citizens BancShares Price Performance

NASDAQ:FCNCA opened at $2,071.62 on Friday. First Citizens BancShares, Inc. has a 52-week low of $1,623.76 and a 52-week high of $2,232.21. The stock has a fifty day moving average of $2,001.74 and a 200 day moving average of $2,014.84. 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 firm has a market capitalization of $24.01 billion, a price-to-earnings ratio of 11.91, a P/E/G ratio of 1.61 and a beta of 0.62.

First Citizens BancShares (NASDAQ:FCNCA) last announced its earnings results 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. First Citizens BancShares had a return on equity of 11.48% and a net margin of 15.62%.The business had revenue of $2.14 billion for the quarter, compared to analyst estimates of $2.20 billion. During the same period in the prior year, the company earned $37.79 EPS. On average, research analysts expect that First Citizens BancShares, Inc. will post 175.61 EPS for the current fiscal year.

First Citizens BancShares Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on FCNCA. Piper Sandler set a $2,050.00 price objective on First Citizens BancShares in a report on Friday, April 24th. JPMorgan Chase & Co. reduced their target price on 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. Keefe, Bruyette & Woods decreased their price target on First Citizens BancShares from $2,375.00 to $2,300.00 and set an “outperform” rating on the stock in a research report on Thursday, April 9th. Deutsche Bank Aktiengesellschaft downgraded shares of First Citizens BancShares from a “buy” rating to a “hold” rating and set a $2,154.00 price target on the stock. in a report on Wednesday, April 8th. Finally, Wall Street Zen lowered shares of First Citizens BancShares from a “hold” rating to a “sell” rating in a research report on Saturday, June 13th. 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 stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target 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.