Assenagon Asset Management S.A. Boosts Holdings in First Citizens BancShares, Inc. $FCNCA

Assenagon Asset Management S.A. boosted its holdings in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 115.4% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 5,256 shares of the bank’s stock after buying an additional 2,816 shares during the quarter. Assenagon Asset Management S.A.’s holdings in First Citizens BancShares were worth $9,906,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Hilton Head Capital Partners LLC purchased a new position in shares of First Citizens BancShares during the 4th quarter worth $26,000. Harbor Investment Advisory LLC increased its stake in shares of First Citizens BancShares by 150.0% in the 4th quarter. Harbor Investment Advisory LLC now owns 15 shares of the bank’s stock worth $32,000 after purchasing an additional 9 shares in the last quarter. Reflection Asset Management purchased a new stake in shares of First Citizens BancShares in the 4th quarter worth $45,000. UMB Bank n.a. increased its stake in shares of First Citizens BancShares by 50.0% in the 4th quarter. UMB Bank n.a. now owns 24 shares of the bank’s stock worth $52,000 after purchasing an additional 8 shares in the last quarter. Finally, Jessup Wealth Management Inc bought a new position in First Citizens BancShares in the 4th quarter worth $56,000. 78.01% of the stock is owned by hedge funds and other institutional investors.

First Citizens BancShares Trading Up 0.1%

Shares of First Citizens BancShares stock opened at $2,080.89 on Monday. First Citizens BancShares, Inc. has a fifty-two week low of $1,623.76 and a fifty-two week high of $2,232.21. 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 company has a market capitalization of $24.12 billion, a P/E ratio of 11.97, a P/E/G ratio of 1.60 and a beta of 0.62. The company has a fifty day moving average of $2,014.37 and a 200 day moving average of $2,021.24.

First Citizens BancShares (NASDAQ:FCNCA) last posted its quarterly earnings results on Thursday, April 23rd. The bank reported $44.86 EPS for the quarter, beating 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 analysts’ expectations of $2.20 billion. During the same period last year, the firm earned $37.79 earnings per share. On average, sell-side analysts anticipate that First Citizens BancShares, Inc. will post 175.61 earnings per share for the current fiscal year.

First Citizens BancShares Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Friday, May 29th were given a dividend of $2.10 per share. 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 dividend payout ratio (DPR) is currently 4.83%.

Insider Transactions at First Citizens BancShares

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. bought 528 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The shares were bought at an average price of $1,813.37 per share, with a total value of $957,459.36. Following the purchase, the chief executive officer owned 64,100 shares of the company’s stock, valued at $116,237,017. This trade represents a 0.83% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last 90 days, insiders purchased 7,190 shares of company stock worth $12,573,868. 14.63% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on FCNCA. Wall Street Zen upgraded First Citizens BancShares from a “sell” rating to a “hold” rating in a research report on Saturday. Weiss Ratings cut First Citizens BancShares from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, May 22nd. Zacks Research raised First Citizens BancShares from a “strong sell” rating to a “hold” rating in a research note on Monday, March 30th. TD Cowen lowered their price objective on 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. Finally, JPMorgan Chase & Co. cut their price objective on First Citizens BancShares from $2,200.00 to $2,150.00 and set a “neutral” rating for the company in a research note on Friday, April 24th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat.com, First Citizens BancShares currently has a consensus rating of “Hold” and a consensus price target of $2,215.91.

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.