OP Asset Management Ltd Purchases New Stake in First Citizens BancShares, Inc. $FCNCA

OP Asset Management Ltd purchased a new stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 961 shares of the bank’s stock, valued at approximately $1,811,000.

A number of other large investors have also added to or reduced their stakes in FCNCA. Hilton Head Capital Partners LLC bought a new position in shares of First Citizens BancShares during the fourth quarter valued at about $26,000. Harbor Investment Advisory LLC grew its stake in shares of First Citizens BancShares by 150.0% in the fourth quarter. Harbor Investment Advisory LLC now owns 15 shares of the bank’s stock worth $32,000 after purchasing an additional 9 shares during the last quarter. Reflection Asset Management purchased a new position in First Citizens BancShares during the 4th quarter valued at about $45,000. Allworth Financial LP increased its holdings in First Citizens BancShares by 21.7% during the 3rd quarter. Allworth Financial LP now owns 28 shares of the bank’s stock valued at $51,000 after purchasing an additional 5 shares during the period. Finally, UMB Bank n.a. raised its position in First Citizens BancShares by 50.0% during the 4th quarter. UMB Bank n.a. now owns 24 shares of the bank’s stock valued at $52,000 after purchasing an additional 8 shares during the last quarter. Institutional investors own 78.01% of the company’s stock.

First Citizens BancShares Stock Performance

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 stock’s 50 day simple moving average is $2,014.37 and its two-hundred day simple moving average is $2,021.24. 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 stock has a market cap of $24.12 billion, a price-to-earnings ratio of 11.97, a PEG ratio of 1.60 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 (EPS) for the quarter, topping 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 return on equity of 11.48% and a net margin of 15.62%.During the same quarter in the prior year, the company earned $37.79 EPS. As a group, analysts expect that First Citizens BancShares, Inc. will post 175.61 earnings per share for the current fiscal year.

First Citizens BancShares Announces Dividend

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

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on FCNCA shares. JPMorgan Chase & Co. dropped 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 report on Friday, April 24th. Wall Street Zen upgraded First Citizens BancShares from a “sell” rating to a “hold” rating in a report on Saturday. Zacks Research raised First Citizens BancShares from a “strong sell” rating to a “hold” rating in a research note on Monday, March 30th. Keefe, Bruyette & Woods cut 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. Finally, TD Cowen reduced their price objective 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 investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and nine have assigned a Hold rating to the company’s stock. According to MarketBeat, First Citizens BancShares presently has an average rating of “Hold” and an average target price of $2,215.91.

Insider Transactions at First Citizens BancShares

In other news, CEO Frank B. Holding, Jr. acquired 5,940 shares of the stock in a transaction on Tuesday, May 12th. The stock was acquired at an average price of $1,726.82 per share, with a total value of $10,257,310.80. Following the completion of the transaction, the chief executive officer owned 38,111 shares of the company’s stock, valued at $65,810,837.02. This represents a 18.46% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders acquired a total of 7,190 shares of company stock valued at $12,573,868 in the last ninety days. 14.63% of the stock is currently owned by corporate insiders.

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.