Tredje AP fonden Buys 6,137 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Tredje AP fonden lifted its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 101.7% in the 1st quarter, Holdings Channel reports. The institutional investor owned 12,171 shares of the bank’s stock after acquiring an additional 6,137 shares during the period. Tredje AP fonden’s holdings in First Citizens BancShares were worth $22,566,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Sei Investments Co. boosted its holdings in First Citizens BancShares by 69.6% during the fourth quarter. Sei Investments Co. now owns 3,031 shares of the bank’s stock valued at $6,404,000 after purchasing an additional 1,244 shares in the last quarter. Teacher Retirement System of Texas acquired a new stake in First Citizens BancShares during the first quarter valued at approximately $2,642,000. Bank of New York Mellon Corp boosted its holdings in First Citizens BancShares by 1.9% during the first quarter. Bank of New York Mellon Corp now owns 40,553 shares of the bank’s stock valued at $75,190,000 after purchasing an additional 772 shares in the last quarter. Cambridge Investment Research Advisors Inc. boosted its holdings in First Citizens BancShares by 16.6% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 190 shares of the bank’s stock valued at $352,000 after purchasing an additional 27 shares in the last quarter. Finally, Kingswood Wealth Advisors LLC acquired a new stake in First Citizens BancShares during the first quarter valued at approximately $439,000. Institutional investors own 78.01% of the company’s stock.

First Citizens BancShares Stock Performance

Shares of First Citizens BancShares stock opened at $2,031.90 on Wednesday. The company has a debt-to-equity ratio of 1.77, a current ratio of 1.04 and a quick ratio of 1.04. The firm has a market cap of $27.00 billion, a P/E ratio of 11.99 and a beta of 0.64. The firm has a 50 day simple moving average of $1,957.65 and a 200 day simple moving average of $1,937.92. First Citizens BancShares, Inc. has a fifty-two week low of $1,473.62 and a fifty-two week high of $2,412.93.

First Citizens BancShares (NASDAQ:FCNCA) last released its earnings results on Friday, July 25th. The bank reported $44.78 EPS for the quarter, topping analysts’ consensus estimates of $39.08 by $5.70. First Citizens BancShares had a net margin of 16.37% and a return on equity of 11.30%. The firm had revenue of $2.38 billion during the quarter, compared to analyst estimates of $2.21 billion. Sell-side analysts predict that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current fiscal year.

First Citizens BancShares Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 29th will be issued a dividend of $1.95 per share. This represents a $7.80 dividend on an annualized basis and a yield of 0.38%. The ex-dividend date of this dividend is Friday, August 29th. First Citizens BancShares’s dividend payout ratio is presently 4.60%.

Insider Buying and Selling

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. bought 350 shares of the stock in a transaction on Friday, May 2nd. The stock was purchased at an average price of $1,610.00 per share, with a total value of $563,500.00. Following the acquisition, the chief executive officer owned 2,758 shares of the company’s stock, valued at approximately $4,440,380. The trade was a 14.53% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 13.19% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Wall Street Zen downgraded First Citizens BancShares from a “hold” rating to a “sell” rating in a report on Monday, April 28th. Piper Sandler set a $2,150.00 target price on shares of First Citizens BancShares and gave the company a “neutral” rating in a research note on Monday. Barclays cut their target price on shares of First Citizens BancShares from $2,568.00 to $2,400.00 and set an “equal weight” rating for the company in a research note on Friday, April 25th. Citigroup lifted their target price on shares of First Citizens BancShares from $1,900.00 to $2,050.00 and gave the company a “neutral” rating in a research note on Wednesday, July 2nd. Finally, TD Cowen assumed coverage on shares of First Citizens BancShares in a research note on Thursday, May 15th. They issued a “buy” rating and a $2,400.00 target price for the company. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $2,291.17.

First Citizens BancShares Profile

First Citizens BancShares, Inc operates as the holding company for First-Citizens Bank & Trust Company that provides retail and commercial banking services to individuals, businesses, and professionals. The company's deposit products include checking, savings, money market, and time deposit accounts.