Mitsubishi UFJ Asset Management Co. Ltd. Has $14.77 Million Position in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 7.2% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,968 shares of the bank’s stock after purchasing an additional 537 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.06% of First Citizens BancShares worth $14,774,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Federated Hermes Inc. lifted its position in shares of First Citizens BancShares by 1,375.0% during the 4th quarter. Federated Hermes Inc. now owns 236 shares of the bank’s stock valued at $499,000 after acquiring an additional 220 shares during the period. Advisory Services Network LLC grew its stake in First Citizens BancShares by 12.4% during the fourth quarter. Advisory Services Network LLC now owns 227 shares of the bank’s stock worth $480,000 after buying an additional 25 shares in the last quarter. Raymond James Financial Inc. bought a new position in First Citizens BancShares in the 4th quarter valued at about $39,739,000. Bessemer Group Inc. raised its position in shares of First Citizens BancShares by 3.4% in the 4th quarter. Bessemer Group Inc. now owns 801 shares of the bank’s stock valued at $1,693,000 after buying an additional 26 shares in the last quarter. Finally, Sterling Capital Management LLC lifted its holdings in shares of First Citizens BancShares by 22.8% during the 4th quarter. Sterling Capital Management LLC now owns 710 shares of the bank’s stock worth $1,500,000 after acquiring an additional 132 shares during the period. 78.01% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. UBS Group reissued a “buy” rating and issued a $2,410.00 price objective on shares of First Citizens BancShares in a research note on Wednesday, July 9th. Piper Sandler set a $2,150.00 price target on First Citizens BancShares and gave the company a “neutral” rating in a research note on Monday, July 28th. JPMorgan Chase & Co. boosted their price target on First Citizens BancShares from $2,100.00 to $2,250.00 and gave the stock an “overweight” rating in a report on Tuesday, July 1st. Wall Street Zen lowered First Citizens BancShares from a “hold” rating to a “sell” rating in a research note on Monday, April 28th. Finally, Barclays lowered their target price on 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. One analyst has rated the stock with a sell rating, six have given a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $2,291.17.

Insider Buying and Selling

In related news, CEO Frank B. Holding, Jr. acquired 600 shares of the business’s stock in a transaction that occurred on Thursday, August 7th. The shares were bought at an average cost of $1,698.75 per share, with a total value of $1,019,250.00. Following the completion of the purchase, the chief executive officer directly owned 32,300 shares in the company, valued at $54,869,625. The trade was a 1.89% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, insider Hope Holding Bryant bought 409 shares of First Citizens BancShares stock in a transaction that occurred on Thursday, August 7th. The stock was bought at an average price of $1,630.00 per share, for a total transaction of $666,670.00. Following the completion of the acquisition, the insider directly owned 1,764 shares of the company’s stock, valued at $2,875,320. The trade was a 30.18% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased a total of 1,494 shares of company stock valued at $2,485,986 in the last three months. Insiders own 13.19% of the company’s stock.

First Citizens BancShares Stock Up 1.1%

Shares of NASDAQ FCNCA opened at $1,848.93 on Tuesday. The company has a 50 day simple moving average of $1,968.06 and a 200 day simple moving average of $1,918.01. The company has a debt-to-equity ratio of 1.77, a current ratio of 1.04 and a quick ratio of 1.04. First Citizens BancShares, Inc. has a 1 year low of $1,473.62 and a 1 year high of $2,412.93. The firm has a market cap of $24.57 billion, a PE ratio of 10.91 and a beta of 0.64.

First Citizens BancShares (NASDAQ:FCNCA) last announced its quarterly earnings results on Friday, July 25th. The bank reported $44.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $39.08 by $5.70. The firm had revenue of $2.38 billion during the quarter, compared to analysts’ expectations of $2.21 billion. First Citizens BancShares had a net margin of 16.37% and a return on equity of 11.30%. On average, research analysts forecast that First Citizens BancShares, Inc. will post 167.59 EPS for the current year.

First Citizens BancShares Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 29th will be given a dividend of $1.95 per share. This represents a $7.80 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend is Friday, August 29th. First Citizens BancShares’s dividend payout ratio (DPR) is currently 4.60%.

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.