BI Asset Management Fondsmaeglerselskab A S Grows Holdings in First Citizens BancShares, Inc. $FCNCA

BI Asset Management Fondsmaeglerselskab A S boosted its position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 16.8% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 8,983 shares of the bank’s stock after acquiring an additional 1,295 shares during the period. BI Asset Management Fondsmaeglerselskab A S’s holdings in First Citizens BancShares were worth $16,072,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. SBI Securities Co. Ltd. bought a new stake in shares of First Citizens BancShares during the 3rd quarter valued at $27,000. UMB Bank n.a. boosted its holdings in First Citizens BancShares by 100.0% in the 3rd quarter. UMB Bank n.a. now owns 16 shares of the bank’s stock worth $29,000 after buying an additional 8 shares during the period. MAI Capital Management increased its stake in First Citizens BancShares by 500.0% in the 2nd quarter. MAI Capital Management now owns 18 shares of the bank’s stock worth $35,000 after buying an additional 15 shares in the last quarter. Steph & Co. bought a new stake in First Citizens BancShares during the third quarter valued at about $32,000. Finally, Root Financial Partners LLC bought a new stake in First Citizens BancShares during the third quarter valued at about $32,000. 78.01% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Citigroup reaffirmed a “buy” rating on shares of First Citizens BancShares in a research note on Monday, January 26th. UBS Group set a $2,325.00 price target on First Citizens BancShares in a report on Wednesday. JPMorgan Chase & Co. upped their price target on First Citizens BancShares from $2,300.00 to $2,500.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 16th. Truist Financial increased their price objective on shares of First Citizens BancShares from $2,050.00 to $2,150.00 and gave the company a “hold” rating in a report on Monday, January 26th. Finally, Raymond James Financial upgraded shares of First Citizens BancShares from an “outperform” rating to a “strong-buy” rating and lifted their price objective for the company from $2,100.00 to $2,200.00 in a research report on Thursday, November 20th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, First Citizens BancShares has a consensus rating of “Moderate Buy” and an average price target of $2,238.27.

Insider Activity

In related news, CEO Frank B. Holding, Jr. acquired 135 shares of the firm’s stock in a transaction on Wednesday, November 26th. The shares were acquired at an average cost of $1,629.67 per share, for a total transaction of $220,005.45. Following the completion of the transaction, the chief executive officer directly owned 2,527 shares in the company, valued at approximately $4,118,176.09. This trade represents a 5.64% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Ellen R. Alemany acquired 300 shares of the stock in a transaction dated Thursday, November 13th. The stock was bought at an average cost of $1,000.00 per share, with a total value of $300,000.00. Following the completion of the purchase, the director directly owned 300 shares in the company, valued at approximately $300,000. The trade was a ∞ increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 13.40% of the stock is currently owned by corporate insiders.

First Citizens BancShares Stock Performance

NASDAQ:FCNCA opened at $2,122.95 on Friday. The company has a market cap of $26.41 billion, a price-to-earnings ratio of 12.81 and a beta of 0.70. First Citizens BancShares, Inc. has a 1 year low of $1,473.62 and a 1 year high of $2,237.50. The stock’s 50 day simple moving average is $2,095.79 and its two-hundred day simple moving average is $1,950.25. The company has a debt-to-equity ratio of 1.81, a current ratio of 1.03 and a quick ratio of 1.03.

First Citizens BancShares (NASDAQ:FCNCA) last posted its earnings results on Friday, January 23rd. The bank reported $51.27 earnings per share for the quarter, beating analysts’ consensus estimates of $44.24 by $7.03. The firm had revenue of $2.25 billion during the quarter, compared to analyst estimates of $2.24 billion. First Citizens BancShares had a net margin of 15.21% and a return on equity of 11.12%. As a group, equities analysts anticipate that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current fiscal year.

First Citizens BancShares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 16th. Stockholders of record on Friday, February 27th will be issued a $2.10 dividend. The ex-dividend date is Friday, February 27th. This represents a $8.40 dividend on an annualized basis and a dividend yield of 0.4%. First Citizens BancShares’s payout ratio is 5.07%.

First Citizens BancShares Company 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.