Swedbank AB Increases Stock Holdings in First Citizens BancShares, Inc. $FCNCA

Swedbank AB raised its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 61.0% during the 4th quarter, HoldingsChannel reports. The firm owned 4,410 shares of the bank’s stock after acquiring an additional 1,671 shares during the period. Swedbank AB’s holdings in First Citizens BancShares were worth $9,465,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Mizuho Markets Cayman LP purchased a new position in shares of First Citizens BancShares in the 4th quarter valued at approximately $17,191,000. Check Capital Management Inc. CA grew its stake in shares of First Citizens BancShares by 21.0% in the 4th quarter. Check Capital Management Inc. CA now owns 42,788 shares of the bank’s stock valued at $91,831,000 after purchasing an additional 7,424 shares during the last quarter. ABN Amro Investment Solutions purchased a new position in shares of First Citizens BancShares in the 4th quarter valued at approximately $661,000. Midwest Professional Planners LTD. grew its stake in shares of First Citizens BancShares by 8.5% in the 4th quarter. Midwest Professional Planners LTD. now owns 969 shares of the bank’s stock valued at $2,080,000 after purchasing an additional 76 shares during the last quarter. Finally, Covestor Ltd grew its stake in shares of First Citizens BancShares by 30.5% in the 4th quarter. Covestor Ltd now owns 124 shares of the bank’s stock valued at $267,000 after purchasing an additional 29 shares during the last quarter. 78.01% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on FCNCA shares. UBS Group set a $2,325.00 target price on First Citizens BancShares in a research note on Wednesday, February 4th. Wall Street Zen upgraded First Citizens BancShares from a “sell” rating to a “hold” rating in a research note on Sunday. Weiss Ratings downgraded First Citizens BancShares from a “buy (b)” rating to a “hold (c+)” rating in a research note on Monday, May 11th. Piper Sandler set a $2,050.00 target price on First Citizens BancShares in a research note on Friday, April 24th. Finally, Zacks Research upgraded First Citizens BancShares from a “strong sell” rating to a “hold” rating in a research note on Monday, March 30th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and nine have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $2,215.91.

Insider Transactions at First Citizens BancShares

In other news, CEO Frank B. Holding, Jr. acquired 5,940 shares of First Citizens BancShares stock in a transaction that occurred on Tuesday, May 12th. The stock was purchased at an average cost of $1,726.82 per share, with a total value of $10,257,310.80. Following the completion of the acquisition, the chief executive officer owned 38,111 shares in the company, valued at $65,810,837.02. This trade represents a 18.46% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders acquired 6,198 shares of company stock worth $10,661,547 over the last ninety days. Insiders own 14.63% of the company’s stock.

First Citizens BancShares Stock Up 0.3%

First Citizens BancShares stock opened at $1,996.92 on Wednesday. The company has a debt-to-equity ratio of 1.67, a current ratio of 1.00 and a quick ratio of 1.00. First Citizens BancShares, Inc. has a 1-year low of $1,623.76 and a 1-year high of $2,232.21. The company has a market cap of $23.14 billion, a PE ratio of 11.48, a price-to-earnings-growth ratio of 1.52 and a beta of 0.63. The stock’s 50 day moving average price is $1,936.17 and its 200 day moving average price is $1,989.55.

First Citizens BancShares (NASDAQ:FCNCA) last posted its quarterly earnings results on Thursday, April 23rd. The bank reported $44.86 earnings per share 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 firm had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $2.20 billion. During the same period in the previous year, the business earned $37.79 earnings per share. On average, sell-side analysts predict that First Citizens BancShares, Inc. will post 177.84 EPS for the current fiscal year.

First Citizens BancShares Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Friday, May 29th will be issued a dividend of $2.10 per share. The ex-dividend date of this dividend is Friday, May 29th. This represents a $8.40 annualized dividend and a yield of 0.4%. First Citizens BancShares’s payout ratio is currently 4.83%.

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.